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If you’re planning on selling an older home, you may well be considering some minor improvements to make your property more appealing to prospective buyers. In this case, it can be difficult to determine which renovations are actually worth the while in terms of increasing your home’s value. To give you an idea of where you should be spending you budget, here’s an overview of the best renovations for resale value.
It’s handy to also request a professional consultation before you start preparing your home for the spring market, to prevent wasting your sales budget on unnecessary overhauls.
Things you should do:
- Repaint the walls a light, neutral shade.
If your home has wallpaper rather than paint, and it’s starting to fade, replace it before you list your home on the market. Avoid dark or bright shades. Clean, light colored walls instantly increase the perceived spaciousness and the mass-appeal of a home.
- Fix or replace your fixtures, especially in the kitchen.
People underestimate the importance of the kitchen as a selling point in a home. In our experience, the kitchen is the single most important room for market value. If your cabinets or faucets are functional, fresh-looking and squeaky clean, it will instantly add appeal to your home. If your kitchen is smaller, you could take an extra step and install cabinet lighting and new appliances. This doesn’t have to be massively expensive- Ikea offers attractive kitchen-staging options that won’t drain your budget.
- Replace the bathroom curtains and the toilet seat.
Changing your shower curtains and toilet seat is an inexpensive and easy way of making the space look clean, fresh, and new again. Again, light and neutral colors are the safest bet.
- Touch up your floors.
Most homes in Montreal have wooden flooring. Don’t bother replacing the parquet unless it’s severely damaged. Aim for soft costs (sanding, waxing, polish) rather than hard costs.
Things you shouldn’t do:
- Put much investment or energy into basement reworking, back decks, or office spaces.
It doesn’t increase the value of your home, and if the buyer wants any of this work done you can use it as a negotiation point in the offer to purchase.
- Extensive landscaping.
Keeping your garden neat and tidy to increase your curb appeal is a great idea, but don’t go to exorbitant lengths to add landscaping elements to your yard, since it won’t do much for the overall sales value.
- Renovate above the average price in your neighborhood.
Buyers just aren’t willing to pay much more than the average price in the area. So if your renovation plans are going to bump up your asking price to a level above the average, my advice would be to keep them to the minimum essentials.
- Wall to wall carpeting.
If your floors are looking a bit under the weather, you’re way better off repairing them than covering them up. Wall to wall carpeting is extremely unpopular, hard to sell, and suspicious-looking (most buyers would immediately assume that a wall to wall carpet is there to cover up heavily damaged floors).
To sum it up, the best renovations for resale value lie in the kitchens and bathrooms, which is where most of your budget should be going. After that, the easiest and most effective aesthetic renovations are wall paint and fixing your flooring.