When contemplating selling an older home, property owners often consider doing some remodeling before calling a real estate agent and listing it. This is more common in a buyer’s market, as it can help a house move instead of sitting for a long period of time. However, owners need to figure out which projects add the most value to their home before moving forward.
Few large-scale renovation projects add enough equity to the property to make it worth the time and money, so doing smaller ones typically makes more sense as they tend to pay off more. If you are buying a new home after selling, the Penticton real estate market offers many great properties, but make sure you research which projects add the most home value first.
1. Choose Wisely
Not all rooms and projects have the same return when it comes to resale. Remodeling certain areas of the house tends to create higher ones while others less so. For example the kitchen and bathroom are always popular as house hunters are willing to pay more when they are renovated, while a basement or garage are less likely to make a large difference in price.
2.Do It Yourself
While this is not possible for everyone, with work schedules and lack of experience, but if you are good with your hands and have the time, doing it yourself means less is spent on the remodel. Contractors and tradespeople cost money and this makes it more difficult to recoup what you have put into the renovation. If you aren’t handy though, get a professional.
3.Repair and Refresh
Replacing materials is typically a costlier expense than repairing and refreshing existing ones. Refurbishing and refinishing older hardwood floors makes sense if you are able to. Consider painting kitchen or bathroom cabinets instead of putting in new ones. If you can fix what is already a part of the house your return is likely to be better.
4.Freshen up with Paint
Paint is one of the easiest and most cost-effective ways to invigorate and add pop to a home. A property can be transformed with the right carefully chosen contemporary hues creating a bright and welcoming house for potential buyers to tour. Steer clear of overly deep or dark shades and stick to lighter and more classic colours for added benefits.
Oftentimes our kitchen or bathroom countertops get worn or dented over time as they are in high traffic areas and are used every day. Replace older laminate ones with quality newer materials, such as concrete, natural stone or granite. This may be all these rooms need to update their look and make them modern and on trend.
One of the bigger expenses when doing a kitchen or bathroom remodel is replacing the cabinets. They are very visible and draw the eye so it is definitely a positive step to update them however replacing is usually not necessary. Sanding and repainting are often all that needs doing and though it takes some work it is worth the effort in the long run.
7.Replace Hardware and Fixtures
Once the resurfacing of the cabinets has been accomplished head to a store that sells cabinets and invest in some new handles and knobs. Older ones can lead to a space looking dated so though you will have to invest some money here it can create a modern looking kitchen or bathroom without a complete cabinet replacement or room remodel.
8.Improve Energy Efficiency
If your property’s windows are older and leaking heat and making it more difficult to keep your home warm or cool replacing them typically helps when selling it. Also consider switching out an older furnace and hot water heater. Newer models tend to place value on efficiency so being able to tell a potential buyer they are new can create more interest.
9.Know the Market
Depending on where your home is located can make a difference when deciding what area to focus your property remodel on. Every neighbourhood and buyer is unique so researching who tends to buy in your community is time well-spent. If families are flooding in and purchasing surrounding properties focus your renovations on things that suit this demographic.
10.Exterior Enhances Curb Appeal
While homeowners usually focus their efforts on the interior of the residence the outside of the house is what viewers see first. If the inside of the house looks great but the exterior is shabby and rundown it can turn buyers off before they ever walk through the front door.