Renovations that Pay Off

Renovations that Pay Off

Tips for selling your home fast!

Many homeowners are taking advantage of the current housing market boom to sell their homes.

You could just sell your house as is so the buyers can renovate however they please.

But if your goal is to increase the resale value of your home, some renos may be a good idea.

Where to start?

First, keep in mind that some renovations will give you a better return on your investment and you’ll be able to recoup your costs when you sell your home.

To appeal to a wider range of buyers, avoid going overboard and keep your renos tasteful. Select good-quality materials, but nothing too high-end for maximum payoff. Enlist an interior designer for help making an informed decision.

The kitchen: Always a sure bet

The kitchen is one of the best rooms to renovate, hands down. Often seen as the heart of the home, an inviting kitchen can really draw buyers in.

Be sure to draw up a budget before you start renovating to avoid breaking the bank. And ask for multiple quotes to make sure you get the best price.

If you don’t want to redo your kitchen completely, you’d be amazed at how much of a difference new light fixtures and a fresh coat of paint can make. A pretty new backsplash can also add a modern touch.

Are your cupboards in good condition, but the colour is out of style? Most of the time, a little paint is all it takes to make them look modern and on-trend.

Before painting, be sure to prep the surface properly. If you need help, ask your local paint store for advice or hire a professional painter. You can also add new pulls and knobs to make your “new” cabinets pop. Big box stores are a great place to look for affordable cabinet hardware.

Replacing your worn-out countertop is another great way to breathe new life into your kitchen. No need to spend a fortune on a stone countertop with all the stunning laminate options out there.

An up-to-date bathroom

Like the kitchen, bathroom renos offer great bang for your buck.

If your bathtub and shower are in good condition, simply switching out the floor tiles might be all you need. Don’t forget your lighting and light fixtures. The right lighting can easily make your bathroom more inviting and current.

A few choice accessories can brighten up the room, as well.

Find out about government grants

Certain government programs offer homeowners grants for home renovations. It’s worth looking into, especially if you’re replacing doors and windows to improve your home’s insulation. Visit the Government of Canada and Government of Quebec websites to see which renovations are eligible.

Expenses to avoid

Beware that a pool generally won’t increase your property value. For some buyers, a pool may seem more like a chore than a selling point.

And the buyers would also need to add a supplementary rider to their home insurance policy to cover the pool.

Essential renovations

Some renovations may not offer a big return on your investment, but will definitely help you sell your home.

For example, a roof in a state of disrepair or a poorly insulated attic may turn off potential buyers. Renovating them before putting the house up for sale could be a wise investment.

It may be a good idea to bring in a certified inspector before putting up your house for sale. This will spare you any unpleasant surprises when your buyer’s inspector comes to call.

Make sure the outside of your home is presentable. It doesn’t cost much and shows buyers that you’ve done the necessary upkeep over the years.

The big cleanup

Before you show your home, make sure it’s attractive for buyers.

A home that’s tidy and freshly painted will be a whole lot more inviting than a messy one. Take the time to clean your home from top to bottom.

You could even put some furniture in storage to create more space. Also, get rid of any clutter lying around, like old magazines.

Lastly, depersonalize your home by putting away any family photos or toys. This makes it easier for buyers to see themselves living in the house.

Talk to your insurer

Depending on the nature of your renovations, it’s important to notify your insurer before getting started to make sure your liability—and that of workers or volunteer friends—is covered.

You should also make sure your materials are covered in case of theft.

Once the renovations are finished, it’s a good idea to let your insurer know so they can update your home insurance accordingly.

Renovations may change your property value. It’s important to be sure you’ll receive adequate compensation in the event of a claim.

This post was originally posted on the Investia Financial Services Inc. blog, the original post can be found here.

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