Not sure you want to move from your beautiful home in Rideau Gardens but finding the kitchen and bathrooms no longer suit your needs?
You may also think you’ll never move, but then again, the phone could ring with your dream job offer and then you’ll need to get the house ready for market and up for sale in a hurry.
In either situation, you don't want to invest too much into your home in the wrong areas, or overvalue your home for your local market - or select finishings that only you would love!
The first thing to do before you start guessing on what you should do to improve your home valuation is to contact a realtor for sound advice. Not everything you do to your home will get you the most amount for your home valuation.
Kitchens and bathrooms sell homes so this is where to start with enhancements or a total renovation. Home owners spend many hours in the kitchen and bathrooms and love to feel like they have a functional kitchen and a spa bathroom.
KItchen updates that will improve your home valuation are quartz or granite countertops, new handles or hardware, a backsplash updated or added, new sink and taps, light fixtures that are in style, and replacing or updating flooring. Costs for a kitchen update can run from $7,500 to $20,000 depending on the size of the kitchen.
Work with a realtor who knows tradespeople that can assist you with a professional and quick turnaround time and not cost you an arm and a leg.
Any money you put into your kitchen will likely result in a 75-100% plus return. The sale of your home will also be much quicker and you’ll get a higher sale price.
Bathrooms are always much easier and quicker to update. It's amazing what just new mirrors and lights can do to pop a bathroom! Add in freshly painted walls, an updated toilet, a freshly tiled floor, a new tub or reglaze, and a designer vanity with new taps, and you’ve got a whole new bathroom that can add real value to your home. The cost of a small 6x6’ bathroom renovation shouldn’t cost more than $5,000.
Always remember that your realtor will know the best trades people who will show up for the job and finish the job.
Another space that can add real value and space to your home are the empty walls in the basement. If you have an unfinished basement and want to improve your home valuation this is your next stop. The average cost to finish a basement living room is $19,000 while a small 12x12’ room costs $4,600 to $6,800 to finish. A bathroom or kitchenette will cost the least at $3,000 if the rough-in plumbing is already done.
Adding an extra space can also add income to offset your monthly mortgage and tax commitment. Presently in Ottawa a nicely done basement suite with one bedroom and a kitchenette will rent for $1,100 a month. With today's rising cost of inflation this can be a great way to put money in your pocket.
Now on to improving your furnace and air conditioning. Depending on the size of your home a furnace can run $3,000-$6,000 and a quality air conditioner can run around $2,500-$5,000. If you budget $8,000 you can have a quality company install some great products for your heating and air conditioning needs.
You can also improve the outside of your home to create nice curb appeal. Contacting a nearby College and asking to speak to the horticultural department head and interviewing students who are in the program to come and do a design and employ them for the summer to implement the plan they designed is a great way to have a quality job done at a fraction of the cost. In some cases these students can earn credits for the work they do for you as well. Plus, it’s always fun and exciting to assist students in their endeavours!
The cost of an outdoor landscape can range from $2,000 to $10,000 depending on pavers, patio stones, trees, and the hourly time it will take to bring it back to a usable space.
If you aren’t thinking of selling, but want to improve your home, remember to contact a realtor who will guide you as to who to use and what will be a great return on investment just in case you get the call for a dream job in another city.
You’ll also get to enjoy the changes you made and will get top dollar for your home when it is time to sell. It’s a win-win!