Thinking of renovating your home? Renovations can improve the value of a home; the key is to not over-improve it relative to the neighbourhood. Unless you intend to enjoy the benefits of a renovation project for a long rather than short period of time, care should be taken to evaluate the expected return when you sell your home.
If you are doing renovations to improve the value in anticipation of a sale, then think like a buyer. Below are some of the renovations which are of high interest to buyer's:
Most buyers want a master en-suite bath, with double sinks, large shower with body spray showerheads, and may like a soaker tub. Of less interest is the Jacuzzi style tub, although this can sometimes be viewed as an attractive feature. Main floor powder rooms are important, so consider adding one or sprucing up an existing one.
Buyers look for quality in the kitchen cupboards, hardware and counters. Natural stone counter top and glass tile or stainless backslashes are very popular. Inexpensive quick fixes may include repainting and new hardware for existing cupboards with new counters. Functional and attractive faucets and unique convenience features are always a good sell.
Hardwood floors are a much sought after feature. Along with ceramic flooring in the bath, kitchens (where even hardwoods are becoming the norm) and other higher traffic locations the new engineered hardwoods are popular choices. Avoid, unless absolutely necessary, the use of laminate and if this must be your choice, choose a well made, luxurious looking laminate as the inexpensive alternate.
Perhaps the most influential economical improvement is a fresh coat of paint. Take the time to prepare the surfaces and care in painting the edges, trim and other features as quality careful application will make your home shine. Neutral colours are essential, using splashes of colour in your accents such as pillows, art, and draperies.
Your homes curb appeal, the house and landscaping, offer the first impression to any buyer. Create an inviting front yard and relaxing or comfortable back yard and you will attract those buyers. Manicured lawns, gardens, bushes, walk ways and porches all add to the appeal of your home. Add impact with colourful potted annuals in pots or the gardens. Accent and feature the pools relaxing qualities or, where none exists, consider adding an inexpensive water feature to provide ambience. A rear fenced yard offers privacy and safety for children and pets. A great deck or patio with lovely outdoor furniture provides additional living space.
Cameron Nolan is a long-time resident of Hamilton and a leading residential and commercial real estate broker in the area. His radio show Real Estate Made Simple can be heard on the first Saturday of every month on AM 900 CHML.