Nanaimo Builders and Renovations
Home Additions and Renovations That Will Boost Your Home's Property Value
As you plan your next renovation, consider which upgrades boost home value. Home offices and outdoor spaces are now highly desired features.
According to a report from the Joint Center for Housing Studies of Harvard University, home renovation spending decreased 14% from 2022 to 2023, but that doesn't mean homeowners should stop investing in their homes.
Real estate values have done exceptionally well during the pandemic. According to the Homeowner Equity Insights report, there was a 1.7% increase in the second quarter of 2023 compared to 2022.
Working with experienced and reliable "general contractors near me" can significantly impact achieving aesthetic and functional goals and securing a strong return on investment upon sale.
Renovating vs Remodeling
Before everything else, let’s distinguish renovation from remodeling.
| Feature | Renovation | Remodel |
|---|---|---|
| Definition | Updating and improving an existing structure without changing its purpose or layout. | Altering the structure and design of a space which may include changing its use. |
| Changes Involve | Cosmetic changes, repairs, and updates include painting, new flooring, and replacing fixtures. | Structural changes like demolishing walls, reconfiguring layouts, or adding new sections to the home. |
| Project Scope | Generally less extensive, focusing on enhancing the existing conditions. | More extensive, involving significant alterations to the layout or structure of the home. |
| Cost | Typically less expensive due to the nature of the updates. | Generally, it is more costly due to the scale of work and complexity. |
| Permits | It may require permits for structural changes but not for cosmetic updates. | Almost always requires permits due to the extent of structural changes. |
| DIY-Friendliness | More DIY-friendly, allowing homeowners to take on many tasks themselves. | Less DIY-friendly, often requiring professional expertise and specialized labour. |
| Return on Investment (ROI) | Often provides a better ROI since it involves less expense for updating the home's basic features. | ROI can vary widely depending on the project's scale and the home's increased functionality or appeal. |
| Common Projects | Painting, installing new flooring, updating fixtures. | Adding rooms, changing floor plans, extensive kitchen or bathroom remodels. |
Home Upgrades With the Best ROI
Kitchen Remodels
A modern, well-equipped kitchen appeals universally to potential house buyers. Minor kitchen remodels can offer substantial returns by making some changes without altering the room's layout. You can simply do any of the following:
- Updating appliances
- Upgrading the countertops
- Installing new cabinets
Opting for energy-efficient appliances and sleek designs can attract a wide range of house buyers, which makes this upgrade a wise choice for homeowners seeking value enhancement.
Bathroom Upgrades
Bathroom renovations can enhance a home's appeal and boost resale value. Such upgrades modernize your space and align with buyer preferences, including desires for double sinks and durable, attractive flooring options.
While complete remodels demand a higher investment, they offer satisfaction and can significantly attract potential buyers. For those working within a budget, targeting specific improvements can still markedly elevate a bathroom's appeal and functionality.
Most general contractors suggest that the following key projects can recoup about 71% of their costs:
- Vanity Updates
- Flooring Improvements
- Plumbing Fixture Replacements
Adding Square Footage
Adding square footage to your home can have several advantages, from enhancing your living space to significantly increasing property value. Here are the key benefits and ideas for homeowners:
| Benefit | Description |
|---|---|
| Value Increase | Basement finishes and kitchen remodels boost resale value. |
| Enhanced Curb Appeal | Adding dormers improves exterior appeal, making homes look larger. |
| Versatile Living Space | Allows more room for entertainment, hobbies, and family. |
| Luxury and Comfort | Bathroom expansions and sunroom additions add luxury and comfort. |
| Creative Use of Space | Converting attics/garages into livable spaces serves multiple functions. |
Curb Appeal Enhancements
Enhancing your home's curb appeal is a strategic way to increase its market value and attractiveness. Key landscaping and exterior improvements can boost the visual appeal of a property, whether commercial or residential. To enhance your home's curb appeal effectively, consider these strategies:
- Choose Low-Maintenance Landscaping: Select drought-resistant plants and use mulch to reduce weeds and watering needs.
- Maximize Small Spaces: Use vertical gardening to make small front yards look bigger and more welcoming.
- Opt for Budget-friendly Updates: Clean your yard, paint your front door, and use affordable walkway materials.
- Incorporate Color: Select plants and decorations that complement your home's colour scheme to create a cohesive look.
- Plan for Year-Round Appeal: Include plants with different blooming times and evergreens to keep your yard looking good in all seasons.
- Layer Plantings: Use a mix of trees, shrubs, and groundcovers to create depth and interest.
- Invest in Perennials: They return each year, reducing the need for replanting and providing consistent colour and texture.
- Utilize Annuals for Color Bursts: Annuals add quick and vibrant colour to your garden.
