Tips To Improve Your Selling Price Through Renovations
If you’re starting to think about selling your home, you may also want to consider doing some renovations to increase your selling price. Not all renovations have to be large expansions, costly or even time consuming. Here are a few renovation tips and recommendations to help you out.
1. Which areas need a good spruce
It’s said that the highest return on investment (in order) are kitchens, bathrooms and painting of the interior and exterior. You can also consider lighting, countertops, cabinets (including hardware), and flooring.
2. Safety first
Although our first thoughts are always to put aesthetics first, sometimes it’s best to go the safety route. Think – roofing, windows, bricks, furnace, etc. If you’re considering making any of these changes, it may also be beneficial to determine if there are energy saving ways to do so. There are many government grants and loans out there to help homeowners improve their energy efficiency.
3. Shop around
When you’re about to make changes to your home it’s important to speak to several contractors about the work you want done. You want to ensure that you are getting the right price for your renovations. On top of price, you want to ensure that you are going to be working with the right person in terms of timelines, communication, quality, reputation, and any other factors that are important to you. Doing some homework in the beginning can save you time and money in the end.
4. Can you afford it
When you’re considering moving your budget may be impacted by that decision, and you might not have left over funds to perform renovations. If you do, amazing! If not, I would recommend speaking to a mortgage agent to help you fund a renovation loan. You can book a meeting with me here to discuss your options!
5. Keep receipts
Once you have completed your renovation, it’s a good idea to keep your receipts. This helps prove 2 things. The first being that the work has been done and the value of that work. Secondly, you’ll be able to easily see the return on your investment once you sell your home.
6. Curb appeal goes a long way
If you feel like renovating an entire area of your home may be too much to take on, don’t panic! You can start with your curb appeal. A few suggestions would be a fresh coat of exterior paint, maintain your lawn, and add or tidy up your landscaping.
For tips on how to open your garden, check out my other blog post here where Morgan Robertson, VP at Verdant Landscape and Design Inc. shares his professional opinion.
In summary
It is not always the most expensive or the most bold upgrades to a home that will yield the largest returns. It’s important to take a walk through your home and determine which areas you should focus on. It’s typically the structural or functional issues that will bring you the largest return on investment. It’s never a bad idea to do some research whether that be about what areas to focus on, comparing other homes in your neighbourhood, and on the contractor that will be performing the work. If you are in a situation where you need to renovate but don’t have any room in your budget it is a great idea to connect with a mortgage agent, such as myself as we have many options to help with home renovation loans.
Book a meeting with me here!
