Looking to put your home on the market? Don’t sell yourself short by failing to upgrade it before hand. Our friends from The Housing Block share their top 10 ways to amp up your home’s market appeal.
A home is no longer simply a place to raise your family – it’s a long-term investment. With home prices reaching new heights across Canada, families have more of their net worth than ever before tied up in real estate.
As the famous saying goes, you shouldn’t put all your eggs in one basket. While there isn’t a foolproof way to protect yourself from a major housing correction, there are some smart renovations you can do to increase your home’s value over the long-run (in no particular order).
There’s nothing like a fresh coat of paint to liven up a room! Not only is painting a relatively inexpensive home renovation, it provides a great ROI. Painting your house provides an average recover rate of 75 per cent to 100 per cent – not bad! Painting is the perfect DIY project – if done right! Be sure to use painter’s tape and drop clothes galore – the last thing you want to do is ruin your nice house!
There’s no bigger turnoff in a house than a dated kitchen. When prospective buyers walk through your home, the first thing they’re going to think is “I’ve got to spend $50,000 gutting the kitchen and replacing it with something modern.” The good news is you don’t have to spend a bundle on your kitchen – smart renovations like updating your backsplash and re-facing your cabinets are great ways to boost your home’s value.
Your bathroom is another key selling feature of your home – it can either make or break a buyer’s decision (let’s hope it’s the former). Renovating your bathroom provides an average recovery rate between 75 per cent and 100 per cent. Again, it’s all about spending your money wisely. If you have lime green fixtures your bathroom probably needs to be gutted, but if it’s been updated recently you may be able to get away with a few minor upgrades like a new medicine cabinet and sink.
4. Curb Appeal
The curb appeal is your home’s moment to knock the socks off buyers – or sending them fleeing in terror. Simple things like mowing your lawn, watering the grass and flower pots can go a long way. Just don’t overdo it – some homebuyers actually prefer low maintenance grounds.
Lighting can really brighten up a room – and even enlarge its look. If you’re doing showings after the sun has set, you’ll want to invest in some decent light fixtures. While you can spend a bundle on light fixtures, just providing adequate lighting can go a long way to satisfying homebuyers.
6. Add a Deck
If HGTV is any indication, homebuyers love decks. With TV shows like Decked Out and Deck Wars, it’s no secret that decks have become popular over the years. While a deck may seem like the perfect DIY renovation project, it’s a lot more complicated than it seems and is probably best left to the pros. There’s nothing like a walkout patio with a deck –perfect for barbecuing – to impress buyers!
You don’t have to create an elaborate garden display to impress homebuyers. A well-kept front garden and low maintenance grounds can help sell them on your house. Remember, your yard is the first thing buyers will see, so you want to be proud of it.
8. Add an Income Suite
With home prices reaching stratospheric heights in many housing markets, a rental suite can be an excellent way to subsidize your mortgage. If your home has an in-law suite, it instantly becomes more attractive to homebuyers who are looking for a helping hand with paying down their mortgage.
9. Energy Savings
With energy costs soaring, anything you can do to save on energy will go a long way with buyers. By investing in primo insulation, you can help homeowners save a bundle long-term with a lower monthly heating bill.
10. New Windows and Doors
New windows and doors can be costly, but they provide a great ROI at an average recovery rate between 50 per cent and 100 per cent. Not only do they look nice, they help you save money long-term on energy costs.
There you have it – some of the top renovations to increase your home’s value. While this list may seem overwhelming, the good news is you don’t have to tackle these projects all at once. Through careful planning, you can have your home looking its best when you do eventually decide to put it on the market.
About the Author
The Housing Block provides users with convenient access to many valuable real estate tools. Our vision is to build the most innovative and valuable real estate platform to help buyers and renters find a new place to call home.