By Handy Joe
Did you know, patios can increase your home’s value by 10 percent or so?
Now that it’s summer, you’re busy making plans for vacations and backyard barbecues. While you’re at it, you might want to also consider remodeling projects that will increase your home’s value. Investing a little time and money in your residence now can seriously pay off if you decide to put it on the market down the road.
Improving your home is an investment, and not knowing where to spend your money for the best value is a common issue for many homeowners. It’s important to consider your needs in the present and plan for the future, as in, how will this improvement pay off in the end? Knowing how to invest your money into your home is a valuable lesson—literally.
After the brutal winter, you’ll surely want to spend as much time outdoors as you can. If you enjoy being outside but you don’t feel like you have a place to do so, consider upgrading your outdoor space with a deck or sunroom addition. Both add versatility to your living space and allow you to enjoy your yard in a defined entertaining space. In Toronto alone, homeowners found that a deck addition recouped 70% of its cost. If you’re satisfied with your backyard but would like to add additional living space to your home, adding a sunroom recouped anywhere from 70-80% of its investment. Not only are you adding space for your family with a deck or sunroom, but you’re making an investment that you’ll see down the road if you sell your home. These are add-on items that not every home has, and their presence is attractive to buyers who will remember your home for its amenities.
If you’re noticing a higher utility bill or your windows are looking outdated or damaged, investing in new windows pays dividends in the future. Replacing your windows not only has immediate value in reducing your energy costs and creating a more efficient home overall, but it increases the resale value of your home if you decide to sell. According to experts, replacing your wood windows in the Toronto area has a 90% return on investment when selling your home. Not only are you keeping your home structurally sound by protecting it from the elements, you’re creating an attractive feature to homebuyers who aren’t going to want to deal with replacing windows soon after buying a house. This is a summer improvement that isn’t as high maintenance as changing your floorplan, but adds tremendous value to your home.
Bathrooms are generally one of the most expensive types of home improvement projects. They’re also areas where potential buyers can see if you’ve invested your money or not. If you have an older bathroom, it’s not only inconvenient for you to live with outdated features, but buyers also look at bathrooms as focal points of their potential new home and place a lot of value in its aesthetic. If you do want to make improvements, remodeling a bathroom in GTA brings returns of upwards of 60% on your investment. Remodeling a bathroom is a sure-fire way to see your investment pay off in the future.
Investing for You and Your Future
There are plenty of options to consider if you’re looking to make improvements to your home during the summer season. Having the facts for a home remodeling project is important, but be sure to remember that it’s not just the future value of the project that matters, but the value you’ll get as a homeowner when you’re enjoying your new space.
Creating a space that you’ll enjoy with your family today, and the housing market will appreciate in the future.