The Best Renovations to Increase Your Home’s Value

Woman checking renovation blueprints

Remodelling your house can inject some flavour into your surroundings and help you personalize your living space. But that’s not all! Strategic renovations can also help increase your house’s value, making it more attractive to buyers who might be interested in purchasing your home.

Landscaping

Despite what people say, we always judge a book by its cover. When it comes to your home, landscaping is a crucial part of making a great first impression. Plus, a gorgeous garden is one of the least expensive and easiest ways to increase the appeal of your home.

Some value-adding landscaping projects include:

  • Adding shrubs, trees, and flowers
  • Developing a green, manicured lawn
  • Installing walls, walkways, or water features

Since this work takes place outside, you won’t be exiled from portions of your home, unlike some remodelling projects.

Replace Your Roof

Your roof protects your home from the weather, and it can also increase your home’s value. Replacing your roof can cost anywhere from around $5,000 to $15,000. The expense will depend on the size of your home and the materials used. However, usually up to 70% of the cost will be added to your home’s value.

Install a Steel Entry Door

Replacing your front door is one of the home renovations that will give you the most bang for your buck. If you’re feeling confident, you can get a steel entry door for as low as $500 and install it yourself. Or, you can hire a professional to help you fit your home with a new door. New, quality front doors can add roughly 90% of their price to the value of your home and enhance the appeal of your entranceway.

Upgrade Your Garage Door

The right garage door can safeguard your vehicle from the elements, but it can also boost your home’s value. Installing a new garage door will run you between $700 to $1,400. However, over 90% of that cost will go towards boosting the market value of your house.

Insulate Your Home

Perhaps the best return on investment comes from insulating your home. The cost to blow in attic insulation varies on the size of your home, but the national average is around $1,600. Despite the initial cost, you’ll immediately reap the rewards of your investment. On average, your home price will go up 117% of the cost of insulation. Plus, you’ll save on heating costs while you live in your home. It’s a win-win.

How Do Renovations Affect Home Insurance?

When you remodel your home, make sure to tell your home insurance company about the renovation in advance to ensure you’re properly covered during the renovations and after they’re completed. Otherwise, if disaster strikes, you might not be covered for the extra additions to your home. However,  your insurance premiums may go up depending on what was done. When your home is worth more, its replacement cost may increase.

Pro-tip: When undertaking a new home renovation project, make sure to comply with any relevant building codes. Otherwise, your home insurance may not protect you in the event of a loss.

Related Topics

Home Ownership / Insurance / Selling Your Home

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