Improve the Looks of Your Kitchen
Based on a recent U.S. study, first-time homeowners put "modern kitchen" as the top feature for their dream home. What would you need to do to make your kitchen stand out?
Buy new appliances, a new counter-top and flooring. These changes will result in a fresh look. In addition, consider applying a fresh coat of paint to the walls or cabinets. Such changes should cost you $5,000-7,000. But the investment is worth it. The potential bump in the sale price is expected to be between 3-7 percent.
Also think about these value-adding words:
Stainless steel
It's been for a couple of decades now that stainless steel stands for contemporary design. To look even more modern, look for appliances in black steel from LG or Samsung.
Quartz counter-tops
Made of stone chips, resins and pigments, quartz counter-tops compete with granite and marble. Quartz counter-tops are signs of luxury and durability. They shrug off heat and scratches. Maintaining quartz is way easier than natural stone tops.
Increase the Living Space in Your Home
We all know that bigger is not always better. Still, increasing the living space in your home is something that we would recommend considering. The majority of home buyers mentioned "open floor plan with flexible living space" second to an updated kitchen (according to the same study).
A finished basement is the most popular way to increase the living space in your home. Your basement's conversion into a living room or two may come at a cost between $10-25K, depending on its size.
Another option to increase the living space of your house is to convert the attic into a new room. The attic converted into a small room can serve well as an office, which is a definite advantage for people who can work remotely.
A value-adding concept:
Mother-in-law's room
Spaces that go under the names ranging from "mother-in-law's apartment" to "granny's flat" are those additional rooms or dwellings that will help boost your house's value.
Expanding the living area in your place will boost the home's value by 4-6 percent.
Keep the Energy Costs at Bay
Lowering your home's energy costs is another area that can help boost your place's value. "Energy-efficient" is another feature that a big number of home buyers are looking for.
Electricity bills are one of the things that perspective home buyers want to see. Well, living in Canada with its extreme temperatures makes you want to stay warm and not go broke after paying all the heating bills. So, before you put your home to sale, make sure you can prove that the insulation is more than just good. Buyers are now efficiency-minded. They will want to know everything about the windows, wall insulation, etc.
Don't forget about water heating. It accounts for 15-20% of all energy cost in a regular home. Upgrading the heating unit to a new one for $2,000-$3,000 can be another way to impress perspective buyers.
Some other value-adding concepts:
Energy Star Windows
Changing windows to high-efficiency ones can cost over $10,000. But such windows can decrease the energy costs by 10-15% per year. This is a great selling point!
LED lights
This is a small add-on, but it's a powerful point in making your home "greener". You can find plenty of durable LED bulbs at $7-10/ea with a 20-year life expectancy. The investment is small, but it is in line with the overall green strategy you want to communicate.
Energy savings can bump your home's value by further 2-3 percent.
Make Your Home's Design Simple
Long are gone the days that multiple pieces of furniture innumerable cabinets and such were the indicators of luxury. Today's home buyers appreciate simplicity.
Younger buyers don't want to see dust-catching objects all over the place. Younger buyers want to have a place to keep themselves entertained rather than worried and fussing over it. Today's buyers in their late 20s or early 30s are more about stress-free living. They are a busy crowd and they don't want to get extra work.
Today the perspective buyer wants to be sure that all the mechanical systems are working well. So, make sure that the electrical, plumbing and heating systems are in perfect order. Central heating is another ask.
Here are some value-adding equipment:
Updated systems
Update your gas furnace if your home has one.
New roof
Remove any buyer's fears about leaks by providing proof that you have a new roof. This investment of $5,000 - $7,000 is worth it.
Hardwood floors.
Younger home buyers don't seem to be into carpets. They prefer long-wearing hardwood flooring with a durable finish. There is proof that a layer of bamboo or real wood over plywood tends to be as durable as the solid wood. Well, the price is much lower!
With these amendments, you can hope to boost your home's value by further 3-5 percent.
Your Home Should be for All Ages
Even if you are selling to 20-30-somethings, make sure your home has all the pre-requisites for a comfortable living for people of all age groups. By this, we mean walk-in showers (which are wheel-chair accessible), comfort-height toilets (taller toilets to get on and off easily - they sell for $100 at any large store).
These upgrades can increase your home's value by 1-2 percent.
Paint is Still Important
A layer of fresh paint will hide some wear and tear in your home. But you should not spend thousands to repaint the entire place. Focusing on the high traffic areas in your home will do the trick.
If you are a handy person, you can paint the areas than need painting by yourself. This will cost you $100 or so (the paints). Or you could hire a professional for $800-$1,000 to do several rooms.
Don't go with bold and aggressive colours, though. Whites and off-whites remain to-selling interior colours. So keep it neutral!
Don't save on paints. Use high-quality paints, which offer durability and protection.
Fresh painting can boost your home's value by 1-2 percent.
Improve the Outdoor Living Area
Yes, the outdoor area is another value booster. Adding a deck or patio is a no-brainer (expensive, though!). At the same time, remember the line above "younger buyers don't want extra work"? This may mean that all additional effort needed to maintain the pool or such may put some buyers off.
Here are some value-adding concepts:
Give your home a face lift
Make minor repairs to the facade, paint the front door, replace the worn-out siding can be real game-changers! Yes, the costs may amount to $10,000, but it's worth it.
The boost in the home's value would be 3-5 percent.
We are sure that these changes, updates and upgrades will boost your home's value by 25%.
Do you know any other tips? Please share in the comments below.