Does the term house flipping mean anything to you? This is where people will renovate their homes in preparation for selling them. This might leave you wondering “why would they do that?”. People do this because it increases their home’s value. Your property value increases with each update you make to your home. Meaning you will be able to sell your house for more, giving you a good Return on Investment (ROI). Which is why people will go through the trouble to remodel and renovate only to turn and sell their home. Our team at Orange Contracting want to go over a few renovation ideas that can increase your property value.
Reasons to Boost Your Property Value
The whole idea of investing money in renovations for your home in order to sell it is that you will be able to make more money when you sell it. Modernizing your house and adding improvements will make it more appealing and people looking to buy a house are looking for these things and renovations to be done. Upgrading, improving, and modernizing your home provides aesthetic and monetary value. Depending on what renovations you have done, you can be looking at an ROI of up to 70%!
Energy Efficient Ideas
Sustainability should always be in mind when you get new appliances or renovate your home. Not just for the environment but because it will help you save money! You can now get energy saving models for appliances like fridges, stoves, dishwashers, and laundry appliances. There are even faucets that are more eco-friendly. An even simpler thing you can do is change out your incandescent bulbs with LED lights. You can use 75% less energy when you switch to LEDs.
Kitchen Remodeling Ideas
A lot of time is spent in the kitchen. Which is why you should make a point to invest in loving this space. Make sure appliances are updated and freshen up your cabinets. Sometimes all they need is a fresh coat of paint in order to transform the entire look and feel. Don’t forget about updating handles, faucets, and floors too. If the layout doesn’t cater for functionality and flow, this should be something you have redone. It is true that the average complete kitchen renovation can cost anywhere between $20,000 – $80,000, but you can see an ROI of 80% for doing it.
Storage Space Maximization
Naturally, over time, people accumulate more and more stuff. With these extra items comes the need for more storage space. If this is the case for you, some options are to add an island in your kitchen or have custom cabinets built. For more bathroom storage, you can get a vanity that has a lot of cupboards or shelves.
Bathroom Renovation Ideas
If kitchens are the most used room in homes, bathrooms are the second most used room. They are a vital aspect for everyday living. Making bathroom improvements can give you an ROI of 75%. Some renovation ideas can include updating the counters, plumbing, fixtures, the shower/tub, and flooring.
Basement Ideas
If you have an unutilized basement, this is a huge asset that will drastically boost your home’s value if you renovate it into a usable space. Renovating your basement can help you see a 75% ROI. You can even get away with doing the bare minimum on the walls and flooring while still making it look good.
Let Our Team Help
In the end, it is always worth it to renovate your home, no matter if you are planning to stay or sell. Our team at Orange Contracting understands that it can be daunting to front the cost of these renovations, but we are here to tell you that it is well worth it in the end for the increase in your home’s value. If you are ready to have a home renovation in Newmarket, we would be glad to help! Give us a call at (416) 817-2590!