2019 is shaping up to be a big year for home renovation and remodelling projects. House values are up and the real estate market is still very competitive, which means that more homeowners are looking to enhance their investments by making key upgrades. For some, it’s so they can stay put in their current property, while others are looking to make their home more attractive to buyers. Either way, it’s always wise to make smart upgrades to your home that will increase the value and offer a decent return on investment when you decide to sell.
If you’re looking to update your home in 2019 with an eye towards increasing its asking price, consider these 10 tips, which offer a good cost-to-value ratio. Some don’t even require the swinging of a sledgehammer – just time and elbow grease.
Make rooms feel larger than they are
Selecting and placing furniture that fits the scale of a room can go a long way in making the space feel larger than it really is. While the actual square footage of a house will directly impact your asking price, perception is a powerful force. When rooms feel more spacious, buyers are more apt to see the potential of a house, which can lead to an offer.
Retain traditional elements and character
Charm and character go a long way to make a home feel special and unique. Rather than do away with traditional elements that are original to the home, embrace them and their timeless beauty. Stained glass, mouldings, original hardwood floors and other details can be refurbished to highlight their character without making a space feel dated.
Choose energy efficient updates
Energy efficient updates will not only save you in the long run on operating costs, but they also add value to your home when you sell. Buyers like to see these types of enhancements on a listing, as they understand the value of having an energy efficient home. Upgrades range from swapping light bulbs out to LEDs and replenishing the insulation in an attic, to upgrading windows, doors and HVAC systems. Big or small, these kinds of upgrades are always a good idea.
Focus on your kitchen
If you are only able to tackle one project, divert your budget to the kitchen – this is the room with the most bang for your buck. Depending on how much you are able to spend, you can make a huge impact by simply updating surfaces, like the floors and countertops, adding a backsplash, updating the lighting or swapping out the cabinet hardware. You don’t need to do a complete gut job to see a return on your investment.
Update your bathrooms
After kitchens, bathrooms provide a great return on investment when completing upgrades. And since these spaces are smaller, you can often stretch your dollars farther. Replace outdated vanities and toilets, change light fixtures and update hardware. If you have more time and budget, consider upgrading the flooring or tile choices too.
Storage, storage, storage
When it comes to storage, you can never have enough. And think about it – have you ever heard of a homeowner complaining that they have too much storage? Or a home buyer lamenting that a listing has too much usable space to organize their belongings? Not possible! By maximizing storage in your closets, basement, garage, attic, cabinets and anywhere else, you can actually make your home feel larger because the main areas won’t be cluttered with stuff.
Add custom closets in the master bedroom
If you have the square footage, a large, functional walk-in closet can add value to any home. It’s a luxury detail that excites potential buyers – and one they’ve come to expect. Prices for custom closets range based on size and internal components, but finding an affordable solution that still offers a high-end look is a possibility too. Pinterest and design magazines offer great inspiration!
Prioritize organization
A clutter-free environment can go a long way to helping homeowners and buyers feel less stressed and more comfortable. It can be hard to part with sentimental items or even know where to begin when decluttering a home. For a reasonable fee, a professional organizer can help you stay on course and make big decisions less taxing. The effort will be worth it, as buyers will be able to see the potential of your home and not be distracted by your clutter or lack of organization.
Add a fresh lick of paint
Painting is the most cost-effective and time-efficient way to freshen up a home. Freshly painted rooms feel updated, clean and crisp, without requiring a large budget (especially if you do the work yourself). When selecting paint colours, avoid hues that are too bold. Neutrals tend to have more longevity, plus they appeal to home buyers a lot more.
Focus on your exterior spaces too
When listing your home for sale, first impressions matter – especially your curb appeal and how a home looks on the exterior. Keep your lawn and landscaping tidy, repair any peeling paint or cracks, and update any garden beds with low maintenance plants. A fresh coat of paint on your front door never hurts either.
Your Mississauga Real Estate Sales Representative
If you are thinking of listing your home for sale, but need advice as to what improvements to do before it hits the market, please feel free to connect with me, Deborah Clerk, for a free home evaluation. With my many years of experience as a realtor, I can advise you on which updates you should consider and which ones you can skip altogether. I can even recommend trusted trades and professionals to help you get the job done on time and on budget.
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