While the value of homes and property tends to generally appreciate over time, how much they appreciate will often depend largely on what you do with your home while you live in it. While there are certainly home upgrades that you will enjoy more, there are also home upgrades that will help you get a better ROI when it comes time to sell.
Here are six ways to improve the value of your home that you can also enjoy:
1. Finish your basement
There is probably no other project that can bring you a better ROI than a finished basement.
2. Install wood flooring
There is probably no type of flooring in greater demand right now than wood flooring. Be careful, however, if you are installing flooring as an investment. You may want to invest in something a little more neutral for future homeowners to enjoy.
3. Create space
Where once homeowners wanted features like a separate dining room and walled-off kitchen, today's homebuyers are looking for open floor plans and light, airy spaces.
4. New roof and siding
While a roof and siding may not be the "sexiest" of upgrades that will add the most to your own personal enjoyment of your home, they may provide the best ROI overall.
Also, consider installing solar panels to make your home more efficient. Solar installation costs vary so make sure you find the right fit for your needs.
5. Pay attention to the small details
While you may be used to the slight squeak the third step on your staircase makes or the chip in the tile in the bathroom, these are all relatively easy fixes that will go a long way towards convincing potential buyers that everything in your home is ship-shape.
6. Spruce up the bathrooms and kitchen
You want as large a pool of buyers as possible to be interested in your home, so you don't want to invest a great deal in something that is very taste-specific. Sometimes, a fairly inexpensive overhaul can actually give your kitchen and baths the same fresh, new look that a complete remodel would.
As a real estate agent with more than 28 years of experience, I have helped hundreds of families sell their homes across Mississauga and the GTA. This is a list of the top six items I would recommend sellers to undertake. Call me at 905-502-1500 for more information.