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Maximizing ROI: Home renovations that benefit homeowners

Maximizing ROI: Home renovations that pay off for homeowners 

A successful home renovation project not only increases your own living standards but also goes a long way toward increasing the value of your home. The home you live in is more than just an ordinary living space; in fact, it’s an investment which you can benefit from financially. As such, by regularly maintaining aspects of your home and renovating parts that are quite old can help you unlock its financial potential and use it to your advantage. 

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Kitchen remodeling

A kitchen remodel is common amongst Canadian homeowners and if done correctly, can be a game-changer with respect to increasing the value of your home. A good place to start is by upgrading the kitchen cabinets and countertops. How you go about doing this depends on the condition of your countertops and cabinets and the kind of aesthetic you want to add to your home. 

Like with most home renovations, you want to renovate aspects of your home such that they align with the overall aesthetic of your home. For instance, if your kitchen has a more rustic and traditional feel, going with renovations that incorporate natural elements like wood and stone would complement the overall aesthetic of your kitchen.

Bathroom upgrades

A bathroom is perhaps one of the most important aspects of your home and is one of the most frequently used rooms within your home. As such, renovating will not only improve your own living standards it will also make your house look more attractive to prospective buyers down the line. This is because a well-furnished bathroom is an important selling point for individuals looking to purchase a home. 

To start, you can look at various fixtures within your bathroom like the sink, cabinets, or toilet bowl and assess their condition. Look at the functionality and age of the various installments in your bathroom and decide to replace or renovate fixtures that are old and worn out. Furthermore, replacing the shower and or tub can be very useful as a fully functional, state-of-the-art shower is an important element that increases the overall value of your bathroom. 

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Curb appeal enhancements

The front of a house is the first thing that individuals visiting your home will take notice of. A well designed and appealing appearance can be an excellent way to make a good first impression. One way to do this is by doing a little landscaping to make sure the front lawn is properly trimmed and adding a few trees and hedges to spruce up the area. 

You could also add some outdoor lighting or even repaint the exterior of your home to elevate its overall aesthetic. If you’re thinking about selling your home in the future, enhancing the appeal of your home will look more attractive to buyers.

Energy-efficient improvements

In Canada, the government encourages homeowners to switch to more energy efficient home improvements by providing them with financial incentives that help them install these elements. For instance, the government offers the Canada Greener Homes Initiative wherein homeowners have access to grants between $125 to $5,000 as a reimbursement for the costs of installing certain energy efficient fixtures. 

Incentives encourage homeowners to switch to more energy efficient improvements, like adding more insulation to various aspects of your home will mean that your home won’t require as much heating in the winter, as such you can save on these heating costs.  

Similarly, you can install new energy systems that use solar panels to generate power which can be used for electricity in certain rooms. These energy efficient upgrades can help you save a great deal on utility bills which can contribute to towards maximizing your return on investment.  

Basement conversion

Homeowners often treat their basement like an additional storage unit, however there is much more potential to it than that. A basement can be transformed into a habitable living space, which can be used as an extra room for the family or can be rented out to a tenant to generate rental income.  

In terms of appreciating the value of a home, the basement can be turned into a games room or home theatre. By adding this room, homeowners can set their house apart from the others if an individual decides to sell the home.

Deck or patio addition 

Adding a deck or outdoor patio can really elevate your home and present you with multiple home improvement opportunities. For instance, having an outdoor patio can be fantastic when you’re hosting guests for a special occasion. It can be a great place for people to gather, have a meal, and engage in some fun games and activities. Not only will it improve you own quality of life but can make your home more attractive to prospective buyers.  

Open floor plan renovation

Adding a deck or outdoor patio can really elevate your home and present you with multiple home improvement opportunities. For instance, having an outdoor patio can be fantastic when you’re hosting guests for a special occasion. It can be a great place for people to gather, have a meal, and engage in some fun games and activities. Not only will it improve you own quality of life but can make your home more attractive to prospective buyers.  

Smart home technology integration 

In recent times, homes in Canada have been gradually transitioning to smart home systems. This can include a smart thermostat, home security, or voice activated lighting and appliance systems. Installing these systems can make your home more convenient to live in and can also improve the efficiency of certain appliances within your home.  

There are plenty of options to choose from for your smart home hub, like Google Home, Amazon Alexa, and the Apple Home kit. Choose a system that aligns with your specific integration. If the majority of your electrical devices are Apple, then it makes sense to go with the Apple Home kit, conversely if you own more Android devices then Amazon Alexa is probably your best bet.

Conclusion: The value of home renovations and how Alpine Credits can help 

Renovating your home is an important part of most homeowners’ journeys. Regularly maintaining your home and making improvements where necessary helps maintain the value of your home and in some cases, increase its value. Rather than letting your home become old and obsolete over time, it makes more financial sense to invest in renovations. Not only will it improve your quality of life in the present, it will also provide financial benefits if you do decide to sell in the future.  

Alpine Credits has over 50 years of experience with helping homeowners unlock the true financial potential of their homes. They offer flexible home equity loans that can be used to fulfill a wide variety of financial needs including home renovations. Home equity loans are a fantastic option for home renovations because they can give homeowners access to a substantial amount of funds through a one time lump sum payment. As most home renovation projects require a considerable amount of funding, the right home equity loan can be an excellent solution. 

The best thing about Alpine Credits is how flexible they are with the approval process. Financial solutions specialists at Alpine aren’t concerned with your credit score or income but mainly with the amount of equity available within your home. This makes their financing options much more accessible than other home renovation financing options with banks and conventional lenders.  

Frequently asked questions

There are quite a few home renovations that can contribute towards increasing the value of your property. However, the most lucrative renovations would be adding a patio deck and installing more energy efficient heating and air conditioning systems. These installations can make your home look much more appealing to appraisers who come to assess the value of your home.

The best way to start is by getting in touch with a contractor or designer and present them with your ideas. You have the freedom to browse and contact multiple designers and contractors and compare quotes from each of them. After doing so, depending on the size and scale of your remodel, you can choose the contractor that aligns best with your vision.  

In most cases, a kitchen or bathroom remodel tends to pay off the most with respect to home renovations. They are both important aspects of your home that are used frequently, and experts state that remodeling these rooms can pay back 75% to 100% of their costs depending on the quality of your renovation. Furthermore, if you’re considering selling your home in the future, remodeling your bathroom and kitchen can go a long way.