When you plan on updating your space, some changes may be made to improve the livability and satisfaction of your property. That said, several renovations you can do to your space are geared more toward increasing the value of your home. If you’re looking for more bang for your buck when you sell to the highest bidder, try adding one (or all) of these home renovation projects that will undoubtedly increase your property value.

Upgrade Your Kitchen

Kitchens are often seen as the central part of the home and the space that gets the most traffic. Because of that, you’ll want to do your part in creating the kitchen of a potential buyer’s dreams. To improve your home’s value, starting with the kitchen is essential. According to the National Bank of Canada, you will recover up to 75% of the cost when reselling the property. 

When renovating, consider upgrading your appliances, adding a statement island that functions as a storage space, or redoing the older aspects, such as cabinetry or tiles. People want modernity and functionality in their kitchen, so keeping that in mind will help create a space that shines.

Renovate Your Bathrooms (Or Add New Ones)

Bathrooms are massive selling points. People want to see bathrooms that offer both sleek design and the option for serene relaxation. It’s also worth mentioning that having only one bathroom can severely deter many buyers. People want to know that they have the bathroom space to handle their family and guests they may have over.

If you already have two or more bathrooms, you can update the fixtures, tiles, showers, and tubs relatively easily to create an entirely new space. If you don’t, getting one or two more put in will significantly increase your property’s value. Depending on the type and number of bathrooms added, you could increase your home’s value by roughly 10-40%. 

Add An Income Suite

Nothing will add value to your home like creating a space you can rent. Having the option for rental income, especially in today’s market, can make a massive difference in the eyes of potential buyers. In some cases, a rental suite could cover the majority, if not all, of your mortgage payments as well, making it great for earning extra income before you sell your home. Typically, an income suite will increase your home’s value by 2-5%. 

Create an Addition

Adding an addition to your house, if the city laws allow it, can be a great way to increase property value because more livable square footage means you can sell for more money. Pick suitable materials to maximize the value and make the space spectacular. You want to add not only more living space but also more character. The size of the addition will determine how much your property value increases, and typically, adding 1000 square feet could bump up your sale price by 30%. 

Redo Outdoor Living Spaces

Outdoor living spaces are often crucial in getting more money for your property. People want to know that they’ll have space to enjoy when the weather is nice. In fact, many people have moved out of urban areas and into the suburbs in recent years simply for the outdoor space.

If you want to increase your property’s value by roughly 8-10%, create a serene and relaxing backyard oasis that buyers will swoon for once they step outside.

Increasing the value of your home will cost you upfront, but when it does come time to sell, these five renovations will allow you to up your asking price, retaining your initial investment and then some.