5 Indoor Improvements That Add Value to Your Home

Whether you want to update your home for your own living pleasure, or because it’s almost time for your Faris Team Listing to hit the market, we’re here to guide you in the right direction.

Wondering which home improvements add the most value? Here are five updates that will increase your home value:

1. Finishing unfinished space

2. Update your flooring

3. Think open-concept

4. Repaint

5. Invest in your kitchen

1. Finishing unfinished space

Finishing unfinished space not only adds value but additional square footage. If you have an unfinished basement or a large attic with enough headroom to make a loft, then consider putting this on your to-do list. Multi-functional finished spaces are valuable to buyers. It could be a home office, gym, craft or playroom, guest accommodation, or recreation room. Keep it open and simple. If you’re finishing a basement, bear in mind that future owners may want to convert the space to an in-law or nanny suite. (There are rules governing the conversion of spaces to legal rental units so be sure to check with the city for information before you start.) An additional bathroom and wet bar will take care of the necessary plumbing, which buyers will appreciate. An extra bathroom is one of the best home improvements to increase value.

2. Update your flooring

Flooring is the foundation of any beautiful room and another big-ticket item that buyers will appreciate not having to replace. Durability and easy maintenance are two of the biggest features for today’s busy families. Keeping that in mind, consider wide plank matte finish engineered hardwood flooring. Stay with a medium tone, as anything too light or too dark may not appeal to some buyers. The current fad is to install grey-toned wood or laminate flooring, which is beautiful, but it hasn’t been around long enough to see if it will stand the test of time. If you want to go with a newer splash of grey, try a multi-tone that has brown and grey in it. Consider taking your hardwood flooring right through the kitchen. If you’re selling and you’re on a budget, a simple carpet cleaning coupled with updating the underpad and repairing any loose carpet makes a huge improvement and is a cheap way to increase value.

3. Think open concept

To quote the property brothers, 99.999999% of buyers today are looking for an open concept. If you’re in an older home where closed off rooms were the way homes were built back in the day, consider taking down a wall or two. Open concept gives the impression that your space is larger than it actually is. It also makes for a more entertainment-friendly space and is easier for watching children. Popular walls to take down are ones where a kitchen is closed off to the living room or to the dining room. We all know the party always ends up in the kitchen, so find out if you can open it up. Lost storage space can be easily made up by replacing a wall with a more popular island. Be sure any wall removals are done by a professional to ensure you’re not compromising the integrity of the structure of your home.

4. Update your paint colours

The most economical home improvement still comes in a can of paint, especially if you’re looking to sell your home and you were previously a fan of dusty rose…lime green…canary yellow…you get the idea. If you’re on a budget and looking for cheap ways to increase home value, this one can’t be beaten. Freshly painted walls instantly clean and update a space. For resale, choose light, neutral, earthy colours. Many of us love the odd feature wall rich with a dark tone, but colour choice is subjective and not everyone will love a bold colour as much as you do. Get rid of any popcorn ceilings and clean up your trim with a bright, semi-gloss white or off-white. Top up on your freshly painted rooms with updated light switches and door hardware, easy improvements that won’t break the bank. Don’t forget about the ceiling and trim.

5. Invest in your kitchen

The kitchen is the heart of any home, and often one of the most expensive to update — but it doesn’t have to cost an arm and a leg. With the many options available today, custom cabinetry is not always necessary. If your existing cabinets are in good condition, there are even more options. If it’s just the colour that’s out of date, consider having them painted. If the door trim is out of style, simply have the cabinets refaced and hardware replaced. If you’re going for the whole shebang, keep it clean and simple and be sure to use the entire height you have available. Older cabinets were shorter than those available today, leaving space between cabinets and the ceiling to collect dust, so be sure to select cabinets with as much height as possible. This will not only giving you more storage space, but it’s more pleasing to the eye. While laminate countertops now come in a myriad of fantastic design options, if the budget allows, consider going for engineered stone, like quartz. Some people shy away from “man-made,” but that’s what makes them durable, nonporous and stain resistant, unlike an all-natural stone like marble or granite.

It’s always a good idea to consult with a Realtor^® to find out how big (or small) an investment you should make in updates for your particular home in order to see the biggest payoff. Every home and neighbourhood is different and we are here to give you FREE, tailored advice so that every dollar you spend counts. Call us today for a FREE home evaluation.

Mark Faris, CEO & Broker

Call us today at 1.888.918.6570, send us an email or book an appointment.

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