Selling your Home for More.
If you’re planning to sell your home, chances are you’re thinking about what renovations you can make to maximize your return on investment. While the kitchen and bathroom are two of the most common renovation projects, Before you list your home, it’s important that you consider the various options for making an improvement. While most home buyers turn to a kitchen or bathroom remodel, there are plenty of options that will reward you on closing day—some more so than others. Here are some home renovations, big and small, that you should consider—and some you should avoid—when considering how to spruce up your place so that it’s ready to go on the market.
Easy home improvement is key.
When you’re selling your home, you want it to look its best! Whether it’s painting the walls a brighter color, putting in new hardwood floors, or replacing the old carpet, these improvements can make all the difference between a buyer choosing and passing on your home. Clean, polished touches like these add value to your home and make it stand out among other homes on the market. When buyers walk through a home, they’re not only looking at individual elements, but inherently thinking “how does this home make me feel?”
TIP: Painting the exterior of your home affects curb appeal and creates a fresh, clean feel. Though a full kitchen remodel costs more time and money, there are other ways to spruce up your home. For example, consider replacing the backsplash or painting the cupboards, steam-clean all carpeting, replace any broken tiles in kitchens and bathrooms, install modern light fixtures, replace old showerheads and faucet fixtures with new ones and update bathroom hardware. You'll notice an immediate positive change.
Keep it Neutral
Styles that last—neutral, safe designs—are best when showing a home. If you have any dated furniture, controversial art, or strange colours in your home, you might want to consider upgrading and neutralizing.
Tip: Staging specialist also go for very neutral, modern designs. Photos for homes look best with clean lines, modern furniture, and lots of light.
Buyers’ market
When supply outpaces demand, smart sellers consider their home's steps to market. Sellers can't control the neighbourhood or the number of homes listed, but they can help buyers see their home as the best option by making it stand out. If the supply of homes outstrips demand, buyers will gravitate towards homes in the best working order. In this situation, sellers need to make their homes stand apart from the others for sale in their neighbourhood.
Large expenses are more common in a buyer’s market, such as:
- Remodelled kitchens and bathrooms
- Finished basement
- New roof
- New furnace
- Air conditioner
- New windows
Sellers’ market
In a competitive market, it may seem that the best way for sellers to increase their return is by making expensive fixes to their home. After all, bigger renovations are more likely to make your home stand out from the competition and therefore attract buyers more quickly. Unfortunately, this strategy is often fruitless, as renovations are rarely successful at adding significant value to a property in today’s overinflated real estate market. Consider window replacement, for example: If every property in your neighborhood is receiving multiple offers and selling for well above list price, a window replacement isn’t going to significantly boost your buying and selling power. You still need to stay on top of simple cosmetic changes that improve your home or address clutter in a cost-effective way that provide the biggest impact per dollar.
For even more information, make sure to contact us by filling out the contact agent form on our website and we’ll be happy to answer any questions you may have.
