Homes are expensive. For most people, buying a home is the most expensive purchase they will ever make in their life and is a huge investment. It only makes sense to want to protect that investment and want it to grow. But how do you grow a home investment and how do you protect it? Aside from having home insurance, a home needs to be taken cared of and updated every few years for repairs and features enhancement. Careful planning of home improvement projects and home renovation ideas is a must! Below are some of our affordable recommendations for those who want to increase their home’s value!
Colour Scheme Revamp
A colour scheme revamp is only as expensive as the cost of paint. Repainting a room can instantly refresh it and cost only a few hundred dollars but can increase a home’s value by a few thousands. Good colour emphasizes features, improves lighting, and smoothens wall imperfections.
Think About Landscaping and Curb Appeal
Curb appeal sells. A little tender loving care for the lawn can improve home value by three-fold compared to the cost of lawn care expenses. Additional structural improvements such as walkways can add thousands to a home’s value. You can also go for a garage door repainting or replacement, try painting the front door, adding lighting, and upgrading the house number and mailbox. First impressions make a huge difference when it comes to home value. The key is to not go over the top and make universally pleasing additions that make the home more attractive.
Replace Old Windows
Replacing old windows usually costs around $3,000-$10,000 but the energy savings per year can recuperate that amount in just a few years. More so, new windows add a lot of cosmetic value to a home plus bring more sunlight inside. A home that is energy-efficient, pretty, and has good lighting usually sells for a lot more. A good market price means bigger home equity for the homeowner too.
Under insulation can rack up thousands of dollars in energy bills but the cost of adding extra insulation is usually at just around $1,000-$2,000 for an average-size home. If the home is in a particularly cold location, the right insulation can bring significant savings that are very attractive for possible future buyers.
Lots of people are worried about installing hardwood floors thinking they are not only expensive to install but also a pain to maintain. While it is true that installation can go around $10,000, there are many finishes available these days that make maintaining hardwood floors easier. More so, if computing cost per square footage, going for a hardwood floor may turn out to be cheaper than opting for carpeting.
Want to boost your home’s value with affordable renovations but currently low on funds? You can use your existing home equity to fund home renovations! Contact us so we can tell you more about how to accomplish this with a home equity loan as well as the possible long-term benefits for you.
Do you live in Toronto or the GTA and are looking for great rates on home equity loans? We'd love to hear from you! Visit us at: http://mortgagecentralcanada.ca/home-equity-loans/