Are you planning to put your property out for sale on the market now or sometime soon? If so, you must be trying to do everything to get a higher price for your property on the home value estimator tool.
That's understandable - every home seller wants to get the top dollar for their property. And one of the most effective ways to do that is renovating your property before putting it out on the market.
However, here's the thing - you cannot go ahead with any renovation that your next-door neighbour recommends or you find on the Internet. If you do a renovation that a larger number of homebuyers do not like or prefer, your home may sit on the market for a longer time and you may have to settle for a considerably low price.
To help you with your renovation project, we'll be listing the top home improvement projects that have been proven to add the most value to a property below. Do keep in mind though that the project costs and ROI can vary depending on the size and location of your property, the materials you use, and other factors.
Best Renovation Projects to Increase Your Ontario Property Value
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Garage Door Replacement
Average Cost - $4,513 (16' x 7' Garage Door Replacement)
Average Return on Investment (ROI) - 193.9%
(For a steel door featuring foam insulation rated at least R-12, plus tracks and insulated glass windows in the top panel)
Replacing your garage door might not seem like the most exciting or impactful renovation. But, this project is surprisingly effective at boosting your home's value, according to both home value estimator tools and Canadian homebuyers. After all, the garage door is an important part of your home's facade.
While choosing a garage door for your home, pick one that complements your home's architectural style. For instance - for a Craftsman house, a carriage-style garage door will be better and for a modern home, a sleek garage door with a flat panel will be best.
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Entry Door Replacement
Average Cost - $2,355
Average Return on Investment (ROI) - 188.1%
As potential homebuyers step foot into your property, your front door is the first thing they'll notice. Imagine how they would feel if your front door was all outdated or damaged. They will probably reject your house in their mind there and then. So, if you do not want to create such a negative first impression, replace your old entry door with a new one.
Steel is a great option for entry door replacement, considering they're strong and weather-resistant. Wooden doors can also give your house a classy look but they'll require a lot of maintenance - another point that can instantly turn off buyers.
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Manufactured Stone Veneer
Average Cost - $11,287 (Adding 300 Sq Ft of Manufactured Stone Veneer to the Bottom Portion of Your Front Wall)
Average Return on Investment (ROI) - 153.2%
Manufactured stone veneer is another feature that can help increase your property's price in a free home value estimator tool in Canada and in the housing market. This feature is highly popular among homebuyers as it gives a property a high-end look but isn't as high-maintenance as natural stone.
While picking manufactured stone veneer for your property, don't compromise quality over price. Select colours and textures that match your home's exterior or go for neutral tones like greys, browns, or beiges if you're selling your home soon.
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Minor Kitchen Remodel
Average Cost - $27,492
Average Return on Investment (ROI) - 96.1%
Okay, so the last three renovation projects on our list give an ROI below 100%. However, you can enjoy these improvements on your own if you're not selling your home immediately and recoup a part of the cost when you resell your home.
For instance - with a minor kitchen remodel, you can make your kitchen more functional, stylish, and enjoyable to use for yourself and future buyers. A minor remodel complete with modern finishes and features make your kitchen more attractive and competitive in the housing market.
A minor kitchen remodel focuses on refreshing your existing kitchen space without completely changing the layout or footprint. This includes -
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Replacing cabinet hardware
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Installing a new backsplash
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Upgrading countertops
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Replacing light fixtures
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Installing new flooring
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Siding Replacement
Average Cost - $1,250 (Fibre Cement)
Average Return on Investment (ROI) - 88.4%
The next tried-and-tested way to boost your property's price in a free home value estimator and in the Ontario housing market is boosting its exterior curb appeal. You can upgrade your home's exterior in a number of ways. However, replacing the siding of your exterior with new fibre cement can offer you the best return on value.
No doubt, fibre cement is a little expensive but it's also durable and relatively low maintenance - features your future homebuyer will certainly find appealing. In case fibre cement turns out to be too expensive for your wallet, you can go for vinyl siding for a solid ROI.
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Deck Addition
Average Cost - $17,615 (A 16-by-20-Foot Pressure-Treated Wood Deck with a Simple Pattern)
Average Return on Investment (ROI) - 82.9%
Do you have a large outdoor space on your property? Then, you need to extend your living space outdoors with a wooden deck space.
A deck is the perfect spot for entertaining your guests, grilling, relaxing, or simply enjoying the fresh air. It can also provide you easy access to your backyard area or can serve as a platform for container gardening. This is something both you and your home's future homeowner will appreciate.
Before diving into this renovation project, check with your local building department to understand any permitting requirements, size limitations, or setback restrictions for decks in your area. Also, get a sketch designed by a professional considering the space's size and shape and how you plan to use the deck.
Improvements That Reduce the Value and Curb Appeal of Your Property
Now you know which renovation projects to take in your hand to increase your property's value and appeal. But what about the improvements that can take down your property price in a home value estimator tool and in the minds of buyers?
Here are the renovation projects that can hurt the resale value of your property -
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Going for a trendy home design that is not easily unchangeable. This is because, by the time you put your home for sale on the market, this in-trend may become out-of-trend.
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Excessively personalising the home style, design, and feature according to your likes and preferences is the easiest way to deter homebuyers.
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Going for bold, loud colours in any part of your home - garage door, front door, exterior walls, or interior walls.
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Installing a swimming pool is also a bad idea as families with children will see it as a safety hazard.
How Else Can You Boost the Resale Value of Your Property?
Apart from revamping and upgrading your home, there are a number of other ways to boost the resale value of your property. For instance - you can post high-quality photos and videos of your home on social media to catch the attention of buyers. You can also set a competitive price for your property that buyers cannot refuse with the help of a real estate agent. So, make sure to try out these tactics to sell your property for the highest possible price in the shortest time.
