It is incredibly important to make sure your home shows well when looking to sell, but it can be difficult to assess which upgrades and renovations are worth your time and money and those which will simply hurt your bottom line. Here are the seven best ways to increase the value of your home for potential buyers.
1. Improving energy efficiency
While the look of your home is very important, added costs will either deter a potential buyer or prevent interest. There are simple ways that you can make your home more energy efficient with LED light bulbs, sealing windows and doors, and updating old systems like your heating and hydro. There are a variety of programs for homeowners that provide rebates and even assistance in making your home more energy efficient. Check out saveonenergy.ca.
*It is important to get started on this immediately as lowered utility costs will not be represented until a few months after doing these upgrades.*
2. Sprucing up your exterior
First impressions are key, and you only get one with a potential buyer! Make sure the front of your home is well maintained. This includes shoveling and salting the driveway and path to your front door in wintertime, decluttering your front porch or yard, and having welcoming touches like a wreath, doormat or greenery. You do not necessarily need to do major repairs on the outside of your home but keep in mind not doing them may affect the amount of offers you get and what you end up selling for. Talk to your Realtor about what repairs need to be done and what can wait.
3. Budget-friendly kitchen renovations
The kitchen is the heart of the home, and buyers want to see a beautiful kitchen when looking for a home to call their own. That said, kitchen renovations can be incredibly costly which may not be the best option. Consider doing budget-friendly upgrades such as a fresh coat of paint, new floors, or finishing touches like fruit in a basket. You do not have to rip apart your entire kitchen to sell your home but a little extra effort in this room will help you get your asking price or more.
4. Bathroom renovation
Similar to the kitchen, this can also be a costly renovation, so look for ways that you can improve your bathrooms without replacing everything. A new faucet, shower or window curtain, and make sure it’s clean! Take the time to get the grime out from between the tiles in your shower; you might not notice it anymore, but often it will make the bathroom look more dated and dirty, even if it’s up to date.
5. A new coat of paint
A fresh coat of paint for each of the rooms is a great idea and can take some time and planning. Try to stick to relatively neutral colours that would work for a lot of different people’s decor choices. Remember you are painting because you want buyers to fantasize having their lives and things in your home, and making it their own. Also make sure to take your time in painting it right, with clean borders and floorboards. Messy paint jobs make any home look cheaper and less well maintained.
6. Fix your flooring
This can be a big undertaking but if you choose to update your flooring it will upgrade your entire home! Every room will look bigger and brighter with the right flooring so take the time to make good choices. Hardwood floors are often highly valued and so is floors that are resistant to dirt, dust, and wear & tear.
7. Increase your square footage
Adding more square footage onto your property simply makes your home more valuable, but again this can be a major undertaking just before you intend to move. If your plan is to increase your square footage, make it a long-term plan well before you intend on selling your home. This kind of renovation is not meant to be rushed and must be undertaken carefully.
Your home needs an update every few years and to position yourself in the best possible spot to sell your home, consider ways that you can realistically update your home without busting your budget or costing you more money than you home is worth.
Our dedicated team includes renovation and staging experts that can help to plan upgrades and renovations that will work best for you. Our Realtors are here to make sure that any renovations you do will be worth it by selling your home fast and for the best price!
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