Sometimes a move isn’t in the cards. You like your neighbourhood, love your home, only there are a few things you’d like to change. Maybe you’re making an investment for the short or long term; whether you’re looking to increase the resale value of your home so you can make a move or want to enjoy the added efforts and upgrades yourself. If you’re looking at smaller renovations and repairs, this may be something that you’ve budgeted for. If these changes are unexpected or the estimates are coming in higher than you thought, you may want to consider refinancing your mortgage to free up some funding.
These are 20 upgrades and renovations, for budgets big and small that will instantly add to the value of your home
- Installing or refinishing hardwood floors.
- Upgrading fixtures (think lighting, faucets, and cabinet hardware).
- Upgrading your powder room to a three piece bathroom.
- Dividing your house to create an income suite, or basement apartment. This can be good as a rental or a great way to help out your university aged child or aging parent who you want close to home, along with some privacy and independence.
- Replacing old appliances with new, energy efficient models.
- Adding another bathroom.
- Finishing your basement or attic for a spare bedroom, recreation room and more!
- Purchasing new energy efficient windows (not only do these look great, but they can also decrease your heating and air conditioning costs by up to $500 annually).
- Giving your backyard a face lift by adding a deck.
- If your heating and cooling bills are high, you live in an older house, or are feeling a draft, it might be a good time to consider investing in the installation of energy efficient insulation. Common places that may need insulation include: Around windows and doors, in basements, attics, and anywhere ducts or wires lead to outside the house.
- Giving your front yard face lift (think planters, new paths, landscaping, or fencing).
- Adding in new lighting to brighten up your place and make the most of the space you have.
- Getting rid of the popcorn ceilings in favour of a more modern look.
- Upgrading your kitchen with a complete renovation, simple upgrade or some rearranging to help fix the flow and workability of the space.
- Knocking out some walls to create some space and a more open concept feel.
- Putting on your painting hat and lay down some great neutral colours.
- Finally investing in a home office, complete with ergonomic workspace, plenty of filing, and built in bookcases for the win!
- Painting the outside of your house and/or upgrade old roofing, garage doors, and even your front entrance.
- Making a sun room (with optional fireplace).
- Installing an outdoor water feature or fire pit to enjoy outdoor living (or encourage potential buyers who will).
Are you looking to renovate your residential property and wondering how you can pay for it? If you like, we can tell you how much you can afford to borrow, which is the best mortgage for you or how much you could save right now if you have an existing mortgage. Click here to get help choosing the best mortgage solution for you.