The Best Home Renovations for Your Dollar
Prior to selling, you may consider remodeling your house to increase its value and make it more appealing to buyers. Where sellers can go wrong is by putting a lot of time and money into the wrong kind of renovations, and losing money when it comes time to sell. Below you'll find information about which renovations are worth the investment, and which ones are better left alone.
Curious what your home is worth right now? Check out our free home evaluation.
General Guidelines When Renovating
The first thing you need to do before starting renovations is to research your local housing market. You need to know how much homes in your neighborhood are valued at, in order to avoid pricing yourself out of the market. It's always a good idea to keep your additions and modifications consistent with other properties in the area.
Next, make sure that your home is fairly neutral in its colour scheme and decor. Taste is so subjective that it's best to create a blank canvass for potential buyers to project their personal vision. You want buyers to be able to see themselves living in the home, and not be distracted by your decor.
Forget about adding extras like a swimming pool unless you plan to get a lot of use out of it prior to selling. This is because many buyers are turned off by the upkeep and safety concerns that come with having a swimming pool. A pool can easily turn off buyers, and you won't be able to recoup the money you invested.
When renovating, use environmentally friendly materials like low-VOC paints, and energy efficient appliances. This will appeal to buyers who are eco-conscious, as well as those who are looking to save on energy costs in the long run.
Renovating the Kitchen
The kitchen is one of the most important rooms in a house, which is why putting money into it can easily add value to your home. Make sure that the kitchen is well organized, has ample storage and counter space, maybe add a cooktop and features newer appliances. If you still have an avocado-coloured stove for instance, buyers won't be impressed. When they see outdated appliances and fixtures, they wonder what else have been left untouched, and worry that pricey repairs could be in their future.
In addition to making a strong impression on buyers, an updated kitchen also adds to the value of your home. In fact, a well done kitchen reno can be one of the most surefire ways to increase your property value. Experts recommend spending between 10-15% of your home's value on updating your kitchen, and this will give you a solid return.
The bathroom naturally has a very important function in the home. It's utilitarian and gets used several times a day, but it can also be a space for relaxation and quiet time. This is why it's the most important room after the kitchen in terms of where you should invest your renovation dollars.
In some cases, sellers can recoup all of the money put into a bathroom renovation when they sell their home—though this of course depends on the extent and quality of the remodelling. You should also consider adding a new bathroom if your house only has one. This will be especially appealing to buyers with families, who need the extra space.
Small changes can make a big difference—such as replacing your faucet or adding a fresh coat of paint. If you need to replace things like your toilet and shower, opt for the low-flow versions to appeal to environmentally aware buyers.
You might also want to think about adding extra touches to the bathroom like a soaker tub or heated flooring. Make the bathroom clean, functional and tranquil, and potential buyers will be willing to pay extra for it.
Update the Walls
The quickest and most cost effective way to increase your home's value and salability is to paint your walls. Wallpaper is another option, but should be used with great caution. Buyers who see wallpaper on the walls may immediately worry about how difficult it will be to remove, so it's better to just stick with paint.
Neutral colours may seem a bit boring to you, but they will appeal to buyers and brighten up the rooms. Painted walls can make an entire room feel new, even if the furniture or window treatments are a bit older. New paint also makes an area feel clean and spacious, so it should definitely be in your renovation arsenal.
You can expect to get most, if not all, of your money back when you paint your home.
Renovating the Floors
Carpeting has definitely fallen out of flavour with the majority of today's buyers. Hardwood, laminate, and tile are just a few of the options you have for updating your floors, and new materials like bamboo and cork are quickly gaining in popularity as well.
If you have any questions about selling your home, be sure to call 403-217-0003 or contact us online.