Are you planning to sell your home in the next year or two? If so, you’ve likely been wondering what you can do to fully maximize the value of your sale. Even when not selling, it doesn’t hurt to keep the resale value in mind. A fully upgraded and up-to-date house can help you financially, particularly if you need to take out a loan for any other reason. Plus, you may want to move some day, even if that transition isn’t currently on your calendar.
This brings us to the next logical question. What are some of the upgrades that will give you the most bang for your buck? Trends and styles come and go and then come back again so quickly that it can be tough to decide what to focus on.
As both material and labour costs rise, you want to ensure anything you do will have enough of an impact to make a difference. Not every renovation adds value, no matter how much you personally love it. In fact, some can actually have the opposite effect and make it harder to sell. If a sale is coming up for you, here are some timeless improvements that nearly always pay off.
Whether you’re selling your house to upsize, downsize, or get out of the market altogether, we have a comprehensive guide for you. Get yours for free right here.
Kitchen Upgrades
The kitchen is the heart of the home. It is not only where all of the meals are made but it is also commonly used as a gathering place for family and guests. These are just a few reasons that kitchens are the most proven renovations. They can substantially increase the value of your home while gaining the highest return on investment and increasing salability (helping you to sell faster).
Your list of options is endless. Depending on how recently you’ve renovated, you might decide on a total makeover or a quick face lift. Even just painting the cabinets and switching out the countertops can make a huge difference in the appearance of your kitchen. Changing the knobs on the cabinets can make your cupboards look like they have been upgraded. You can buy reasonally priced knobs in bulk at home depot and there are also some wholesale stores where you can get them. If your grout looks tired you can try cleaning it, you can even paint the grout to give it a fresh appearance. If you’re not sure how far you should go with your remodel, talk to a local real estate agent who knows what buyers are searching for.
Looking for even more ideas for a fast sale and a high price? Here are some more resources to check out next:
- Home Inspections: Friend or Foe When Selling Your Home?
- Best Practices for Selling a Home in Today’s Market
- Renovating Vs. Selling Your Home As-Is
Bathroom Renovation
Bathrooms are the other primary room that buyers place a high priority on. For many people, a spa-like bathroom is the one place where they can enjoy some peace and quiet. You don’t need to spend a fortune. However, some new fixtures and hardware can help to inspire a buyer’s imagination.
Most of all, be sure to scrub the sink, toilet, and bathtub until they sparkle and shine. If necessary, replace any worn-out silicone. This is a low-cost repair that has an immediate impact. You can also enhance the appearance of your bathroom through simple design, like by displaying clean, pressed towels, ornamental soap dispensers, and eye-catching storage containers. Keeping all shelves clean and tidy will also help to showcase the amount of storage space, another must-have feature for many buyers.
A big part of a successful sale is knowing what to avoid. Find out in What Are the Worst Mistakes When Selling Your House?
Income Suites
A secondary suite is a completely separate living space contained within the same property. It can take several forms. The most obvious is a basement or attic apartment. One trend that we’re seeing more often is homeowners adding garden suites, which is a free-standing smaller home in addition to the main residence.
Whatever structure you decide on, adding a legal income suite has two bonuses. It creates a secondary income, which in turn increases the appeal to prospective buyers. Who doesn’t love the idea of passive cash flow and faster equity growth?
Plus, many lenders will factor in income potential when determining the amount of financing they will offer, which means more potential buyers can afford to buy your home. CMHC recently changed the rules to allow buyers to use 100% of the rental income when qualifying to purchase a house. All of these benefits make income suites even more desirable for today’s buyers.
Paint
Do you want to keep it simple and inexpensive? Look no further than adding a fresh coat of paint in a modern colour – it can completely transform a house. Choosing the right colour is critical. You don’t always have to stick with pure white as long as it’s neutral enough to appeal to the highest number of potential buyers. Greige (warm grey, not cool) with white trim are very popular right now, and light hues can enhance the appearance of spaciousness.
Just remember that it’s not about what you like. As with all renovations for the purpose of increasing value, it’s about what buyers like. Whatever you decide on, be sure the work is done professionally to a high standard. Otherwise, you could end up decreasing the salability of your house.
How do you choose the right listing agent to help sell your home? The posts below can help you narrow it down:
- Tough Questions to Ask Your Realtor® When Selling Your House
- How An Experienced Guelph Real Estate Team Can Help With Your Investments
Flooring
Replacing your floors can be one of the more expensive home renovations. Still, you might want to consider it if you want to maximize your selling price. High-quality flooring can make a huge difference as to how much your home sells for (provided you don’t go overboard).
This is one upgrade that usually has a high return on investment. Laminate/engineered (mid to high grade) or real hardwood are the most desirable flooring types right now. If you don’t want to go to the trouble or expense, you might still get a great return by thoroughly cleaning and polishing your existing floors.
Should you use some of your equity to invest in real estate? The posts below will give you much to think about:
- How to Generate Passive Income From Your Primary Residence
- Is Buying an Income Property Still Worth It for Small Investors?
- A Complete Guide to Real Estate Investing in Guelph
Staging and Decluttering
Cleaning and decluttering cost nothing but time (and effort), and are among the best ways to add value to a house. Buying a home is an emotional experience, and the new owner really wants to be able to imagine living in this space with their families. Unless they are highly visual, most people can’t see beyond a cluttered mess. (In fact, only 10% of the population can see past it).
Sprucing up your home is the first step. From there, beautiful staging allows buyers to see the full potential of the house. Once again, it’s critical to design t to appeal to buyers’ tastes, not your own. This is something to keep in mind if you have a friend or family member who is helping you prepare your home. For the best results, be sure to talk to an experienced real estate agent about what is getting the best results in the current market.
Do you have questions about what renovations will increase the value and salability of your house? Our Guelph real estate agents will be happy to help. Connect with us today at 519-826-7109 or email info@gowylde.ca for more information.
