There are two main reasons people invest in home upgrades: to increase their enjoyment and quality of life, and to add resale value to the home. The home upgrades with the best returns are those that retain their value and provide a high return on investment, while also increasing your comfort and satisfaction. These 6 upgrades will help you get the most out of your budget.
Replacing old windows will immediately boost curb appeal and save money on heating and cooling over time. Windows can account for as much as 30% of a home’s energy loss, mainly due to heat escaping through worn-out weatherproofing. Outdated windows also have less UV protection, which contributes to rising indoor temperature in the summer. New windows with proper sealing and low-E film will help reduce your heating and cooling bill.
Of all the rooms in your home, the kitchen is likely to have the biggest impact on potential buyers. It also carries one of the highest remodeling bills. Regardless, kitchen upgrades generally have a high return on investment both in large and small-scale projects.
If you intend to put your house on the market in the near future, it’s worth updating to a contemporary design with quality finishes and fixtures. Budget-friendly upgrades, like new cabinet hardware and countertops, can have a big impact. However, even the most cutting-edge kitchen will look outdated in 10 to 15 years, so be aware that the investment will depreciate over time.
Interior or Exterior Paint
It’s amazing what a coat of paint can do. Giving your walls a makeover can transform the look of a room. To make the most of this investment, choose subtle paint colours with a wide appeal rather than the trendy tones of the time. Neutral colours help potential home buyers envision their existing furniture and décor in the house.
Bathrooms are second only to kitchens if you want maximize your return, and the modest square footage of most bathrooms makes them far more affordable to upgrade. Simple changes, like a new faucet, sink, or toilet, can greatly improve the room’s appeal. Replacing broken or outdated tilework is essential in creating a fresh, clean look.
The roof is one of the most visible parts of the home. A ramshackle roof can greatly decrease a home’s curb appeal, as buyers know they’ll have to shoulder the cost of a replacement. Adding a new roof will make the house more appealing on the market and protect homeowners from costs associated with leaks. Steel roofs are a particularly good investment here in Canada, since they are more weather-resistant and require less maintenance than asphalt roof tiles.
Space heating accounts for 63% of energy use in the average Canadian home. Trading an old unit for a new, energy-efficiency furnace can increase the value of your home and decrease monthly energy costs. A new furnace is one of the home upgrades with the best returns, and with proper maintenance, a top-performance furnace will deliver comfort for 25 years or longer.