When you put your home on the market you anticipate the best price possible and a quick sale. Professionals will tell you that there are some steps you can take that ensure your home is attractive to the majority of serious home buyers. Cleaning out clutter, making minor repairs, staging your home for sale and completing needed renovations can go a long way in presenting your home in the best possible light.
But before you commit to a costly renovation, it is important to determine just how much to spend to get the greatest return on your investment. Take the value of the property into consideration when you set your budget, and make sure the results are in keeping with other comparable properties in the neighborhood. The last thing you want to do is set a price tag well above neighboring properties.
The Urban Group is an experienced real estate team that consistently maximizes our clients’ real estate investments. Each home situation is unique, but here is the list of the top 5 renovations with highest return on investment.
1. A Renovated Kitchen Will Sell Your Home
A gorgeous renovated kitchen has the power to persuade home buyers to purchase your home. A new kitchen will also provide you with the greatest return on your investment compared to renovating any other room in the house. According to the Appraisal Institute of Canada, as a seller you can expect an upgraded kitchen to return a whopping 75% to 100% on your investment upon the sale of your home. However, renovating the entire kitchen can be an expensive undertaking. Chances are you can give your kitchen the face lift it needs by replacing flooring, countertops and cabinetry hardware. A new backsplash, proper lighting and a fresh coat of paint can go a long way to upgrade your kitchen. Showcasing stainless steel appliances is another improvement potential buyers will appreciate.
2. Create A Spa-Like Oasis In The Bathroom
Creating a spa-like ambiance in your bathroom is second only to upgrading your kitchen when it comes to improving your home. You can expect a return between 75% to 100% on your investment and because bathrooms are smaller than other rooms in the house, they often require less of an investment to make a dramatic change. Plan your bathroom renovation with a neutral, soothing colour palette, clean lines and modern materials to achieve the look of luxury. Quality tiling and a distinctive mirror can add to the spa-like ambiance, and lighting will add to the relaxed mood. Natural and indirect lighting can make a strong statement, as well as distinctive lighting fixtures that can become the focal point of the room.
3. Paint Your Way To The Maximum Sale Price
The tried and true technique of giving your home a fresh coat of paint is still one of the most popular ways of sprucing up your property, because it works. You can expect a return between 50% to 100% with this easy renovation. When you choose an interior color scheme, take your buyers into consideration. You may love bright colors, but a neutral colour palette will appeal to the masses and allow potential home buyers to imagine themselves living in your home without having to paint over vibrant colors. Wallpaper can also raise a red flag to home buyers, who know how hard it is to remove when they can decorate to their own tastes.
4. Installing Hardwood Flooring
Hardwood flooring is at the top of the wish list for many home buyers. Hardwood floors have a rich and timeless appeal when paired with a range of décor styles, from traditional and transitional to contemporary. As an added benefit, hardwood floors are extremely durable and very easy to care for. The Appraisal Institute of Canada reports that when you install hardwood floors you can expect a return between 50% to 75% on your investment. Today’s modern materials allow you to achieve the look of hardwood flooring with traditional hardwood, engineered hardwood, high grade laminates and even tiling that gives the appearance of hardwood. Regardless of which flooring option you choose, updating your floors with the look of hardwood will refresh your residence and demonstrate to potential buyers that your home is greatly cared for.
5. Optimize Your Living Space
Increasing your finished living space can make your home more attractive to a wider range of buyers, such as those with larger families and people who need the space to work at home. Turning your unfinished basement into a professionally finished area will increase the square footage of your living space and you can expect a return of 50% to 75% on your investment. Income apartments and in-law suites are becoming more popular, and these options may allow you to earn back your renovation investment while building equity in your home. Buyers are drawn to a turnkey home without major projects to tackle once they move in, so optimizing your living space is a good idea if your budget allows and you do the job correctly.
You Don't Have To Do This Alone - Let The Experts Help
Regardless of the renovation projects you choose, it is crucial to consult with experienced professionals who can help you make the design choices that appeal to a mass market and are in tune with your budget requirements. Remember that the statistics cited here apply only to successful renovations. Projects completed incorrectly or in poor taste can have a negative impact on your sale price and may affect how long your home stays on the market.
Count on the real estate experts at the Urban Group to help you plan the renovations that will get you the greatest return on your investment. We have been successfully investing in real estate over the past decade and really assist our clients when it comes to making smart renovation decisions that will ultimately maximize their resale value. Our full-service team will take a look at your property and make recommendations to assist you in procuring a quick and successful sale.
Call or email us and book your complimentary consultation. We would be happy to lend our advice to ensure a profitable and easy sale. We look forward to working with you!