When it comes to home renovations, creating your dream space isn’t the only objective. Homeowners also want to get a bang for their buck! This means investing your time and resources into renovation projects that are within your budget and increase the value of your home. While it’s common knowledge that renovations like a kitchen remodel and new flooring can exponentially increase resale value, many homeowners are unaware of the more affordable tweaks they can make to make their homes more appealing. Here’s a quick look at five unconventional and affordable ways to increase your property value.
1. Paint your front door
There’s no doubt that the first thing buyers fall in love with is a home’s exterior. When putting their homes up for sale, homeowners usually get a fresh paint job and a well-manicured lawn. However, the front door is an important component often skipped over. Painting your front door and making it look brand spanking new is a great and inexpensive way to add to your home’s curb appeal. Depending on your home’s aesthetics, you can even get creative and choose bold colours to compliment the look of your house and make it more appealing to buyers.
2. Replace old windows
Not only do new windows have the ability to beautify a space, they’re also a great help when it comes to insulating your home. Replacing old windows with newer energy efficient ones is a great way to revamp your space and add to your home’s value. Not to mention, new windows can save you hundreds of dollars in heating bills. In a country like Canada with a long chilly winter season, a properly insulated home is invaluable.
3. Install modern lighting fixtures
Lighting is one of the most important components of a home’s interior – not only does lighting serve a crucial function, it can also be used to add a decorative touch as well. With buyers increasingly looking at every detail of a home before making a purchase decision, installing modern energy efficient lighting fixtures could make all the difference. This small renovation has the ability to turn an outdated shabby space into a contemporary and trendy one which is more desirable in today’s market.
4. Exchange light switches for dimmers
Nowadays, going green and living in a more sustainable way is the new normal. We’re seeing a surge in the number of buyers looking for energy efficient homes to complement their sustainable lifestyles. Exchanging your traditional light switches for dimmers is a fantastic way to capitalize on this trend. Modern day dimmers utilize motion sensors that turn your lights off when no one is in the room allowing you to use even less energy.
As previously mentioned, a well-kept lawn does a lot for the visual appeal of your home. Since the lawn is one of the first things buyers notice, it’s a good idea to invest in a little lawn care. Mow your lawn, trim your hedges and put in a few flower beds to make your home look more inviting. However, when maintaining your lawn, you want to keep it simple. Steer clear of elaborate fountains, stone paths and the likes as they don’t appeal to everyone and most likely will not add value.
Increasing your property value doesn’t always require a major investment. With these minor and imaginative renovations, you can be sure your home will attract tons of buyers in the resale market!
Thinking of renovating your home? Get in touch with us today!
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!