If you're in the market to purchase or sell your home, you know that renovations can be a great way to increase its value. Renovation projects are often more profitable than buying and selling new homes on the market. Many factors contribute to a property's value at sale time: location, size, and condition of the home; how much it costs to maintain; its age; and the number of rooms.
But by making a few simple changes during the renovation process, you can save thousands of dollars to the current price tag.
Tip #1 - Outdoor Structures
Outdoor structures can be an important part of your home renovation. They offer the opportunity to add value to your property and make it more appealing to buyers. Here are some examples of what you could do:
Add a deck or patio area on the back of your property, with space for furniture, plants, or even a pool (if you want). This will add value by increasing its size and providing more space within it. If there are no steps leading up from ground level into this area then you could also consider having a platform built so that people can get up onto their feet easier when they sit down there.
Create an outdoor storage area too – perhaps in front of one side wall where rainwater could drain away easily after it falls off roofs.
Tip #2 - Finishing Your Basement
Finishing your basement can be a great way to add value to your home. It is important to make sure the basement is dry and well-ventilated before you start work. You may need to install a dehumidifier if the basement has moisture issues.
Depending on what type of finish you choose for your flooring, several other finishing options can give it an extra touch of style and character.
Tip #3 - Replacing Old Windows
Replacing old windows is one of the best ways to increase the value of your home. Windows are the largest source of heat loss in a home, and replacing them can help you save money on heating bills and lower your energy consumption.
Windows that have low e-coating are also extremely efficient, which means they will reduce your electric bill even more than normal double-pane windows would do. If you want to add value to your house while also improving its energy efficiency, replacing old windows with these models is a great way to do both at once.
Tip #4 - Attic Insulation and Repairs
Attic insulation is the first line of defence against heat loss in the winter and heat gain in the summer. A well-insulated attic will reduce your energy bills by up to 25%. The most common type of insulation used is fibreglass, which is placed between studs using 1-inch channels. Fibreglass insulation has been shown to have a lifespan of 30 years or more, so it’s important to make sure you are insulating properly with the right material at all times.
Tip #5 - Solar Panels, Roof, and Gutter Replacement
Solar panels are an expensive investment, but they can save you money in the long run. Panels are installed on the roof to generate electricity. The cost of installing solar panels can vary widely depending on how much space you have to work with, what type of panel you choose and whether or not there is any government subsidy available for them. In addition to saving money on your monthly power bill, installing some solar panels will also help reduce greenhouse gas emissions by reducing carbon dioxide emissions from burning fossil fuels such as natural gas or oil in vehicles that run on fuel instead of electricity generated by these systems (such as hybrid cars).
If you live in an area where winter weather is unpredictable then replacing old roofs before winter sets in would be beneficial because it will keep water away from your home while preventing mold growth within walls due to leaks occurring during wet weather conditions outside when temperatures drop below freezing point."
Get started with your home renovation
The home renovation process can be daunting and overwhelming, but with the right approach, it can be made easier. A good contractor will take care of all the details so that you don’t have to worry about anything but enjoying your new home. Before you begin, let's visualize your renovation ideas and plans - get started here.