Greater Vancouver is one of the most sought-after real estate markets in Canada. While property prices are high, the right upgrades can substantially increase the value of your home and give you a competitive edge when selling. Here are seven proven home improvements to consider:
1. Energy-Efficient Upgrades
In Vancouver, where energy-conscious living is on the rise, energy-efficient upgrades can attract eco-conscious buyers.
Cost: Installing energy-efficient windows costs $10,000–$20,000* on average, while upgrading insulation ranges from $5,000–$15,000*.
ROI: These upgrades can yield up to 70-80% return on investment and may lower utility bills by 25-50%, making your property more appealing.
2. Kitchen and Bathroom Renovations
Modern, functional kitchens and bathrooms are key to increasing home value.
Cost: Kitchen renovations typically range from $25,000–$50,000*, while bathroom upgrades start at $10,000*.
ROI: High-quality upgrades can offer a return of up to 75-100%, especially in Vancouver's competitive market.
3. Adding Additional Living Spaces
With Vancouver’s high demand for rental properties, creating extra living units like basement suites or laneway houses can significantly boost property value.
Cost: Building a legal basement suite can cost $30,000–$70,000*, while laneway houses typically cost $200,000+*.
ROI: Properties with additional rental income can see their value increase by 10-20%.
4. Landscaping and Outdoor Spaces
First impressions matter, and a well-maintained outdoor space can dramatically enhance curb appeal.
Cost: Landscaping projects range from $5,000–$15,000*, with features like patios or fire pits costing extra.
ROI: Attractive outdoor spaces can add up to 10% to a home's market value.
5. Home Office Creation
With more people working remotely, a designated home office is a top priority for buyers.
Cost: Converting a room into a home office typically costs $5,000–$15,000*.
ROI: This feature can add up to 5% to a property’s value in urban areas like Vancouver.
6. Exterior Updates
Refreshing your home’s exterior not only boosts curb appeal but also signals to buyers that the property is well-maintained.
Cost: New siding, paint, or roofing can cost $10,000–$30,000*.
ROI: Exterior improvements often recoup 70-75% of their cost.
7. Modern Security Systems
Safety is a growing concern, and a modern security system is a valuable selling point.
Cost: Installing smart home security systems costs $1,000–$3,000*.
ROI: While the direct ROI is lower (around 50%), these upgrades make your home stand out and attract safety-conscious buyers.
Tailored Advice from an Award-Winning Realtor
Each home is unique, and the best upgrades depend on your property’s location, condition, and target market. As a long-time Vancouver resident and award-winning realtor, I can guide you through the smartest investments to maximize your home’s value.
Contact me today for a personalized consultation to discover which improvements will deliver the best return for your home in Vancouver’s competitive market.
Call 778-888-9187
Email BRENT@HOMESBYLEWIS.COM
(*)Prices are approximate averages from 2023, sourced online, and may vary significantly based on location and project specifics. Consult local experts for precise estimates.