Certain additions can increase your house’s value on the local real estate market. Remodelling and renovating not only give some beautiful features to a home, but they also prepare it for a potential sale. Even if you don’t currently plan to sell it, there might come the day in which you wish you brought more value to your property. In some cases, there is necessary to invest for the future, but some improvements, like installing a custom shutter Toronto manufactured are more than appropriate and budget-friendly. However, let’s see what types of improvements are more likely to increase your property’s value.
1. An extra bathroom
Buyers usually love extra space, and if your property is more generous on the bathroom side, buyers are more likely to appear and pay a higher price for it. Such improvements usually raise a property’s value by $20,000. A construction consultant will help you decide if this type of improvement is fit for your particular case. Take into account the possibility of squeezing in an extra bathroom in each bedroom. By following the principle “for each, their own”, you are more likely to sell your property at a considerably higher price. While the prices for an extra bathroom vary widely (usually revolving around the price of $5,000), you will certainly make a generous profit in the end. The bathroom doesn’t have to be a luxury one, many appreciating even the simple fact that there is the prospect of increased privacy levels in a particular home.
2. Custom window shutters
As said in the beginning, this particular improvement is an affordable one, but buyers will love it so much that they’ll offer you the asked price from the start. Interior window shutters complement beautifully any type of interior décor. The crisp, clean lines will create a clean air and appearance, while their functionality will assure the buyer that the previous owner is highly considering the functionality and the state of their property. In fact, in many areas of the world, interior shutters are a mandatory improvement because of several reasons:
- Increase the energy efficiency levels in a home. Adding a layer of wood to a window is basically adding another layer of insulation to a house. They will act in the same way and they’ll prevent heat from entering in the warm seasons, while they’ll prevent cold air from entering during the cold ones.
- They allow increased levels of privacy, light and temperature control. If privacy is your main concern, then you must know that buyers are thinking just like you. Shutters are easy to adjust than blinds are and they will offer the above benefits with ease.
- They are a long-term investment. The fact that they are durable and the maintenance process is an easy one, they are the perfect low-maintenance investment one could bring to a home. And buyers will love the fact that they won’t have to take care of them in a particular, more complicated way.
- They come in various designs. These products are similar to curtains and blinds, when it comes to designs: the possibilities are endless. Choose your shutter’s design in such a way that they’ll fit the rest of your property’s design.
3. Invest in a conservatory
You know what is becoming cool again? Glass houses, or conservatories, as they are also known. However, if you want to increase your property’s value on the local market, make sure to avoid those cheap, PVC conservatories. Invest in a skilfully manufactured one, and they will certainly add plenty of value to your property. Keep in mind that their main purpose is to provide plenty of natural light, and as a result their placement weights a lot. Otherwise, potential buyers might keep a safe distance from them. Properly and tastefully installed, a conservatory will add a 5% extra value to your property.
4. Invest in an extra bedroom
As you can easily notice, adding some extra square foot to a property might be the key to success when it comes to increasing their value. And if in the industry there seem to be plenty of disagreements regarding the improvements that pay off, there seem to be a unanimous opinion that an extra bedroom might work some magic for your property’s value. Especially when done with a loft conversion, the payback seems to be quite a generous one. Depending especially on the size, such addition could cost anywhere between $15,000 and $40,000, but it could bring up to 10% extra to your property’s value.
5. Avoid investing in…
Of course, there are certain improvements that will keep the buyer away. And you should never invest in luxury improvements.
- Never invest in a pool. While you might see it as a mandatory improvement, families are more likely to see it as a hazard or a real drowning enabler. Also, make sure that investing in a pool is truly worth it. While in areas such as Florida or California might be a great selling point, in Canada, is really not worth investing in such additions.
- Garage conversions. While you might see than as a great improvement, some buyers want to have their garages as they are. Some might even have a passion for cars, and if you price them from the space where to keep their properties safe, they’ll certainly decline your property. Not only such improvements won’t increase your property’s value, but you are very likely to lose some great clients.
- Luxury upgrades. Not all buyers are big fans of luxury touch ups. While it is important not to invest your money in cheap elements, because their quality will be obvious, it is equally important to let the buyer decide for themselves on what type of luxuries they are willing to invest.
These are some simple rules you can follow for increasing your property’s value. Even if you don’t plan to sell it in the near future, it is nice to know that if the case emerges, someone will pay a generous amount for your house.