If you are considering selling your home or one of your homes (if you are lucky to be in that enviable position in Canada’s tough housing market), taking the time to assess your property’s market value is important. That begins with determining which portions of your home (interior or exterior) would benefit from an upgrade, especially in terms of improving its overall longevity, its broader visual appeal, and offering you the best Return On Investment (ROI).

In earlier posts, the RE/MAX Royal Team Sachdeva Realty team has shared useful information relating to various housing upgrades that can help boost the inherent market value of a property. Today, we will focus on the upgrades that are the most effective in boosting the sales prospects of a property.

Most Effective Home Upgrades

Upgrading, repairing, or replacing current fixtures and fittings or sections of your home can significantly enhance its saleability and offer long-term dividends to future homeowners. As well, most prospective buyers or their agents will seek information regarding upgrades made to the house (depending on the age of your property), specifically focussing on key items, such as the roof, heating or cooling systems (including the furnace or hot water tank), home windows, etc.

If you are planning to sell, making the necessary changes before you list your home for sale can be instrumental in securing a better sales price as well as casting a wider net for prospective buyers to pick from.

Below is a summary of the home renovations you should prioritize, if needed, to boost your property’s market value.

Interior Renovations

  • Kitchen – The kitchen is one the most used areas in any home. Most buyers will appreciate a kitchen that has new or modern appliances, and cabinetry, countertops, flooring or hardware that is either new or in good condition. Based on your budget, you should begin with replacing the appliances first if needed and then consider making other repairs or renovations.
  • Bathroom – A fresh, clean and updated bathroom is always a winner. Based on your budget, you can start small by changing the light fixtures, repainting or replacing the cabinets, installing a new showerhead and bath knobs, and ensuring your bathroom tiles are grout-free. If your bathroom is fairly old, consider spending some more money to re-tile the bathroom, install a new mirror, sinks, or a new bathtub.
  • Flooring – If your home has wall-to-wall carpeting, which most older homes do, you should consider replacing it with flooring. If installing a new carpet or flooring is not an expense you want to undertake, consider spending some money on hiring a professional cleaner to refresh the same.
  • Re-paint – A fresh coat of paint in neutral colors can go a long way to ramp up your home’s visual appeal, especially if you do not plan to undertake any other renovations.
  • Build a Greener Home – Overwhelming scientific data related to climate change clearly emphasizes the need to build more sustainable housing for the future and/or retrofit existing homes to make them more energy-efficient and cost-effective. If you have the budget, consider upgrading your heating and cooling systems or adding solar panels to your roof or yard to cut down energy use and costs. Future homeowners, their children, and the environment will thank you.
  • Light Fixtures – A quick and cost-effective way to enhance your home’s visual appeal, consider changing or installing new light fixtures, such as chandeliers, pendant lighting, or ceiling lights.
  • Renovate or Refurbish Your Basement – Basement renovations that allow the use of extra square footage or enable homeowners to recoup renovation or housing costs by renting out the unit are an important selling point for prospective homebuyers. If you have one, consider giving it a do-over.  

Exterior Renovations

  • Roof and Windows – If the roof of your home is damaged or dated, consider making the investment to replace it. Same goes for the windows of your home. These important upgrades to improve structural safety and home security will be greatly appreciated by potential buyers.
  • Re-Paint – A low-cost improvement with a high rate of return, repainting your home, inside-out (including the fence, garage doors, and front door), is a great way to enhance your home’s curb appeal.
  • Landscaping – With working from home having become the norm post-pandemic, beautifully landscaped front and backyards, relaxing patios or decks, or having an inviting outdoor swimming pool or hot tub is bound to fetch your home top dollar when you decide to sell. If you haven’t already, consider investing in hiring a professional landscaper to amp up your home’s natural beauty and sales potential.
  • Driveway – Usually not a top priority for home sellers or buyers, the driveway of your home might need repaving or replacement if it is more than a few decades old, or the surface has visible cracks or potholes.

If you are looking to sell your home this year and are wondering how to get started with renovating your property to attract more buyers, do get in touch with RE/MAX Royal Team Sachdeva Realty for more information.

Have a good weekend!