Motivation for Renovation
Tuesday May 23rd, 2017
With the spring market swinging toward summer, property sales are still feeling the heat.
Here are five renovation tips that can help you get the most money for your property.
Buyers are looking for updated flooring when evaluating potential homes for purchase. Remove any outdated carpeting and replace with either hardwood flooring, laminate, or ceramic tiles. Surfaces like these are easier to clean and alleviate allergy flare-ups.
New Fixtures and Hardware
Nothing dates a property more or gives the illusion of lack of maintainence like old fixtures and hardware. Consider replacing doorknobs and handles that have become dull with use, update cabinet hardware, and bathroom and lighting fixtures. Fairly inexpensive and easy to replace, you will see a great return of investment for a minimal amount of money.
Forever the most valuable room in the house, but you don’t need to spend a fortune to make it look fabulous. Consider simple add-ons, such as a deluxe faucet, cabinet door hardware, upgraded appliances, new lighting, or adding backsplash - giving a fresh, new look to the kitchen’s appearance and adding functionality.
Bathroom upgrades are worth the money, as it is considered the second most important room in the house. New tiles and grouting, new faucets and hardware, and upgraded cabinets and wash basins can make a big impact. Not to mention, a fresh coat of paint goes a long way.
If your neighbourhood and municipality allows for income-suites, you could potentially add 150-160% worth of equity into your home by putting in an extra suite. While this is a substantially bigger renovation project, adding a rental suite will allow the new owner to potentially receive additional income through a tenant. This is a major factor in why the demand for double unit homes can rise by more than 25%, depending on the market or city.
Not every seller has the ability or the desire to take on the costs of the more extensive renovations, but even a few simple upgrades can greatly improve a home’s overall attractiveness, increasing your chances of it selling quickly for a price you can be happy with.