Do you know your property's value? Do you know what factors determine it?
The issue is complex, with so many factors like neighbourhood and even province playing into it. The most expensive homes in Canada, by a significant margin, are in British Colombia.
Certain factors may influence your property values, but that doesn't mean you can't do anything to raise them. Home renovation can go a long way toward making your property truly stand out.
How does home renovation help with value, and what kinds of renovations should you focus on specifically? We'll discuss that in this article.
Add a Deck
When renovating, many people ask what my property’s value is and what will increase it the most? This may be the wrong question to ask because the most extensive renovations cost the most and don't always pay off.
When going by return on investment, your best option might be adding a deck. There are a few different deck materials to choose from, with the most common being wood and composite materials.
Both material types have advantages and disadvantages. Wood decks tend to sell for a higher price, which is great if you're planning on selling soon. Composite materials have been known to last longer, which makes them more useful if you're not selling them in the immediate future.
You can get an estimate of a property's value by calling a property appraiser. This could be expensive, but they can also advise on how to further increase your home's value at a reasonable cost.
Siding is a part of your home that doesn't seem important, but it can help raise resale value quite a bit. It's one of many exterior renovations that can play a big role in sales price.
When looking to increase a property's value, fibre cement siding is likely your best option. Fibre cement is an artificial material and can be made to look like wood, brick, and other materials. Plus, it can be bought for a few dollars less per square foot than other kinds of siding.
The exception is vinyl siding, which doesn't offer as much variety.
Replacing your windows could improve your home's value in more ways than one. We're talking about energy efficiency.
Some windows are better at temperature regulation than others. This means that less energy is needed to heat the house, thus lowering energy bills.
Vinyl window frames have holes purposely included in them and filled with insulation, which helps manage the temperature naturally.
Not only will this lower your energy bills, but it will also increase property values because people will pay more to save money in the long term.
Home Renovation and How It Affects Your Property's Value
Your property's value depends a lot on how well-maintained and how efficient the home is. Perhaps the most effective way to increase home and property values are by renovating.
We've talked about some of the safest renovations in terms of return on investment, but if you're looking to significantly increase a property's value, bigger renovations might suit you better.
If you want more information on construction and renovation, especially in the Vancouver area, please visit our site. We encourage you to contact us if you're in the market for a contractor.