Top Five Home Improvement Projects
Wednesday Sep 14th, 2022
Buying a fixer upper can mean the purchase price is less and the upgrades you make are customized to suit your needs and taste. Did you know that qualifying homeowners could access the Purchase Plus Improvement Program to fund the renovations upfront? The PPI program combines a home improvement loan with your mortgage in one convenient transaction. Deciding whether that is the right choice for you is something you would want to discuss with a mortgage specialist.
THE TOP FIVE
Creating an in-law suite
An extra suite could take a big bite out of homeownership expenses. It can be added income from renters or you can share your home with a parent, another co-buyer while maintaining privacy for each household. Convenience. Value. An in-law or nanny suite adds both!
Renovating the kitchen
The kitchen is the most important room relating to valuation & the heart of any home. Fresh cabinetry (if it’s in good condition, consider refacing rather than replacing), efficient lighting and ENERGY STAR certified appliances will improve daily life and property value.
Refreshing the bathroom
The bathroom is not only a necessity, when done right it can be a favourite retreat. Another important room in terms of valuation. Spa features like a rainfall shower head, dimmable lights, and gleaming tile and fixtures are affordable luxuries. In a home with just one full bath, adding a half bath increases value dramatically.
Restoring the floors
Hardwood never goes out of style. Replace dated vinyl or laminate with the real deal. If you’re lucky, hardwood may be hiding under your existing flooring; have it refinished for a better- than-new look. For bathrooms, tile is often the best choice. It is available in luxurious stone or budget-friendly ceramic.
Updating the fixtures
Older fixtures age a home, and can make it look and feel outdated. Replacing damaged or unattractive lighting, doorknobs, cabinet hardware, faucets and other fixtures will update the look of your home. Recessed lights, energy- efficient windows and closet organization are popular choices in today’s homes. This could be a relatively inexpensive way to update the look of your home & make it more energy efficient. You might want to look into the Canada Greener Homes Initiative created to help homeowners save money, create new jobs across Canada for energy advisors, and fight climate change.
Whether you are buying a fixer upper, updating your forever home it’s good to know which projects add the most value to your home and your lifestyle.