Thinking of Selling? Don't pour endless $'s into improvements that you will never reap value from.
1) Remodelling the Kitchen
Kitchen renovations are one of the most popular home improvements projects - but for good reason! Especially with us all working from home for the unforeseeable future, creating a modern looking but yet functional kitchen is crucial. Your potential home buyers will want to be spending lots of time in the kitchen cooking, entertaining friends or even sharing meals with their families. This is a renovation that has intrinsic value tied in. On average, you should expect to recoup 77% of the cost of a minor kitchen remodel.
When remodelling, keep in mind to replace appliances with more energy efficient models, reface existing cabinets/wood panels where possible as well install new countertops and sink/faucet.
2) Bathroom Remodelling or Addition
Replacing an outdated vanity and light fixtures, updating old plumbing and adding new tiles will give your bathroom an updated modern look. You can expect to recover 70-75% of your investment.
If you are considering a full bathroom remodelling (such as a new shower, tub or toilet) or adding in a powder room, make as many energy efficient updates as possible as this will also be good for your home's resale value.
3) New Floors
Having discoloured or older carpets can be an instant turn off for buyers so I'd recommend replacing them with wooden floors (coated). Neutral design tiled floors are also a great option but they should be sparkling and not cracked.
4) Finishing your Basement
Having a finished basement can do wonders for the value of your home. Potential buyers will consider the useable square footage of a home when shopping around and having a ready to use basement for a family room, additional office space or fitness area will certainly provide that extra added bonus for your home. Just be sure that you've insulated it properly and protected against moisture!
For a more budget effective upgrade, I'd suggest focusing on smaller, less expensive improvements such as creating more storage space, a fresh coat of paint, some pot lights to really brighten up the space. Depending on the finishes and square footage - you can expect a 75% return on investment for your basement renovation.
5) Out Door Additions
Decks, fire pits and fences bring a lot of extra value and usable entertaining space to your homes.
Fences add more privacy and provides a sense of safety for buyers with kids. Decks is not a cheap investment but remain a solid addition as it provides the potential home buyers with added space for entertainment. Depending on the scope of the project, it typically recoup upwards of 70% of the price of the deck reflected in the new value of the home.
Fire Pits are also another "nice to have" for the potential buyers to still enjoy the backyard in the cooler months.
6) Roof Replacement
If your shingles are curled, buckling or well...missing altogether. It's time to "re shingle"! Taking care of the exterior parts of your property is arguable just as important as the interior because this is the first thing your buyers will see! No matter how great the interior looks, if the roof looks aged or damaged, it will deter home buyers from coming into your property and may not look as attractive.
Have more questions? Contact me and we can chat!
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