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Tips to increase value of your home

Tips to increase value of your home

I expect the Sunshine Coast market to start slowing down over the next few weeks and, if there is another shut down due to COVID-19 over the winter, the 2021 spring market could be busier than we have ever seen.
Summer may have only just turned to fall, but if you’re considering putting your property on the market next spring and want to increase its value, here are five of the best renovations you can do to your home to achieve that. These five renovations have the potential to get you a return on investment of five to six times what they cost.
Continuity of flooring is one of the most important aspects of your house. You will see an immediate rise in property valuation with the installation of hardwood floors. Existing hardwood floors that you can refinish are ideal as they are less costly to restore and in higher demand than new flooring materials. For the bathroom, tile will always be in demand and retain value exceptionally well. In-floor heating is also attractive to most buyers.
The bathroom is the second most important room in the home in terms of valuation. If you can add a three-piece bathroom to a home with only one full bathroom, you will see a dramatic rise in the market value of your home. While you should never compromise bedroom space for a bathroom, try sneaking one in dead space in the home. As an added tip, use glass for the shower to make the bathroom feel more spacious.
Kitchens often look tired and dated, in large part due to old fixtures. Replacing or updating cabinet hardware, light fixtures, countertops and faucets will result in an immediate increase in your home’s value. This small but effective upgrade will also revitalize the entire home. Wine fridges are always a popular feature with home buyers.
The kitchen is the single most important room in the home relating to valuation. As such, it is crucial that you invest in having a modern, fresh and desirable kitchen. Modern cabinetry, under cabinet lighting and new appliances, will all significantly increase the value of your home on the market. It can be beneficial to consult an interior designer when remodelling a kitchen.
An income suite
The best way to increase the value of your home is to build an income suite within the property. Whether this is converting your basement into a rental or another floor in the house, an income property will increase your home’s worth.
Make sure you check with local authorities and obtain all necessary permits before you commence any work on your home.
Tony Browton is an award-winning Realtor who lives and works on BC’s Sunshine Coast.
His weekly blog can be found here

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