The Top 5 Renovations to Improve Resale Value
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!