Whether you’re considering making improvements to your primary residence or an investment property, remodelling your home is a fantastic way to increase your return on investment (ROI).
Before you start any aesthetic upgrades, you’ll need to make sure there are no structural issues or repairs that need to be addressed. The biggest ROI will come from making sure your house is structurally sound and in tip-top shape.
Renovating your Kelowna home
Prospective home buyers want to live in Kelowna for the lifestyle this area offers. This should be taken into consideration when you are deciding what parts of your home you want to upgrade. Entertaining, warm weather, wine and active lifestyles should all be considered. With that in mind, we’ve put together a list of home renovations that will be worth your time, money and add the most value to your Kelowna home.
Beautify your kitchen
It’s well known that kitchen renovations are some of the most costly, but also offer a great return on investment. If you can only redo one room and have the budget for it, we recommend that you focus on upgrading the kitchen. Aim to create a space that will welcome and impress guests, while being functional for day-to-day family life.
If you’re looking to give your kitchen a facelift and not remodel it entirely, here are some effective upgrades to consider:
- Upgrade appliances and ensure they all match
- Add or update an island
- Add a walk-in pantry
- Add a built-in wine fridge or wine rack
- Swap out your backsplash
- Change cabinet hardware
- Paint cabinets
- Opt for new light fixtures
Brighten up with fresh paint
Painting is one of the easiest and least expensive ways to upgrade your home. Not only can you add up to 5% in resale value, but you’ll increase your home’s chances of getting noticed among similar homes in the same price range. Steer clear of bright or vibrant colours and paint your home in neutrals.
Amp up curb appeal
Making your property look like it has been well maintained and cared for can pay off. A recent survey found that buyers will pay up to 7% more for a house that has considerable curb appeal. On a $2 million property, that equals up to $140,000 more. Consider replacing your garage door if it needs updating, paint the exterior, replace siding, and make sure your yard work is done. You should also consider investing in landscaping to make your property give a great first impression.
One of the quickest ways to add value with a bathroom remodel is by adding double sinks to the master or main bathroom. If you are wanting to only renovate one bathroom, we recommend upgrading the master bath. Aside from adding a double sink, consider adding a Jacuzzi tub or steam shower in the master bath, heated floors and adding additional storage.
Finish your basement
Canadians want more living space. One of the easiest ways to add more living space is by finishing your basement. Upon sale, home owners see approximately 70% return on the cost of completing their basements.
Of course there is always the option of adding an income-generating suite in the basement. Living with tenants isn’t for everyone though. Luckily, there are far more options to choose from if you want to add resale value. If your basement is already finished, you can make improvements that will garner increased value by creating a specialty space. A study found that 60% of buyers want a home with specialty spaces. Some options to consider are a:
- Home bar/ sports bar
- Theatre room
- Game room
- Home office
- Home gym
- Wine cellar
- Guest suite
Create an outdoor oasis
This is where you can really sell the dream Okanagan lifestyle. Create a space that potential buyers can envision themselves retreating to at the end of their workday, or somewhere they can entertain friends and family. This can mean building a deck or pergola, or adding landscaping, outdoor lighting, a pool, a hot tub or an outdoor kitchen.
Modernize with energy efficient changes
With more eco-conscious buyers on the market than ever and increasing energy costs, a great EnerGuide rating is a fantastic selling point. If your home doesn’t rate well, there are things you can do to increase your rating. Saveonenergy has a list of 12 ways you can make your home more energy efficient. An added bonus is that BC Hydro offers rebates for certain home renovations and for using energy efficient products.
Kelowna’s Luxury Real Estate Experts
Before you get started on upgrading and renovating, you’ll want to take the neighbourhood and the state of the Kelowna real estate market into consideration. Depending on the market and location, there are some renovations that may not add enough value. Across the board, kitchen renovations, new windows, paint and bathrooms are always a good idea. However, before you go all out renovating, it may be best to speak to an expert for advice.
The team at Domeij & Associates have over three decades of experience. We’ll use our expertise to guide you through any real estate decisions, including helping you decide which renovations will get you the best returns. Contact us today to get started!