When dreaming up your next home renovation project, the possibilities may seem endless. After all, who doesn't want an inground pool, a built-in bar in the basement, or a jacuzzi tub? Unfortunately, not everyone agrees on which improvements enhance a home. If there's a chance you'll be selling your home in the future, you might want to think about how your project could affect your home's value.

Before starting any project, reach out to your licensed home insurance broker to make sure you have the right coverage. If you've recently completed a home reno, ask your broker if your upgrades are covered by your existing home insurance policy.

So, before you grab that sledgehammer, take a moment to explore these seven home renovation ideas that can help increase the value of your property:

  1. Freshen up with paint. A fresh coat of paint can do wonders to cover marks and scratches and make your home more inviting. Repaint your walls with a neutral colour to brighten up your home and give it a new look and feel. There's often little cost associated with painting (compared to larger renovation projects), but it can make a huge difference in the appearance of your home, so you'll likely see a significant return on your investment.
  2. Update your bathroom. One of the rooms that can make or break a home purchase decision is the bathroom. Install a new vanity, replace dingy taps, or swap out your old toilet for a new, efficient, low-flow model to boost your home's value.
  3. Modernize your kitchen. A stylish kitchen can seal the deal for potential buyers and add more value to your home. Install new cabinets, countertops, or new flooring to make a big difference in your kitchen's appearance — and in your enjoyment of it while you still live there!

    Boost the value of your home by installing new cabinets and countertops in your kitchen and bathrooms. Another bonus? These are simple and cost-effective projects that you can DIY!

  4. Extend your living space with a back deck or patio. This can add significantly more value to your home. Consider building a back deck or patio with space for outdoor living and socializing, combined with fencing for privacy.
  5. Refresh your flooring. Like a fresh coat of paint, flooring can completely change the look and feel of your home. Use strong, high-quality materials, like vinyl or engineered hardwood flooring, to enhance your home's value and the overall appeal.
  6. Finish your basement to add more value to your home. A completed basement creates additional living space and can even be viewed as an investment opportunity if the basement has the potential to be turned into a rental apartment.
  7. Get a professional to help with your renovation. Some home improvement projects are simple and can be done by yourself. For large complex renovations, always work with a professional.  Hire a licensed contractor to avoid some of these common home renovation mistakes, follow your municipality's building codes, and have the necessary building permits before you begin.

Some home renovations come with a large financial investment, but choosing the right project can lead to a higher return once you decide it's time to sell your house.

Reach out to your licensed home insurance broker to make sure you have the right coverage before starting any home improvements and see if your upcoming renovation could help lower your insurance premium. Want even more help with your next project? Check out the things you should consider when planning a home renovation project.

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