Top 10 Home Renovation Ideas for Increasing Property Value

When it comes to home improvement, not all renovations are equal. If you’re strategic and patient enough, you’ll find that some projects are more likely to boost your property's value more than others, making that home a financially rewarding investment. Whether you're going back and forth about selling, or are just downright bored with your current living space, here are the top 10 home renovation ideas that can seriously increase your home's value:

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1. Kitchen Upgrades: 

Some call the kitchen the heart of the home, and can you blame them? The kitchen is where people congregate, it’s where you have an opportunity to be most creative, and it's also a major selling point. Your renovation can vary depending on your budget, commitment, and many other factors. Maybe you simply invest in modern appliances, you’d be surprised what a brand new oven can do. Or maybe you’re ready to go all in and gut the whole thing, starting from scratch with stylish cabinetry, durable countertops, elevated fixtures, the whole shabang. If this is the direction you’re heading, here is one other thing to keep in mind design-wise: open layouts, islands, and efficient storage solutions make the space more functional, and this is extremely appealing to potential buyers.

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2. Bathroom Remodels: 

Did someone say… spa day? The kitchen can keep the title of “heart of the home” but the bathroom, well that definitely earns a tranquil, sanctuary-like reputation. Like the kitchen, you can get as crazy as you want with the upgrades. A fresh coat of paint and a shower curtain could be enough, but maybe you’re ready to install all new fixtures, upgrade the shower, and even want to add double sinks. A well-designed (and decorated) bathroom can scream luxury to potential homebuyers… and what more could you want in a new home? 

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3. Curb Appeal Improvements: 

Maybe not the renovation you think you should be prioritizing, but making a good first impression matters, and that's where curb appeal comes in. A big part of this is landscaping. You ever drive by a home with a patchy lawn and think “wow, I’d LOVE to live in this home!” Yeah, us neither. So hire someone to come in and do a little bit of work outside. Even a coat of paint on the porch or garage door and updated lighting might be suffice. An inviting and welcoming exterior is more likely to attract potential buyers, and it also sets the mood for the rest of the property.

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4. Energy-Efficient Updates: 

Potential buyers love the idea of saving money. Do your research and make an effort to invest in energy-efficient upgrades, such as new windows, insulation, appliances. This is attractive not only because of the reduced utility bills, but it also makes your home more appealing to environmentally conscious buyers. Right now in today’s market, green and eco-conscious homes are more desirable.

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5. Finished Basements and Attics 

Who decided that it was EVER a good idea of have a space in the home unfinished? Well, whoever it was deserves to be fired from whatever authority they have. In all seriousness, basements and attics are untapped potential. If you take the time to convert these spaces into livable areas, like additional bedrooms, home offices, or entertainment rooms, you’re expanding your home's square footage and removing the hassle of having to do it from the next home buyer, and yup, people would pay a lot for that..

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6. Outdoor Living Spaces: 

It’s July and you want to entertain but your backyard is full of weeds and the back deck is practically oozing splinters. It’s time to change that. Outdoor living spaces, like decks, patios, or pergolas, only expand your home's entertainment options. Picture yourself sitting by a firepit on a warm July evening, perhaps enjoying an outdoor movie night or listening to your children kick about during a late-night swim. Sounds pretty nice, right? Well, buyers also love the sound of this as well.

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7. Smart Home Technology: 

Your watch is smart, your phone is smart, your car is smart, so why not make your home smart as well? Smart home technology, from thermostats to security systems, really enhance your home's modernity and convenience. The ability to simply control your home’s lighting, temperature, and security through a smartphone is massively advantageous in today’s market.

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8. Fresh Paint and Updated Flooring: 

If you’re not looking to spend too much money, just add a fresh coat of paint to the walls. Even a simple white wall colour needs to be touched up from time to time, and this small enhancement can really add to your home’s visual appeal. Flooring is another thing, more modern, durable materials can make your home feel a little less dated and move-in ready.

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9. Additional Living Spaces: 

You might be going through this list and thinking: “okay… but we’ve already got all of this covered” Well, you can always go one step further and add some living spaces. Consider creating an in-law suite (don’t roll your eyes), or even a separate studio apartment, both of these can be unique selling features as they offer flexibility, and even the potential for rental income.

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10. Improved Storage Solutions: 

Ample storage is a sought-after feature, especially for buyers with kids. Do a little walk around your house and see if there are any closets that could be upgraded. Maybe there’s an opportunity to add in some built-in shelves or create custom storage solutions. Functionality is big, wasted space is a huge turn-off for potential buyers. 

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To wrap it up, home renovations with the goal of increasing property value require strategic planning and careful execution. While obviously there are some renovations that will return a much greater return on investment, it’s always important to keep your budget and willingness to commit to renovations in mind. Remember, by focusing on key areas such as the kitchen and bathrooms, you have the best chances of boosting your home's value. Oh, and one last tip, take a bit of time to consider your local real estate market and the preferences of buyers in your area… you wouldn’t necessarily prioritize the same renovations in a downtown Toronto condo as you would a lakefront property in Muskoka, would you?

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