A great way to add value to your home and increase your overall equity. Whether you plan to sell your property soon or simply want to make your living space more comfortable and appealing, these 15 home renovations will surely boost your home equity.
Renovating your kitchen can offer one of the highest returns on investment. Upgrade your appliances, countertops, and cabinets to improve functionality and aesthetic appeal.
Modernize your bathrooms with new fixtures, vanities, and tiling. Consider adding a second bathroom if your home only has one, as this can significantly increase your home’s value.
Adding a deck to your backyard can create additional living space and enhance outdoor entertainment options. A well-designed and maintained deck can boost your home’s appeal tremendously.
Replacing old windows with energy-efficient alternatives reduces utility costs and increases your home’s value. Buyers appreciate savings on their energy bills.
A charming and well-maintained exterior can greatly affect your home’s perceived value. Refresh your landscaping, paint the front door, and consider exterior lighting improvements.
Transforming an underutilized basement into a functional living space is an excellent investment. Add a recreational room, home office, or guest suite to expand your home’s square footage.
Make your home more advanced and convenient by installing smart home devices. This could include automated lighting, security cameras, smart thermostats, and voice-controlled assistants.
Removing walls to create an open-concept living space can make your home feel more spacious and contemporary. This renovation is particularly popular among modern homebuyers.
Replacing outdated or worn-out flooring can significantly enhance the look and feel of your home. Opt for hardwood, laminate, or luxury vinyl flooring for a timeless appeal.
Giving the interior and exterior of your home a fresh coat of paint can instantly transform its appearance and boost your home equity. Stick to neutral colours that appeal to a broader range of buyers.
11. Energy-Efficient Appliances:
A crucial part of today’s home renovations is upgrading to energy-efficient kitchen and laundry room appliances can significantly reduce your energy usage and utility bills. Look for appliances with the ENERGY STAR® label, which means they meet strict energy efficiency guidelines set by the Environmental Protection Agency. For example, an ENERGY STAR® certified refrigerator uses about 15% less energy than non-certified models, while an ENERGY STAR® certified washing machine uses up to 25% less energy and 33% less water than non-certified models. There are possible energy rebates too.
Traditional showerheads can use up to 5 gallons of water per minute, while low-flow showerheads use 2.5 gallons per minute or less. By installing a low-flow showerhead, you can save up to 2,900 gallons of water per year per person. Plus, you’ll save on your water and energy bills since you’ll be using less hot water.
A smart thermostat can help you save up to 10% on your heating and cooling bills by automatically adjusting the temperature when you’re away from home or asleep. They learn your habits and preferences over time and can even be controlled remotely from your smartphone, so you can adjust the temperature before you get home. Some models can also provide you with energy reports and tips on how to save more energy.
14. Solar Panels:
Solar panels can be a significant investment but can also provide substantial long-term savings on your energy bills. By capturing energy from the sun, you can power your home with clean, renewable energy. Plus, if you generate more energy than you need, you can sell it back to your local utility company for a credit on your bill through a process called net metering. Many provinces and local governments offer incentives and tax credits for homeowners who install solar panels, which can help offset the initial cost.