If you’re looking to increase your home’s market value, a renovation might be just what you need. Complete renovations in Calgary go down incredibly well in the housing market because potential buyers can see that you’ve taken a property and then extended and transformed it to create entirely new, modernized spaces. But with so many complete renovations to choose from, it can be tricky to settle on the one that will inject a large amount of value into your property.
What is the Highest-Value Renovation for Your Home?
A loft conversion is estimated to add up to 20% to your home’s original market value, making it one of the wisest renovation choices if you have the budget to cover it. This is because loft conversions take a large empty space and turn it into an entirely new room. The loft can be converted into whatever you like: an additional bedroom, a lounge space, a games room, a new bathroom, and a home bar. Lofts are versatile spaces and a well-converted loft will be a standout feature for any potential buyers who come to view your house.
An additional 20% added to your property’s original monetary value is a massive amount of money that will ensure you make a profit on the money that you paid for the renovation. For instance, if your home is worth $250,000, 20% is an extra $50,000 on top. On average, loft conversions cost between $20,000 and $40,000, depending on the size of the room and what you turn it into. With so much profit to be made if you sell, a loft conversion is definitely one of the top high-value renovations you should consider.
What Are Other High-Value Renovations?
Beyond the popularity and profit of a loft conversion, other high-value complete renovations in Calgary will transform the spaces inside and outside your home. One is creating a garage or driveway, which both have the huge benefit of attracting buyers with multiple cars who will appreciate having private parking space. Kitchen renovations are also popular because of their monetary value, especially if you go for a full transformation including floors, appliances, counters and cupboards.
Basement conversions are valuable in the same way that loft conversions are, although loft conversions are thought to be the higher-value renovation of the two. You can turn an empty basement into anything, the same as you can a loft, and having an additional room can boost the number of bedrooms or bathrooms mentioned in your estate agent’s advertisement. To follow on from that, bathroom renovations are also a good way to boost value, particularly extensions off of bedrooms to create en-suites.
Do High-Value Renovations Have Guaranteed ROI?
Whenever you put money into your home, you want to be able to see a return on investment (ROI) afterwards. Luckily, renovations are the perfect way to up your home’s market value, which will then allow you to increase your asking price if you decide to sell, making back the money you spent on the renovation.
To return to the loft conversion idea, you have the chance to make a profit of up to $30,000, which could be a life-changing amount of money. If you budget well and hire reliable contractors, you’ll be able to get the highest value renovation possible for your home and then reap the benefits later on.
Since its inception, Kavaleer Renovations has been one of the most trusted home renovations companies in Calgary. We specialize in building new homes, full custom renovations, and even home additions like secondary suites. At Kavaleer Renovations, we know that building or renovating a home is a big investment and a personal experience and can be daunting at first. That’s why we emphasize clear communication with our clients as a pillar of our business. Whether you need kitchen renovations, bathroom renovations or complete renovations in Calgary, we will be with you from concept to completion.
The first step to building your dream home is to have a 100% FREE no-obligation consultation. Call Kavaleer today to get started!