An outdoor kitchen that goes beyond the grill with features such as cabinets, countertops, a counter, and a small sink or fridge enhances the luxury and charm of outdoor dining and entertainment. Our agents say that buyers especially like a combo with grill, sink, refrigerator and bar (46%), as well as a retractable awning or shade canopy (34%). A Bank of America survey revealed that more than 70% of Americans tackled home improvement projects during the COVID-19 pandemic, with millennials spending the most. Bathroom and kitchen renovations are the most popular home improvement projects.
You can expect to recover 75% of your investment (according to the Appraisal Institute of Canada). Replacing an outdated vanity, old plumbing and lighting fixtures, or adding a new tile floor will guarantee a lot of money and give your bathroom a modern, updated look. Before researching renovations that could add the most value to your home, decide how much you can spend and how you'll pay for renovations. Projects that add the most value in resale are the favorites of fix and change professionals and should also rank high on the list of homeowners.
In addition to a built-in grill, outdoor kitchens often include features such as cabinets, a counter, a sink, standard kitchen appliances, and sometimes a flat screen TV. Your home is a huge financial investment, and any money you invest in it should not only increase your enjoyment of the home now, but also add value that you will recover when you sell. While it's far from cheap, adding additional living space, which can be flexibly used to house friends and family, rent on Airbnb, or store belongings, can be one of the best improvements you can make to your home. Even adding a bench, hooks, and integrated cubicles to a small lobby entrance creates this natural stopping point and perceived added value, Provencher says.
An accessory housing unit (ADU) is an innovative and affordable housing solution in high-cost areas, as well as a way to house an extended family or add rental income to your property. And remember, even with real estate renovations that are known to add value, there's a good chance you'll spend more money than you'll receive on resale. Secondly, after kitchens, bathrooms are the other area where homes show their age the most, and inevitably appear on any list of home improvements that add the most value. While these projects may not add a significant amount of monetary value, they will help your home sell faster and you can do much of the work yourself to save money and time.
A finished basement is an investment that can add a lot of value to your home, but you'll want to make sure you've properly insulated and protected against moisture. Read on to learn how to strategically renovate and which projects really add value to your property. Features that enhance exterior appeal for every prospective buyer who comes to your home include a well-kept lawn, low-cost landscaping, fresh paint (the front door at a minimum), and new address numbers.