A very common question that most homeowners ask their Realtor is how or what type of home renovations increase their property value? There is no universal answer to how a homeowner can immediately increase property value with extensive or moderate renovations. Every property is different and some may require more work than others.
The health of the local Geographic’s real estate market must also be considered when asking in what a homeowner can do in order to increase its property value.
If the market is heading towards a downturn than it might be prudent to approach this ordeal with more caution before spending money and time. If you’re a homeowner that would like to monetize and take advantage of a growing market in order to capitalize a higher retune on investment (ROI) when wanting to sell a home in Burnaby BC or any other Canadian city, there are fundamental things that can be done to achieve your goal.
Most people who are searching for the best ROI when renovating a home overlook the mechanical system. The furnace and air conditioning unit are just as important as upgrading the homes cosmetics. In making a home more efficient does 2 things- First it shows any potential home buyer that you took the time to invest in a product that would save the homeowner money with the utility bills, in which makes the home more marketable. The second thing is if you choose to keep the home for yourself, why not invest long term into your home by helping it make it more efficient?
A good place to start is research all the different systems available and base your decision in whether you’re intention is to keep the home or sell.
For example, a geothermal (ground-source) system is extremely expensive. The initial investment does pay off in the long run though. It’s definitely the system of choice if you were considering of keeping the home for your own use.
If your intention is to sell the home, then maybe a mid to high-efficiency system might be just what the doctor ordered. It’s a midscale investment and you would definitely earn a positive ROI when selling the home.
A kitchen is one of the most important rooms in any home when assessing property value. The kitchen renovation can decide whether you earn a positive or negative return on investment. having a fresh and unique, yet functional kitchen is the key to your success.
If you’re planning to sell the home it’s important to design the kitchen in a more contemporary look as most buyers are trending towards this look.
Being strategic is vital when planning a kitchen renovation, another huge trend is having an open concept kitchen, this renovation could become more costly when tearing down load bearing walls in order to achieve the open concept design. If you plan on keeping the home, these extra construction costs would be made up in the long term.
Fixtures and Appliances
When we refer to fixtures most talk about lighting around the home. Changing out the lighting fixtures is an inexpensive way to modernize the home while not breaking the bank in the process. Home buyers wanna see any prospective property that has little to no work involved when they move in.
Kitchens and baths often look dated and tired, in large past due to the lighting. It makes sense to upgrade all your lighting fixtures as it’s a great way to increase your homes property value.
Kitchen appliances are also a must if you want to improve the property value. The old white and even black stove tops are no longer in demand. keep in mind that choosing the right appliances will be decided more so around the overall kitchen design you lay out. Built in separate ovens that are eye level are high in demand these days
Gas stoves are also higher in demand today versus the more typical electrical stove top. Any appliance you pick, do your best and choose a stainless steel finish or close to it. Stay away from black and white finishes.
People who are shopping around and want to buy a home in Burnaby BC or those investors analysing how expensive the real estate market is in Vancouver, having a secondary rental unit is a great way to offset the monthly costs. Giving a potential home buyer the option while also helping make the home more affordable is very attractive to all buyers.
Creating a secondary unit has become more common in big urban cities across the country. Typically the basement area is converted for rental opportunities. Some home owners depending on how the home is laid out find alternative ways in creating that second unit for rental income. Some homes have the potential of creating some great spaces in the attic, these types of units yield a better return on investment than a basement unit. Any tenant would rather live above ground versus below.
A home’s bathroom(s) is the second most important room in any home. Remodeling a bathroom will definitely create a positive return on investment. An even bigger method to help increase property value is if when you can add a second or even bathroom throughout the home.
Any home, especially older homes that were built over a century ago typically only have one main bathroom for the entire household. When adding a second bathroom that is equipped with a shower or even better a bathtub, the return on investment can sometimes triple or even quadruple the initial amount of money used to create the space itself.
Flooring is one of those cosmetic makeovers that add huge value to the house. Any renovation value calculator all equate the same data. Having updated floors can sometimes yield more than double on return.
Homebuyers are searching for rich wide plank hardwood flooring in the main rooms like bedrooms, the foyer and living room. Rich ceramics in the kitchen and baths and sometimes they prefer a nice plush carpet in the basement area. Stay airway from adding hardwood flooring in the kitchen and baths as they are fragile.
Painting is essential if you plan on selling the home, again this a small task that anyone can do it themselves and won’t need to break the bank to polish the home up.
Stay close to neutral colours and stay away from the baby blues and bright pinks. Most prospective buyers prefer the greys while keeping the home’s trim in China white. Again. buyers are looking for homes that require zero work and they are willing to pay more your home if done right over the competition property listed down the road. Painting a home does in deed add property value.
A home is always judged by the first impression that a prospective buyer as they walk uptown the house. It’s important to give the yard a proper clean up while also planting fresh shrubs and maybe adding a tree if the yard space requires it.
Repair any stone or masonry work the home might need, the exterior of the home is just as vital as the interior.
If the brick was painted at some point, make sure to give it a fresh coat of color while repairing any fencing issues. A straight fence that was positioned on the property line will decrease any issues that a home buyer may raise.
Plant perennials as they require the least amount of work season-over-season. Once planted, with little maintenance they survive the harsh Canadian winter. Again. any home buyer values a home much more than a house that requires any form of work. Curb appeal is one of the top renovations that increase property value. Always be aware that anything you implement yourself while maintaining the home always helps in promoting the house on the open market.
All these items posted above are the best renovations to help sell your home quickly and for top dollar!