3 Home Building Upgrades that Increase Property Value
There are so many decisions to make as a homeowner, all with potentially long term impacts. This is especially true when it comes to renovations.
We’ve already covered upgrades that are worth the splurge. But what if you’re looking to increase your property value, with an eye towards selling your home in the relatively near future? Here’s what you need to know.
Home Building Upgrades That Increase Property Value
There are many building upgrades and renovations that can increase the property value of your home. Many of these upgrades will make your home more liveable and eco-friendly as well.
1. Heat Pumps
Since we’re committed to eco-friendly and net-zero homes on the Sunshine Coast, it’s no surprise we love a good heat pump. Heat pumps make great heating sources for new homes and older homes alike. That’s because in the winter they actually draw heat in from outdoors and transfer it into your home. Meanwhile, in the summer, they draw the heat out, keeping things nice and cool indoors. It’s an ingenious system that is often cheaper to install than an electric furnace, and much more environmentally friendly and cost-effective in the long run.
So you’d love a heat pump while you’re living in your home—but will it increase property value? There’s a good chance it will. In fact, according to the Appraisal Institute of Canada, buyers are willing to pay more for energy efficiency and temperature control, and replacing your home heating system can increase your home value by 50-80% (source).
A new study from the Center for Global Sustainability also found that heat pumps specifically can increase the value of the average home in nearly half of U.S. states by an average of $10,400-$17,000 (source). Those are some numbers we can get behind!
2. Green Upgrades
Of course, heat pumps aren’t the only way to make your home environmentally friendly. We love to build passive homes from the ground up, and to work with homeowners to reduce their carbon footprint and make their home as passive as possible (passive homes are those that are incredibly energy efficient while also maintaining superior comfort).
With a passive home, you’re doing your part to help the environment, while also locking in savings compared to traditional heating and cooling methods. Plus, the right upgrades can also positively impact your home value. Win-win-win!
Take, for example, a study from the National Association of Appraisers in the U.S., which found that for every $1 in annual energy bill reduction, home value increases by $20.73 (source).
Another study found that buyers will pay between 11-25% more for a green home (source).
Combine this with the fact that many homeowners will qualify for BC Home Renovation Grants for eco-friendly upgrades, as well as the cost-savings and peace-of-mind that come from living in a passive home, and suddenly, these types of upgrades seem like a no-brainer.
3. The Right Spaces
Clearly, we’re a little passionate about creating eco-friendly homes, but we know there are many more upgrades you might want to make to your own space.
If you’re looking to upgrade your home with an eye to home value, then we highly recommend you stick to areas of your home where buyers tend to focus.
Specifically, modernizing your kitchen and bathroom can help increase your home’s value, and/or make it easier to sell. And besides, it’ll be nicer to live in a home with a new kitchen and bathroom, however long you end up staying.
Of course, when you’re considering any upgrades to your home, it’s always best to consult with an excerpt first. We’re a local contractor on the Sunshine Coast of BC, and we can help answer any and all questions about home renovations. We’d be happy to offer insight and guidance on any upgrades you’re considering—please reach out!