Today more than ever, your home is an investment in your future and the question is, how do you maximize that investment.
The correct answer varies from person to person with a number of things to consider like market conditions and your long-term goals. Are you looking to sell fast or do you want to live there a few years longer?
All buyers are different. Some can walk into a space and envision the possibilities while others get overwhelmed with the idea of having to do extensive renovations after they move in so prefer a space that is move-in ready.
We get asked a lot if renovating pays off so we’ve collected our top 5 home renovation tips that give the biggest payoff when it comes to selling your home. Let’s go
Top 5 Home Renos that add value to your home on the resale market
According to industry pros, kitchen renos are the #1 renovation to add value when it comes to selling your home. This is especially true if your kitchen is quite dated and older. Kitchen renos are extensive and can be inconvenient, so many buyers will eliminate a property if they think the kitchen requires extensive work. When surveyed, many buyers just don’t want the hassle and added stress of a kitchen reno once they take possession. Your best bets?
- Update your cabinets and countertops
- Replace your backsplash
- Add modern appliances
- Add neutral paint colours to appeal to a wider audience
Like a kitchen, a bathroom remodel can be inconvenient and seem overwhelming. Many buyers in this market, are looking for move-in-ready spaces, and that includes the bathroom. Our real estate friends tell us that almost 70% of buyers consider a renovated bathroom as a positive when considering a purchase. Consider these tips:
- Have bold colours or dated wallpaper? Go neutral and re-paint
- Swap out old cabinets, countertops and light fixtures
- Add a walk-in shower
Want more info? Read our blog post on the Top 4 Bathroom Renovation Tips to Consider
A finished basement is important to consider in this market. They are a great selling feature, especially for families or those who like to entertain. Let’s be honest. Buying a home in Vancouver, Burnaby, Coquitlam and the Lower Mainland is expensive so buyers want as much liveable space as possible. Renovating or finishing your basement can create a family room, home office, extra bathroom or bedroom. Your real estate pro will tell you that will make your property look more attractive in this competitive relocation market.
Replacing flooring is especially important if you have carpet. Many home buyers are turned off by wall-to-wall carpets because they are hard to get truly clean and can look stained and dated. Most buyers surveyed put luxury laminate and hardwood flooring top of their list. Easy to install, new flooring can take your space from meh to WOW in an instant.
They say don’t judge a book by its cover. But that doesn’t really hold up in the home buying and selling process. The exterior of a home can turn buyers away before they even step through the door. Consider replacing your siding or adding a deck. Outdoor living is on top of everyone’s minds and can give your home an advantage over a competing property.
by BENJAMIN KRITSCH
Ben has worked on everything from high rises to commercial developments to residential construction across Vancouver and the surrounding area. A journeyman carpenter, Ben is a BCIT graduate with his Construction Operations certificate.
We’re here to help you make a decision
Each property has its own unique qualities and, depending on where you live, certain renovations can give a better payoff than others. Talk to a real estate agent that specializes in your neighbourhood to get expert advice or schedule a call with us to talk about your options.