Are you about to put your home on the market?
When dealing with such a competitive market, stand out by making renovations that will increase the value of your home and please buyers.
Where do you start?
Interior and exterior paint
Return on investment: 50 – 100%
This is a very worthwhile improvement… as long as you stick with neutral colours.
Good-bye pastels and fruit-themed wallpaper! Set your personal tastes aside and focus on creating a nice, soothing ambiance in which potential buyers will be able to see themselves.
When in doubt, white walls are a sure thing.
Storage, storage and storage
The idea is not to create additional storage space, but to clean up the space in order to show off all the storage your home offers.
Clean up the clutter. Think about putting your clutter in storage while you’re trying to sell your home, or get rid of it altogether.
The added bonus is that decluttering will make your move much easier…
Renovated kitchens and bathrooms
Return on investment: 75 – 100%
These rooms are the heart of every home because that’s where we spend most of our time.
It’s therefore not surprising that renovating these rooms can be very worthwhile… despite the initial cost.
To keep costs low, only change specific things like the:
- countertop and backsplash
- cupboard hardware
- lighting fixtures
If you go for a full gut, call on a kitchen specialist who will be able to maximize your space.
Return on investment: 50 – 75%
There are less flamboyant renovations than the kitchen and bathroom that have proven to be profitable and increase the value of your home.
- new hardwood floors
- new windows and doors
- new exterior siding
- a finished basement
Less worthwhile renovations
Knowing that you will be leaving your home soon, don’t expect its value to rise dramatically with these less profitable renovations.
Installing a pool or spa
Return on investment
Pool: 0 – 25%
Spa: 0 – 50%
Some buyers will consider pools and spas as more of a chore than a luxury. Plus, they won’t necessarily want to pay the annual maintenance costs.
So, before investing $20,000, assess the potential return on investment when selling your home.
Return on investment: 0 – 25%
In the short term, you’ll benefit from more light. However, the advantages of skylights don’t stop there.
Despite the fact that the manufacturing and installation processes have been refined over the years, most people still fear that they will eventually leak and have to be repaired.
Bling-bling is rarely worth anything and is usually deemed useless and cumbersome by potential buyers.
- wine cellar
- hot tub with jets
- home theatre
- home automation system
The cost of these renovations cannot be disproportionately high with respect to the value of your home.
If they represent more than 25% of the value of your home, think about it carefully.
Before choosing the most expensive one, focus on what matters – make sure it’s functional and in good taste.
Return on investment: 25 – 50%
Creating a backyard oasis worthy of luxury decoration magazines can cost a fortune.
Focus on the essentials:
- clean yard
- some plants and flowers for colour
- clean windows
- a solid deck
For everything else, trust that potential buyers will be able to adapt the yard to their tastes.
Some advice before starting your renos
Not so extreme makeover: home edition
If you don’t have a flare for decorating, get an interior designer who is a member of a professional asssociation.
They will help you make the most profitable improvements. They will also make sure the style of your home matches that of the neighbourhood.
If you’re looking to design on a dime, choose an interior designer who specializes in budget-friendly renovations.
Call the experts
Don’t become a DIYer just to save money. Have the work done by professionals.
If you’re going to renovate, make sure to do it correctly. This will avoid being accused of hiding defects.
Call on the services of licensed contractors to avoid unpleasant surprises.
A real evaluation by a real estate appraiser
Are you worried about spending frivolously and not getting that money back when selling your home?
Then, get a property appraiser to help you calculate whether or not the renovations will add value to your home.