Adding value to your home isn’t just about resale value. It’s also about adding value to your life while you live in your home. If you have downtime this fall, there are a few things you can do to spruce up your house and also prepare for the winter weather.
Fall is the BEST time to paint the exterior of your home. During the summer months, temperatures can be too high for the paint to be applied and dry properly, making fall the best time for this project.
Hiring a professional to paint the exterior of your home will, on average, cost around $3000, depending on your home’s size and will vary by service provider.
The most popular exterior colours right now are:
- Warm, earthy neutrals
- All black
- Warm whites & creams
- & Pops of colour, typically green or navy blue
See our paint colour chart below!
Fall is also your last chance to repair your roof before winter rolls in. The last thing you want in the winter is a roof that leaks or lets too much heat escape. If you have a poorly insulated roof, your energy bill will go up this winter when your home starts to feel frigid.
The cost of this project will vary depending on the scope of the work.
Minor Roof Repair: approx. $1600
New Roof Installation: approx. $9000
Asphalt Shingles: approx. $8000
Metal Roof: approx. $19,500
*a metal roof can last anywhere from 50-100 years, hence the hefty upfront investment
A new or recently repaired roof is a great selling feature as it’s a project that only needs to be done every 15-20 years. The repair cost is offset by mitigating the risk of water or mould damage to your home, which can cost you hundreds of thousands in repairs. A new roof can also reduce your energy consumption in the winter and reduce your utility bills.
Another way to reduce your utility costs is to install smart thermostats in your home. With smart thermostats, you can reduce your energy consumption by controlling your heat remotely and conserving energy while you’re away from home.
Smart home thermostats can range in price, but you can typically find models around the $200 price point. Installation is easy and does not require a professional. Adding this feature to your home can increase its market value by up to 5%.
If you have an unfinished basement and have been thinking about renovating it, fall is the time! As the weather gets colder and the days get shorter, we all start to spend more time inside, so having extra space during the winter is never bad.
Having a finished basement definitely adds value to your home in terms of resale & personal value. A good rule of thumb for basement renovations is that for every $1000 spent, you’ll be able to recoup approximately $700 when you sell your home. With that in mind, we don’t recommend investing in a basement renovation if it won’t add value to your life while you’re in the home. If you have a large family that could use the extra space, this is a great renovation to have done.
A basement remodel can cost anywhere from $10,000 to $30,00. A complete basement finishing package will cost more, typically starting at the $30,000 mark.
If you want to add value to your home, talk to a real estate professional for personalized advice based on your property and needs. If you’re in the Ottawa area, reach out to our team. We’d love to help you get the most value out of your property.