When it comes time to sell your home, you will likely be put in a situation where home updates, repairs, and upgrades are recommended in order to boost the value of your home for maximum returns! Now, before tearing down a wall or making expensive repairs, it's important to understand that not all home renovations are equal. Below you will find a list of the top 5 home renovations that have significant impact on your selling potential:
1. Improve energy efficiency
This one is often a surprise to people because when they think of home improvements, they are generally considering physical changes buyers will see. The key here is that potential buyers are taking energy efficiency very seriously when deciding on homes to make offers on.
Just to give an example, attic insulation projects return approximately 120% of their costs! Other energy-efficiency upgrades that will pay off include updating heating, ventilation and air-conditioning, water heaters, and windows. If you upgrade early in the process (enough to show up on utility bills), your real estate agent can show potential buyers the difference between the monthly costs before and after the upgrades!
2. Spruce up your curb appeal
First impressions matter, and it starts the moment a potential buyer lays eyes on your home. Exterior improvements don't need to be radical either; there are many subtle, and relatively inexpensive, touches that have a huge impact. Some examples include power washing the home exterior, re-painting window frames and doors, and installing some pot-lights. If your property has abundant green space, you should consider landscaping services which beautify the lawn with mulch, shrubs, and seasonal, colorful plants. If you have the means, adding new stone veneers, entry doors, and garage doors almost always recoup 100% of their cost.
3. Minor kitchen remodeling
The heart of the home is the kitchen. Buyers often report that the kitchen is their favourite room - and so it's easy to see how a gorgeous kitchen can entice even the choosiest buyers. In fact, if the kitchen is impressive enough, buyers may be more forgiving of other outdated spaces.
The key here is the word 'minor,' I do not recommend that you spend tens of thousands to improve the kitchen. I'm talking about minor renovations that create the most impact. Some examples include re-painting cabinets, installing new handles, adding stainless steel appliances, upgrading countertops, and putting up a new backsplash!
4. Bathroom remodeling
Next to the kitchen, buyers will zipline to bathrooms to form an opinion about your home. Studies have shown that a minor bathroom remodeling can provide a 102% return on investment. Consider re-grouting tile and replacing the caulking around the shower, tub, and toilet. In some cases, it may be best to replace the toilet to give a more modern look as well as making the bathroom more energy efficient (remember, energy-efficiency is a huge selling point).
5. A fresh coat of paint
A clean coat of paint is the facelift every seller's home can benefit from. We are talking about a 109% return on investment here! New paint will lighten rooms and hide minor defects. If your home has rooms with non-neutral paint colours, then painting over those spaces with neutral tones can reap huge benefits! Buyers want to enter the home and superimpose their personality on it, and walls with too much 'personality' often work against your goal of maximizing your sale price.
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