5 Ways to Receive The Highest Return on Your Investment Before Selling
Tags: Real Estate, buying, selling, real estate tips, residential, commercial, painting, renovations, community, agent, pre approval, realtor, knowledge broker, knowledge, broker
One of the most common questions sellers ask is, “What should we do to get the best price for our home?” These are the Top 5 Renovations with the highest return on investment, according to the appraisal institute of Canada.
#1 Kitchen - The kitchen is always # 1, especially if you do not have a master ensuite or another feature space. You want to have some feature that separates your home from the pack if possible while maintaining budgetary and style balance. Usually, a $10,000 investment with quality materials and workmanship, will yield a $19,000 value increase.
#2 Bathroom - This is another area where you can stand out. Every buyer wants to see a clean, bright space. With a typical bathroom being 8x5 feet, efficiency, design and quality materials matter.
#3 Repainting Interior / Exterior - There is just something about a lime green living room or a bright pink exterior that throws people off. You want your home to appeal to the masses to ensure you get the most offers resulting in the highest price for your home. If you are very passionate about bright, fun colours, show it in the decor. People looking at buying a home are trying to imagine their furniture and decor belonging in certain places. If the first thing that comes to mind is, “we will have to paint the whole house,” this can deter them from writing - especially if they will have to hire someone to do the job.
#4 Updating Décor - Use your discretion and keep to your budget. Replacing fixtures from the 1980s can be very affordable while still improving the space. If you want to start spending thousands of dollars on faucets and light fixtures, you may not make that money back. However, if you switch from a shag carpet to a luxury vinyl plank, that is a guaranteed return.
#5 Decluttering - removing all excess items to showcase the features of your home - This is the cheapest and easiest way to make money. When four brooms and a bushel of shopping bags fall out of the closet, it sends the wrong message. But when you make space in your closets, cabinets and cupboards, the buyers can visualize their possessions going in these spaces. Plus, bulky furniture or unnecessary end tables can leave a room feeling much smaller than it is.
From grand renovations to emptying your drawers, these are some helpful tips to ensure you get the best price possible. But remember to always talk to your real estate professional before renovating. They will give you honest advice about what rooms to spend money on and what styles are trending with buyers.
At Knowledge Broker, our goal is to create an open-source of information for all our clients. At the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services, please give them our details using the contact information below.
JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8