- Use Containers for Flexibility: Containers can be moved around and updated seasonally, offering versatility in your landscaping
Smart Home Technology
Controlling your home with smart home technology offers a range of options for enhancing convenience, security, and energy efficiency. Controlling your home with smart technology includes:
- App Remote Control: Manage devices like shutters and lights via apps, saving energy and enhancing security.
- 433MHz RF Control: Control switches and blinds through walls with 433MHz frequency devices.
- Passive Infrared (PIR) Control: Use motion sensors for security and to automate lighting based on movement.
- Central Scene Control: Use smart panels or Home Assistant for centralized device management.
- Voice-Activated Control: Operate devices hands-free with voice assistants like Amazon Alexa or Google Assistant.
- Cross-Device Control: Control appliances from smartphones, tablets, or smartwatches.
- Smart Scene Control: Automate device actions with customized scenes for convenience.
- Web-Based Control: Manage devices through a web browser without needing an app.
Home Improvements’ National Averages
Home renovations can enhance your living experience and offer financial benefits if you sell. A 2023 "Cost vs. Value" report provides insights into the return on investment for various home improvement projects, which compares renovation costs to the potential increase in property value.
| Project | Investment Cost | Value at Sale | Percentage of Cost Recouped |
|---|---|---|---|
| HVAC System Update to Electric | $17,747 | $18,366 | 103.5% |
| Replacement of Garage Door | $4,302 | $4,418 | 102.7% |
| Application of Manufactured Stone Veneer | $10,925 | $11,177 | 102.3% |
| Steel Entry Door Installation | $2,214 | $2,235 | 100.9% |
| Vinyl Siding Update | $16,348 | $15,485 | 94.7% |
| Fiber-Cement Siding Upgrade | $19,361 | $17,129 | 88.5% |
| Midrange Kitchen Refresh | $26,790 | $22,963 | 85.7% |
| Vinyl Window Replacement | $20,091 | $13,766 | 68.5% |
| Midrange Bathroom Overhaul | $24,606 | $16,413 | 66.7% |
| Wood Window Replacement | $24,376 | $14,912 | 61.2% |
| Asphalt Shingle Roof Renewal | $29,136 | $17,807 | 61.1% |
| Fiberglass Grand Entrance Addition | $10,823 | $5,457 | 50.4% |
| Wooden Deck Construction | $17,051 | $8,553 | 50.2% |
| Metal Roof Installation | $47,414 | $23,163 | 48.9% |
| Universal Design Bathroom Update | $39,710 | $18,270 | 46.0% |
Key Projects for Maximum Value Enhancement
| Home Upgrade | Project Scope | Average Cost | ROI (%) |
|---|---|---|---|
| Basement Finish | 400 – 1,500 sq ft | $15,000 - $50,000 | 75% |
| Veneer Stone Installation | Exterior Accent | Approx. $10,000 | 92% |
| Deck or Patio Addition | Outdoor Living Space | Variable | 75% (Deck) & 55% (Patio) |
| Luxury Kitchen Renovation | Full or Minor Remodel | Starts at $20,000 | 55% (Full) & 70% (Minor) |
Partner With the Leading General Contractor In Nanaimo, BC
The success of home renovation projects, whether they involve electrical work, plumbing services, or construction projects, lies in the general contractors and subcontractors that will handle the entire process. So, it's important to partner with a reputable general contractor to achieve your home renovation goals.
The right general contracting services will guide you through the overall completion process with great customer service. If you want excellent work to maximize your home's value and ROI, Nanaimo, BC, has lots of general contractors, like Nanaimo Builders and Renovations, who ensure quality and structural stability. Don't waste any time—start upscaling your property with these home additions and renovations.
Frequently Asked Questions
How does adding square footage to a home affect its insurance?
Adding square footage to your home can increase its replacement cost, which can affect your insurance premiums. Notify your insurance provider about any significant renovations or additions to ensure your coverage is updated accordingly. This ensures your home is adequately insured based on its new value and size.
What permits might be required for home renovations or additions?
Local building permits are required for most structural renovations or additions in Vancouver Island and other Canadian cities. Projects such as room additions, significant kitchen remodels, and updates to electrical or plumbing systems usually need approval.
Permits ensure adherence to local building codes and address safety and resale value. Before starting extensive renovations, consult with your general contractor and local building department to understand the specific permits needed for your construction project.
How long do home renovation projects typically take to complete?
The timeline for home renovation projects depends on their size and complexity.
- For small tasks, like painting, electrical work, or plumbing projects, expect a few days to a week.
- For larger renovations, such as kitchen remodeling, room construction, and any other home additions, the expected timeline could be one month to several months.
The planning, permit acquisition, and material procurement process also influence the project duration. To establish realistic timelines, consult with "general contractors near me" in Nanaimo, British Columbia.
