Homeowners are sometimes hesitant to upgrade their house before they sell. After all, you only plan to live there for such a short time – why make improvements that you won’t get to enjoy?
Think again – think about the pool of prospective buyers that you want to attract to your listing.
In fact, the cost of inaction can be far greater than the small investment you make into any home improvement project prior to selling. It can mean the difference between getting multiple bids and earning top dollar for your home, or not getting any offers at all. Plus, the longer your home lingers on the market, the more mortgage, maintenance and staging costs you’ll have to pay.
If you are thinking of listing your home for sale and want to update certain features to appeal to the most buyers, consider these improvements first:
Hardwood Floors
Hardwood and engineered floors are the preferred choices of buyers since they are easy to maintain, are versatile and offer a timeless appeal. In terms of cost, typical hardwood and engineered floors are similarly priced around $4 to $6 a square foot, with an additional $2 per square foot for installation. If your project requires the demo of your existing floors, then be sure to also budget an additional $1 per square foot for removal as well.
Modern Kitchens
You’ve likely heard this saying before and it’s true: kitchens and bathrooms sell a home. They are also the main budget-busters when it comes to renovation projects, so it’s important to be mindful of your budget before you begin. On the other hand, kitchens offer some of the best returns on investment, especially when popular materials, colours, fixtures and appliances are chosen. The goal is to select a design that appeals to all buyers – not just your taste. In terms of cost, a small basic kitchen renovation starts at around $25,000 and works its way up to $45,000 for a larger kitchen.
Neutral Bathrooms
Nothing turns a buyer off more than a dingy, dirty, mouldy bathroom. Instead, you want your bathroom to be a calm and serene space comprised of modern fixtures and neutral colours. To update your bathroom before you list, swap out any cream or coloured toilets, sinks, tubs and showers with sleek, white fixtures. This is also a great time to install new hardware as well. Depending on the scope of your remodel, you can expect to pay anywhere from $10,000 and upwards for a basic bathroom renovation. But, like kitchens, they offer a great return on investment.
Income Potential
In booming real estate markets, like Toronto and Mississauga, properties with income potential are a top choice for buyers. Some are attracted to these properties to help offset mortgage payments, while others prefer them as a secondary living space for in-laws, caregivers, aging parents or grown children. Either way, adding an income suite to your home, like in a basement or over a garage, is a great way to lure potential buyers and make your home stand out from the competition. In terms of costs, the figures vary depending on the square footage of the space and what work is required to meet local zoning laws and codes. It’s best to partner with a qualified home renovation or construction company for a proper estimate.
If you are thinking of listing your Mississauga 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 real estate sales representative, 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, so you can list your home quickly while the market is still hot.
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