5 Renovations That Will Add Value When Selling
Friday Jan 15th, 2021
When it comes time to sell your home, you will likely be put in a situation where home updates, repairs, and upgrades are recommended in order to boost the value of your home for maximum returns! Now before tearing down a wall or throwing your money at everything it's important to understand not all home renovations are equal. Below you will find a list of the top 5 home renovations that have significant impact on your selling potential:
1. Improve energy efficiency
This one is often a surprise to people - when you think of home improvements, they are generally the physical changes you see with your eyes. The secret is that potential buyers are taking energy efficiency very seriously when making considerations on what to buy.
Just to give an example, attic insulation projects return approximately 120% of their costs! Other energy-efficiency upgrades that are effective include updating HVAC, water heaters, and windows. If you do these changes early in the process (enough to get utility bills), your real estate agent can show potential buyers the difference between the monthly costs before and after the upgrades!
2. Spruce up your curb appeal
First impressions matter, and it starts the moment a potential buyer lays eyes on your home. These exterior improvements don't need to be radical either, there are many subtle touches that have huge impact. Some examples include power washing the home exterior, re-painting window frames and doors, and installing some potlights. If your property has abundant green space, you should consider landscaping services which beautify the lawn with mulch, shrubs, and planting seasonal colorful plants. If you have the means for it, adding new stone veneers, entry doors, and garage doors almost always recoup 100% of their cost.
3. Minor kitchen remodeling
The heart of the home; the kitchen. Buyers often report that the kitchen is their favourite room - and so it's easy to see how a gorgeous kitchen can entice even the most reserved buyers. In fact, if the kitchen is impressive enough, buyers may be more forgiving to other outdated spaces.
As the title suggests, I'm not recommending that you spend tens of thousands to improve the kitchen. I'm talking about the minor renovations that bring the most impact. Some examples include re-painting cabinets, installing new handles, installing stainless steel appliances, upgrading countertops, and putting up a new backsplash!
4. Bathroom remodeling
Next to the kitchen, buyers will zipline to bathrooms to develop their opinion of the home. Studies have shown that a minor bathroom remodel can provide a 102% return on investment - consider re-grouting tile and replacing the caulk around the shower, tub, and toilet. In some cases it may be best to replace the toilet - accomplshing both a modern look as well as energy efficiency (remember, energy-efficiency is a huge selling point).
5. A fresh coat of paint
A clean coat of paint is the facelift every seller can benefit from - we are talking 109% returns on investment here! New paint will lighten rooms and hide any defects. If your home has rooms with non-neutral paint colours, then painting over those spaces with neutral tones can have huge benefits! Ther buyer wants to enter the home and impose their personality within it, and areas with too much personality often work against your goal of selling effectively.