Your home is likely the biggest investment you’ll ever make and if you’re looking to sell, you will want that investment to pay off. Luckily, there are many renovations that will boost your home’s value and appeal to potential buyers. To ensure you get the most bang for your buck, here are five renovations that almost entirely pay for themselves in resale value.
1. Replace your garage door
Replacing your garage door is the best renovation for overall return on investment. You’ll not only recoup up to 98% of the cost, but it’ll greatly increase your home’s curbside appeal. Be sure to choose a garage door that can withstand Hamilton’s varying temperatures and weather conditions to get the most out of your investment.
2. Fix your flooring
Flooring makes a big impact, and can be a make-or-break for many potential buyers. Take a look at your carpet – is it stained or frayed? If you have hardwood, is it scratched from years of pets roaming around? Also check if any tiles are cracked or if any linoleum is peeling. Regardless of whether it’s true or not, the buyer is likely to assume your house hasn’t been well maintained if the flooring is in rough shape.
When it comes to flooring, hardwood proves to be the best return on investment adding up to 2.5% on to your home’s sale price, but it can be pricey to add to every room in the house. If you’re looking for a less costly solution to appeal to buyers, opt for hardwood in public areas like the living room and hallways, and install new carpet in the bedrooms.
3. Give your kitchen a makeover
Many buyers still consider the kitchen to be the heart of the home, and therefore the most important room in the house. So it’s no surprise that giving your kitchen a makeover will appeal to potential buyers.
You don’t have to completely gut your kitchen to increase your home’s value. In fact, high end kitchen remodels have a lower return on investment than mid-range remodels. This is because it’s easier to recoup the cost of lower ticket items like appliances and an updated backsplash than it is for custom cabinetry. Also, neutral paint colours have been shown to be the most appealing when selling your home.
4. Upgrade the bathroom
Home buyers are typically looking for clean and modern bathrooms. The cheapest upgrade options are lighting fixtures and sink hardware. Though, if your bathrooms haven’t been renovated in over 20 years, it may be time for a more extensive remodel like a new bathroom vanity, sink and tub.
If you have multiple baths and are looking to prioritize what you renovate, master baths and powder rooms are the best places to start since the homeowners will be primarily using the former, and guests will be using the latter. Secondary baths like those found in the basement, hold less weight to buyers. And as with kitchens, buyers have been shown to overwhelmingly prefer neutral paint colours.
5. Don’t forget the outside of your house!
Buyers often make their decision whether or not they’ll buy before they even enter your house, so make sure to consider how the exterior of your home looks. For your front yard, there are a number of cheap and easy options to boost curb appeal, like keeping the grass cut, adding a few colourful flowers and trimming overgrown bushes. If your siding is still in good shape, consider adding a fresh coat of paint.
In your backyard, low maintenance gardens and a tree or two can go a long way – buyers value having privacy and some shade. In fact, mature trees can add up to 20% on the sale price of the home.
Are you ready to start renovating your house to attract buyers and boost your home sale price? Schedule a conversation with us today!
Home renovations are wonderful – you get to update your home to your tastes, and likely increase the resale value down the road. However, renovations are a large undertaking that require plenty of materials, time, and labour, all of which cost money. For this reason, before you even begin to plan the details of your renovation, the first step should be coming up with a budget.
It might not sound like the most enjoyable task, but it will help you avoid taking on unnecessary debts by determining at the outset what you can comfortably afford. And if you love HGTV or thumbing through home renovation magazines, a budget can also help you prioritize what is within your reach. To avoid breaking the bank with your next renovation, here are five tips to help you stay on track with your budget.
#1. Plan, plan, plan
One of the main keys to successfully renovating your home on a predetermined budget is to know as much as possible before the first nail is hammered. It can be easy to look online and make general assumptions about costs, but don’t forget that there can be huge differences in price for things you’d otherwise think were consistent. For example, floor tiles that may look similar in quality can be radically different in price. Small choices like ceramic versus porcelain, or the size of tile can result in a big change to both material and installation costs.
Customizing your selected materials also adds to the bottom line. For example, you may see countertop prices and think you know the price per square foot, but things like non-standard lengths and holes that need to be made for sinks and faucets can add to the cost.
#2. Stick to the plan
Once you do come up with a plan, stick to it as best as possible. Last minute changes will undoubtedly extend the timeline of your remodel, which means you’ll be paying more in labour costs. You also run the risk of doubling up unnecessarily on materials if you change your mind and are unable to return your original selections.
#3. Budget for additional expenses
Aside from labour and materials, keep in mind that you’ll likely have to pay for drawings and construction permits. And if your home is older, you may have to update things like electrical work that isn’t up to current code. Also, be sure to check if renovating your home means paying a higher tax rate and insurance premiums.
There are also expenses like taxes and shipping on materials, hotel stays and eating out more often which can add a hefty sum to your budget.
Overall, it is a good idea to budget 20% of your initial renovation costs for potential changes, material or design upgrades, and unforeseen costs.
#4. Make compromises
If you plan ahead, you can see an itemized list of what will be costing you money. And if one line item seems high compared to other higher ticket items, you can likely find comparable items at a lower cost. For example, while fancy lighting fixtures may look beautiful, they can cost a pretty penny. To reduce costs, see if the same style can come in different materials, in a smaller size, or can be created to be a bit less ornate.
If you’re having a hard time choosing materials or knowing what a comparable alternative is, an interior designer can guide you.
#5. Communication is key
When you’re ordering materials, don’t be scared to ask for discounts. Just because they gave you a quote doesn’t mean it’s not negotiable! Or you can always ask your contractor too if they have a recommended supplier – contractors are often repeat customers who do a large volume of orders, so they can have more leverage for price negotiations.
Also, be sure to tell your contractor your budget. Many people assume a contractor asks because they want to upsell you. However, the real reason for this is they need to see how they can best help you. Good contractors will always work with you to hone in on exactly what you want to make your renovation dreams come true within your allotted budget.
If you are ready to renovate your home or have questions about the renovation process, schedule a conversation with us today!