If you’re like most Canadians, your home is probably your biggest investment. You want that investment to perform as well as possible, so if you think you may sell your home some time soon, it makes sense to do as much as you can to boost its value.
Depending upon your situation, this can mean doing some home renovations so your house becomes more attractive to potential buyers.
However, while upgrades can boost your home price and help your home sell faster, not all renovations have an equal impact on what your home is worth. To ensure you’re making renovations that will actually pay off, read on to find out some upgrades that give you the most bang for your buck.
Open up the space
Have you considered taking down a wall or two? Open concept gives the impression that your space is much larger than it actually is. Before you start knocking walls down, be sure to hire a professional to ensure you are not compromising the integrity of the structure of your home. An open concept makes for a more entertainment-friendly space and is easier for watching children while cooking or other daily tasks. Studies show, the most popular walls to take down are ones where a kitchen is closed off to the living room or the dining room. When entertaining, the party always ends up in the kitchen, so find out if you can open it up. Lost storage space can be easily made up by replacing a wall with a more popular kitchen island. A kitchen island also adds more seating as well as a common gathering place.
Update your kitchen
The kitchen is the heart of any home, and often one of the most expensive to update — but it doesn’t have to break the bank. With more options available today than ever, custom cabinetry is no longer necessary. If your existing cabinets are in good condition, there are many options available to you. Instead of replacing good condition cabinets, you can give them a fresh coat of paint. Updating the hardware is another way to bring cabinetry up to date. If you’re going for the full monty, keep it clean and simple and be sure to use the entire height you have available. When remodeling a kitchen always think vertical storage. This will not only give you more storage space, but it’s also aesthetically pleasing.
Re think your flooring
Flooring is another big-ticket item that perspective buyers will appreciate not having to replace. Durability and easy maintenance are two of the biggest features for today’s busy families. Keeping that in mind, consider wide plank matte finish engineered hardwood flooring. Stay with a medium tone, as anything too light or too dark may not appeal to some buyers. Consider taking your hardwood flooring right through the kitchen. If you are selling and new flooring is not within your budget, a simple carpet cleaning coupled with updating the underpad and repairing any loose carpet makes a huge improvement and is an inexpensive way to increase value.
A fresh coat of paint
Freshly painted walls instantly clean and update a space. If you are on a budget and looking for cost-effective ways to increase home value, a fresh coat of paint can’t be beat. For resale, choose light, neutral, earthy colours. Many of us love a feature wall rich with a pop of colour, but colour choice is subjective and not everyone will love a bold colour as much as you do. Lastly, don’t forget about the ceiling and trim, it’s all in the details.
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