Are you considering remodelling your kitchen or completing your basement to resell? You’re not alone. Canadian homeowners aren’t shy about pouring cash into renovations in hopes of boosting their home’s worth. But the million-dollar question is, do renovations really set you up to gain that home appraisal boost? The short answer is yes, but it depends on what you’re renovating and how you’re going about it.
Let’s discuss how home remodels affect your Canadian home appraisal and what remodels offer the best return.
Renovations That Increase Home Appraisal Value
Not all remodels are created equal. Some upgrades offer more return on investment (ROI) than others. Here’s what generally adds the most value to a Canadian home appraisal:
1. Kitchen Remodels
A stylish, modern kitchen is a top seller. Refacing appliances, cabinets, and countertops can raise the appeal of your home as well as its value. And here’s the interesting catch: small kitchen makeovers (as opposed to complete makeovers) will be more likely to provide greater returns. Think of new lighting, energy-saving appliances, or new backsplashes.
2. Bathroom Makeovers
Bathrooms are another area with high impact. Upgrading old fixtures, installing new tiles, or even installing new lighting leaves a positive impression on your appraisal. Having a second bathroom in a house with one bathroom is very beneficial, especially in family-oriented communities.
3. Finished Basements
In almost all areas of Canada, a finished basement is very functional. Rec room, home office, or guest room is usable square meters, which will boost the appraised value immediately. However, it has to be done to meet the area building code specifications to qualify for the addition to the appraisal.
4. Energy-Efficient Improvements
As energy prices increase, efficient upgrades are more and more appealing. Double-pane windows, improved insulation, or a high-efficiency furnace will recoup themselves not only in comfort but in perceived savings over time.
Rebates or incentives for efficient upgrades are available in some provinces, and these can be the icing on the cake for potential buyers and enhance home appraisal grades.
5. Curb Appeal Upgrades
First impressions matter. Upgrades like new siding, roofing, landscaping, or a new front door can impact your home appraisal, especially when compared to similar homes within the neighbourhood. Appraisers will notice the look of the outside of the house and the overall appeal.
Tips for Getting the Most Value Out of a Home Appraisal
Here is how you can get the most value out of your home’s appraisal.
- Record everything: Keep receipts, permits, and before-and-after photographs to give proof of the quality of improvements.
- Emphasise quality: Pretty improvements are less important than quality ones. Cheesy work could actually damage your appraisal.
- Get expert advice: Talk with a professional certified home appraisal specialist to determine what your home will be worth in your area.
Wrapping Up
Renovations can definitely increase your home appraisal value in Canada, but there’s planning. Highlight renovations that increase functionality, energy consumption efficiency, and livability. Always be aware of the renovation expense compared to possible returns and attempt to make changes that will attract a wide market of buyers. Go online and search for “house appraisal near me.“ It will give you a list of the best home appraisers in your area. You can also opt for National Appraisals. With their careful and professional approach, you will get a fair value for your home.
