Top 5 Renovations To Sell Your Home
All home renovation projects are not created equal. When renovating your home, it pays to consider which projects will bring you the best return when it’s time to sell your house. What we think may appeal to a potential buyer, may in fact have been a “wasted” renovation. Of course, when renovating, your personal taste and preferences will play a role in the choices you make. But be sure to choose trendy styles & finishes that are in keeping with your neighborhood in order to appeal to the majority of potential buyers. Keep an eye on the renovation projects and $$$ that consistently provide home owners with a positive return on their investment. After all, for most of us, our house is our biggest investment that we have.
By far, painting your home is the best return on investment for money spent. Repainting has the greatest impact on the resale value of your home. Choose neutral colours that will please the majority of buyers. Use accent colors with splashes of warm and dramatic colors through out with your accessories like pillows, pictures, vases, candles etc.
Do you ever wonder why your dinner parties end up in the kitchen? The kitchen is the heart of your home. It’s a room with real value to any family. A kitchen upgrade can really deliver with a 44% higher return on investment over the average return on other popular renos you might consider.
DO NOT OVER RENOVATE OR UNDER RENOVATE FOR YOUR NEIGHBORHOOD
Before you spend thousands of dollars on that kitchen renovation, you need to make sure you’re spending your money wisely. I staged one townhouse where the homeowner spent $70K on her kitchen renovation. The kitchen was absolutely stunning but unfortunately the townhouse was considered to be IN a starter home area and the homeowner did not fully recuperate the costs of her kitchen renovation. Similarly, I did a staging consult for a homeowner where they had built a stunning $ 1+ million home on a waterfront property within commuting distance to a major city centre. The kitchen was stunning BUT the homeowner installed a laminate countertop whereas he should have installed granite or corian at the vary least.
Check out “Are You Over Renovating Your Home?”
With our stress-filled lives, most of us want a place to rest and relax at the end of the day. Tackling a bathroom renovation project will bring you the best bang for your renovation buck with a 56% better return on investment over the average. Your goal should be to create a relaxing, spa like , environment. Don’t forgot those powder rooms too! For under a $1,000, you can really make a powder room pop and at the same time increase the value of your home.
Beautiful looking floors are a great selling feature in any home. It can often make all the difference in the eyes of the potential buyer. This particular upgrade can generate a 22% better return on investment than the average. Start by ripping up the old and dated wall-to-wall carpet. You can sand your existing floors down and refinish them or if there is no hardwood floors under your carpets, you can choose from a variety of hardwood flooring or laminate floors.
Too many choices? Not sure what to pick?
Check out Hardwood vs. Laminate flooring.
5. Lights, Hardware & Fixtures
Most people do some upgrades or small renovations to get their house ready to sell. Some homeowners do amazing renovations to their house in order to get top dollar for their home. Homeowners do extensive basement renovations, bathroom transformation, complete kitchen renovations and most home owners nowadays totally renew their home with freshly painted walls throughout their house.
But most people stop at one place where their renovation dollars can have a HUGE return on their investment for a small amount of money spent – the hallway lights. Most people keep their dated hallway lights or their cheap basic boring builder lights instead of upgrading to trendier look. Keeping your original lighting when you’ve done renovations is like buying an expensive Yves Saint Laurent evening dress and wearing an old piece of jewellery that you’ve had for years to show it off.
Hallway lights are such an inexpensive way to transform your hallway and other ares in your home.
Replacing relatively inexpensive items like door knobs, faucets, sinks, toilets and drawer pulls can also make a big impact.
Switch plates run under $1.00 at your local
hardware store so it’s an inexpensive and easy fix to update your switch plates and wall covers.
Doorknobs, and faucets are minor updates that can really improve the entire feel of a room. A small investment can equal a big return, making the space feel fresh and modern.
Cabinets and drawer pulls are also relatively inexpensive for the rate of return that you will receive on your dollar. Alot of big box stores sell hardware in value packs so you can save on money. Make sure that the style you pick is in keeping with the decor in your home and suits the price range of your neighborhood.
Designer Tip: Watch how much money you spend. If you spend too little money the renovations may not reap the amount of $$ that you were expecting. Likewise, if you spend too much, you could see some of your hard earned money go down the drain.
I’m Debi Collinson. Designer Focusing on Seniors. Aging-In-Place Specialist, Multigenerational Home Designer & Downsizing Seniors. Since 2006, as a Stager, I have been helping clients make their homes look like they came out of a magazine. I have helped clients earn money for their home beyond their expectations. Due to demand, my services have expanded to include Downsizing Seniors, I help seniors age in their home safely by recommending accommodations they need, and I help families make changes & accommodations in their home to create a Multigenerational Home where everyone can live in harmony under one roof.
I have bought several “fixer uppers” and either flipped them for a healthy profit or turned them into profitable rental properties. I know what renovations will earn you top dollar and which one won’t, whether it’s in a hot market or a slow one.
Come follow as I share my tips & secrets along the way.