How to add value to your home in 2021

TRNTO x dNovo Group

If you’re looking to sell your home in Toronto and the GTA in the next year, you might want to consider doing renovations in at least a few key areas.

It’s important to choose what you renovate wisely. While facelift upgrades like flooring or painting will spruce up your home, these surface changes will not provide the same value and return on investment like fixing any older electrical wiring or plumbing. Most homeowners don’t have unlimited funds to spend on home renovations, and so where and what you choose to renovate matters.

Buyers are willing to pay over-asking for turnkey properties that are move-in ready. So having a pretty property that shows well  is important, but a home that’s up to code and working efficiently will save both the buyer and seller all kinds of stress and frustration. The success of your sale will  ultimately hinge on a home inspection and come down to the structural and functional bones of the property. 

Here are two efficient ways you can add value to your home in 2021.

Bathroom Renovations 

A modern bathroom can increase the value of your home in a big way, updating a property with today’s trends and bringing anything up to code is important to the resale value of your home.

Some of the most common bathroom renovations include replacing vanities, remedying problematic layout issues, fixing leaks and repairing the plumbing, adding new light fixtures, and setting in a new bathroom floor.

If you choose to do a full bathroom upgrade, you can update the shower, tub, and toilet, as well as work on incorporating different eco-friendly or energy-efficient updates as needed.

Though we tend to focus a lot on kitchens when remodeling and renovations, the bathroom is the next large home improvement project to yield a great return for the seller. Just as kitchens get a fair amount of use, so do bathrooms. With that comes the need to replace, repair, update and design to ensure everything is presentable and appealing to today’s buyers.

There are all sorts of unique ways to renovate a bathroom today, from new options in waterproofing, to smart home tech.

Depending on the layout of your house, you may choose to increase the square footage of a bathroom by combining it with another area. Alternatively, perhaps you are renovating your property to create a second unit and do not yet have a bathroom in that part of the house. That’s a major project, requiring new plumbing and significant layout changes, whether it’s a basement or second-floor unit design.

If you’re thinking about getting a bathroom renovation done, rest assured that it’s going to have a positive effect on the types of offers you get. And, at the end of the day, if you don’t intend to sell immediately, you can at least enjoy the benefits and luxuries of a beautifully renovated bathroom. A win-win!

Basement Waterproofing

Although basement waterproofing isn’t as obvious a must-have renovation, it adds tremendous value. This is especially true with older homes where it’s more likely that a basement leak or foundation issues will exist. Climate change can affect weather patterns and issues such as flooding or other natural damage you’ll want to prevent.

Some buyers may express hesitancy to make an offer on an older home, knowing what issues might lie underneath a fresh coat of paint. What basement waterproofing provides is peace of mind. They know the basement has been evaluated by a professional and is sealed, and can withstand the challenges that weather and temperature can bring.

In a lot of cases, some buyers may also want to turn the basement into a second, rental property unit. They can’t do that without the certainty that it’s waterproof – a step that’s sure to be appreciated and result in a higher bid by tenants.

If all those reasons weren’t enough, when you waterproof a basement, you are inspecting and protecting your foundation. A home can be easily compromised over time, lacking the proper waterproofing to guard against damage. This can significantly reduce a property’s value. Whether you have a leak now, have outdated waterproofing, or just aren’t sure, have your basement inspected and sealed to offer more protection.

These are two simple ways you can add value to your home, while increasing its usability and enjoyment. Some renovations and remodelling projects don’t add as much real value as homeowners assume, but when it comes to bathrooms and basements, these are key areas worthy of the extra attention.

Article exclusive to TRNTO