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6 Ways Property Renovations Can Boost Your Real Estate’s Market Value

6 Ways Property Renovations Can Boost Your Real Estate's Market Value

In the dynamic world of real estate, understanding how renovations can enhance property value is key. We’ve gathered insights from Founders and CEOs, focusing on the transformative power of projects from replacing windows for energy efficiency to investing in landscaping for curb appeal. Here are six expert strategies to elevate your property’s market worth through thoughtful renovations.

  • Replace Windows for Energy Efficiency
  • Renovate for Higher Selling Price
  • Kitchen Upgrades Attract Buyers
  • Turnkey Kitchens Evoke Emotional Purchases
  • Paint Cabinets for Immediate Impact
  • Invest in Landscaping for Curb Appeal

Replace Windows for Energy Efficiency

One property renovation that can impact market value is replacing windows. This is because better windows increase a property’s energy efficiency, which lowers energy bills in the long term. Other renovations to consider are bathroom and kitchen renovations, but these can be more expensive.

Ryan Chaw, Founder and Real Estate Investor, Newbie Real Estate Investing

Renovate for Higher Selling Price

Property renovations can significantly increase real estate values by making homes more appealing and functional for buyers. When we decided to sell our family home of 20 years, I knew a few strategic renovations could fetch a higher price. Our kitchen, originally from the 1980s, was very dated.

We gutted it and installed all-new cabinets, countertops, and stainless-steel appliances. Even though it was a sizable investment, comparisons of similar homes showed our renovated kitchen increased curb appeal and value by over $30,000.

Renovating outdated or inefficient areas of the home allows buyers to envision living there comfortably. This personal experience taught me that even modest renovations can offer a substantial return through a higher selling price. With remodeling, properties become more desirable investments for potential homeowners.

Scott Nachitilo, Owner, OKC Home Realty Services

Kitchen Upgrades Attract Buyers

Renovations can definitely boost the market value of real estate properties. Let’s take the kitchen, for example. It’s often considered the heart of the home, and a well-executed kitchen renovation can work wonders in increasing a property’s value. Imagine upgrading outdated appliances, installing sleek countertops, and adding modern cabinetry.

Not only does it enhance the aesthetic appeal, but it also improves functionality, making it a major selling point for potential buyers. Plus, a renovated kitchen signals to buyers that they won’t need to invest additional time and money into updates themselves, making the property more enticing.

Samantha Odo, Real Estate Sales Representative and Montreal Division Manager, Precondo

Turnkey Kitchens Evoke Emotional Purchases

Property renovations increase the market value of one’s real estate, as there is a cost to the renovations and an inconvenience cost that consumers typically don’t want to deal with. What is meant by this is that consumers prefer a turnkey product where they don’t have to lift a finger in order to be able to live comfortably in it. One example of a renovation that increases real estate value is a kitchen renovation.

When people are buying a home to live in, this is typically an emotional purchase, and anytime some aspect of the home can make the buyer feel “wow”, buyers are going to be willing to pay more for the property. Further, when someone feels “wow” when looking at your property, there is an emotional feeling of higher value, and so they are going to be willing to pay more.

Sebastian Jania, CEO, Ontario Property Buyers

Paint Cabinets for Immediate Impact

Think about it like this: when you’re scrolling through listings, what catches your eye? A place that screams “move-in ready” or one that looks like a long list of weekend projects waiting to happen? Most folks would rather skip the hassle and dive straight into enjoying their new home.

A simple renovation that often gets overlooked is painting cabinets. Simply refreshing them with paint so they’re not out of date makes a huge difference for your home sale!

Loren Howard, Founder, Prime Plus Mortgages

Invest in Landscaping for Curb Appeal

One example of a renovation that significantly boosts real estate value is investing in landscaping improvements. By enhancing the outdoor spaces with lush greenery, manicured lawns, and strategically placed hardscaping elements such as walkways or patios, the property’s curb appeal is substantially elevated. This creates a positive first impression for potential buyers or renters, making the property more attractive in the market.

Transforming a neglected front yard into an inviting landscape with vibrant plants and well-maintained pathways can elevate the property’s aesthetic appeal and create a welcoming ambiance. Additionally, updating the exterior facade with fresh paint, modern siding materials, or energy-efficient windows can enhance the property’s visual appeal and improve its overall market value. By prioritizing exterior renovations that enhance curb appeal, property owners can effectively attract more interested buyers or renters, and ultimately command higher prices.

Johan Hajji, CEO and Founder, UpperKey

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