There is a saying in the real estate world “do 20% of improvements that will add 80% more value to your home”. There is a fine line finding which improvements may be a bit over the top and what will actually add more value. Our Anne Winch Real Estate Team has put together information that may help you now and in the future, when you plan to sell your home.
Here are some examples of improvements that may work against the sale of your home:
- Bright coloured siding (think pink, teal, etc.)
- Converting a garage into a gym (no room for cars or storage)
- Converting 2 bedrooms into one large bedroom
You may not realize when you are doing home renovations that you must also look to the future of your home if you plan to sell. What may be a good idea at the time – like spending $50K on a home theatre in your home, may not get a return on investment for the money you spent.
Storage is very important to many buyers, so if you decide to eliminate a closet in a bedroom, this might be a negative mark when you try to sell your home. The old popcorn ceilings are also an item a lot of buyers want removed. Don’t add this feature to your home as it can be difficult to remove.
It is more appealing to buyers to have hardwood floors. Don’t cover up this beautiful feature with carpeting (unless you really need to). Often you don’t have to remove your hardwood. It may just need sanding and buffing to bring them back to their beautiful look.
Although a lot of sellers do DIY projects themselves, we are not all Mike Holmes. If your project looks like you finished it yourself, this can often turn off buyers or even may cause problems later on. Here are some projects that you should hire contractors unless you are professionally trained.
- Repairing electrical panels
- Major plumbing renovations
- Digging out your basement
- Foundation work
- Roofing
These items below can give you up to 90% return when you sell.
- Adding insulation in the attic
- New garage door
- New steel entry door
Our last piece of advice is to know when to stop upgrading. Not everything needs to be upgraded. This is where our Team can help you. We know what will add value to your home and what may look nice but don’t expect buyers to pay for these improvements. It is also harder to sell the most expensive house on the street. Not thinking about resale in the future is a mistake many buyers face.
We have a budget for every home we sell and actually invest our own money into necessary repairs and staging to get your home sold. Give us a call as we offer a no-obligation presentation to sell your home.