5 Renovations That Can Add Value to Your Home
Christan Bosley, president of Bosley Real Estate, shares her expert advice on the 2022 updates that will help increase your property value and get you the most money when it’s time to sell.
Your home is one of your best investments, so it’s important to make smart decisions for its future. While it’s common knowledge that a kitchen and bathroom remodel can add value, there are other types of updates that can make your home stand out — especially when it comes time for resale. Here are some insider tips to help maximize your investment.
1. Enhance Your Front Hall or Mudroom
A front hall is the first thing people see when they enter the home, so it should have instant appeal. Whether it’s a front hall or a mudroom, accentuate organization and style. Potential buyers will appreciate a designated area for putting on coats and shoes, storing accessories and pet stuff, and a drop-off spot for mail and keys. And it needs to feel organized! It could be as simple as incorporating a small bench or table, or creating wall-to-wall built-in storage.
Photographer: Valerie Wilcox (Left), Robin Stubbert (Right)
Source: House & Home October 2020 (Left), House & June 2020 (Right)
Designer: Allison Wilson (Left), Susan Burns (Right)
2. Create a Home Office
With a hybrid work model here to stay for many companies, a designated home office will remain a necessity. But not all work areas are created equal. Christan warns that adding a desk to a nook or niche under the stairs is not a dedicated space and will not add long-term value. “If the property has more than three bedrooms, I would suggest staging a bedroom as an office space,” she says. “But the space should be advertised as a bedroom when selling the property. More bedrooms on paper will improve resale, but demonstrating the flexible use of a bedroom to buyers will generate additional interest.”
Photographer: Kim Jeffery (Left), Chad Lemmon (Right)
Source: House & Home November 2019 (Left)
Designer: Todd & Kristen McMillan, Ben Homes (Left), Sacha & Melissa LeClair, LeClair Decor (Right)
3. Carve Out Pantry Space
With people spending more time at home, it’s important that the kitchen is an attractive and efficient space. “A hardworking pantry has loads of appeal to a future buyer,” says Christan. “Having a dedicated storage solution, either hidden, a walk-in or a dedicated cabinet, has become a must-have in the kitchen.” And while a pantry won’t increase a home’s square footage, it can make the home feel more spacious and organized. Include elements that help with organization, such as alternating shelf heights and open and closed shelving.
Adding high-end touches like an appliance garage or a beverage centre in a pantry is a luxurious addition, and it also impresses buyers. “Appliance garages — which house items like the toaster and microwave — help create a minimalistic, clutter-free look that is highly desirable,” says Christan. Today, these are becoming a staple in the kitchen, thanks to the variety of sophisticated coffee and tea brewing systems at a range of price points. “It’s all about enhancing the morning routine,” she says.
Photographer: Courtesy of Bloomsbury Fine Cabinetry
Designer: Kassandra Arbour
4. Customize a Smart Home
The conveniences of technology are here to make our lives easier and, come resell time, buyers could be willing to pay more for it. “A well-connected home, such as one that offers an electric car charging station, smart appliances and a security surveillance system, is gaining broader appeal,” says Christan. “This can attract more interest and, potentially, more offers.”
While installing a security surveillance system is affordable, adding an electric car charging station ranges from a few hundred dollars to a few thousand. Of course, these types of upgrades appeal to a specific set of buyers, so it’s best to consult with your real-estate agent before choosing which ones would benefit your home’s selling price.
5. Construct a Dedicated Home Gym or Family Room
“Carving out a home gym area in a finished basement with an oversized mirror signals to the buyer that there is a dedicated space for this important use,” says Christan. The room should look the part — it’s not just about placing a mat on the floor. Consider playing it up and incorporating a gym-like aesthetic, so it’s clear that it’s a home gym. “At-home gym equipment purchases continue to be on the rise, meaning that self-care for time-strapped homeowners is still in demand,” she says. An obvious benefit for buyers is convenience: there’s no lineup for equipment, less travel time, and you can work out any time of day.
Before you convert your basement or extra room into a home gym, check in with your Bosley REALTOR® about potential buyers in the area. For example, if the main buyers are young professionals who value their health, they may be willing to pay more for this convenience. If buyers are primarily young families, then keeping the basement as a family room or playroom may be more valuable than a personal gym.
Visit bosleyrealestate.com to find a REALTOR®, and for more information and insight on the best renovations for your home.
About Bosley Real Estate Ltd., Brokerage
Bosley Real Estate Ltd. is a full-service, 4th generation brokerage operating since 1928 with offices serving the Greater Toronto Area, Niagara, Waterloo Region, Southern Georgian Bay and Northumberland. With over 250 agents in residential and commercial real estate, the firm has built a reputation on trust, respect and integrity selling and leasing property throughout Ontario. Bosley Real Estate is also recognized internationally through an exclusive affiliation with Leading Real Estate Companies of the World®. This prestigious partnership connects the brokerage to a global network of 130,000 real estate professionals in 70 countries. Headquartered in Midtown Toronto, President and Broker of Record, Christan Bosley continues to innovate and maintains the high standard of excellence forged over a century.
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