Best Home Renovations To Increase Value
One of the best ways that a seller can increase their home's value is through renovations. But, not all renovations were created equal; homeowners can potentially put a lot of time and energy into a projects that won't see the kinds of returns they were expecting. You'll find a run-down of which renovations will benefit you most and the ones that worth the money below.
What is your home's value anyway? Have a look at our free home evaluation to find out.
Before starting any renovations, it's important to know home much the other homes in your neighbourhood are priced at. You'll want to keep any modifications or additions in line with the features of the homes around you, to avoid pricing yourself out of the market.
It can often be beneficial to use a more neutral colour scheme. You want potential homebuyers to be able to see themselves living in your home. By creating a kind of blank canvas, potential homebuyers will be able to more effectively project themselves and see it as their house.
Despite what you might think, pools aren't a great draw for homebuyers. As great as having a pool is, it's hard to get around the upkeep and potential safety concerns, a major turn off for many potential buyers. You will have a hard time recouping any money that you put in and any benefit will be outweighed by the risk of dissuading potential buyers.
Whenever possible try to use environmentally friendly materials such as low-VOC paints, and energy efficient appliances. Not only does it appeal to the environmentally conscious, but it will be seen as a cost-cutting measure in the long run.
The kitchen is deservedly a central part to any home. An effectively renovated kitchen will make an immediate and strong impression on a potential homebuyer; this can be a surefire way to increase your property value. For a solid return, experts recommend spending 10 - 15% of your home's total value; the returns will make it well worth every penny.
The key to an attractive kitchen is to ensure that it is free of clutter with enough storage and counter space. The appliances will be the most visual elements in the kitchen so make sure that they aren't hopelessly outdated. Potential buyers will see outdated appliances and may start to wonder about how outdated other parts of the home are as well.
Perhaps not as central or immediately visible as the kitchen but as one of the most used rooms in the house, the bathroom is certainly a close second when it comes to renovation priority. The bathroom serves an important role in the home and will surely be one of the first things that potential buyers look at.
A bathroom renovation can be one of the most cost-effective enhancements you can make to your home, recouping your investment in full in some cases. If your home just has one bathroom, the addition of a second can make a home especially attractive to families.
In addition to its utilitarian uses, the bathroom also serves a dual function as a space to unwind and relax, especially after a hard day. Features such as a soaker tub or heated floors are wonderful added attraction, sure to woo homebuyers. But improvements need not be expansive; additions as simple as a fresh coat of paint or a replaced faucet can increase the bathroom's appeal without costing a fortune. Also, try to lean toward low-flow shower heads and toilets if possible.
It's amazing what a fresh coat of paint can do. It may be the quickest and most cost-effective way to increase your home's value. Avoid wallpaper, however; potential homebuyers are more likely to think about how hard it will be to remove then how nice it looks.
Again, neutral colours are the way to go. They are the most effective way to brighten and freshen up a room. Also by creating the illusion of more space, they can really open a room. With a new coat of paint, sellers can potentially get back most, if not all, of the investment they put in.
Carpeting is not what it once was. The majority of today's homebuyers prefer flooring options like laminate, tile or Hardwood. Plus, with new and innovative materials such as bamboo and cork becoming increasingly available, there are no shortage of flooring alternatives.
If you have a questions about selling your home, please give us a call at 403-217-0003, or contact us online.