Best ‘Bang for Your Buck’ Home Renovations

BEST BANG FOR YOUR BUCK HOME RENOVATIONS

Renovating your home is something that many sellers consider before selling to make the property more appealing to buyers. Sometimes, putting money and effort into the wrong types of renovations can be a seller’s downfall. We’ve listed out which renovations are worth the investment, and which aren’t worth the effort.
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Guidelines for Renovating

One of the first things you need to know to avoid pricing yourself out of the market is how much properties in your area are valued at. Research is key to ensuring you don’t price yourself out of the market. Be consistent with other similar properties in the area and keep additions and modifications in line.

Taste is very personal and it’s best to have a blank canvas for potential buyers to be able to see their own vision. You want buyers to envision seeing themselves in the property, not deter them with your décor.

Significant additions like swimming pools and hot tubs are only worth the investment if you plan to get good use out of it before selling. Most buyers are turned off by any safety concerns and the upkeep of having a swimming pool. You may not be able to recover the monies spent, so consider this carefully.

Renovate using eco-friendly materials such as energy-efficient appliances and low VOC-paints. Those buyers looking to save on running costs will be more drawn to your property.

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Kitchen Renovations

Renovating the kitchen is one of the most popular choices to add value to your home. After all, the kitchen is an essential room in a home. Renovations here can easily add value. When potential buyers see outdated fixtures and appliances, it doesn’t give a good impression over the rest of the home. Be sure to keep your kitchen neat and organized. Ensure there is a good deal of storage and counter space, and it’s worth investing in new appliances if the existing ones are outdated.

Research suggests that spending 10-15% of your home’s value on kitchen renovations will give you a healthy return. A newer up to date kitchen will add to the value of your home and will also make a great impression on buyers.

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Bathroom Renovations

The most important room after the kitchen is the bathroom. It gets used several times a day, and it’s a very important room in the home. After the kitchen, the next largest spend should be on bathroom renovations.

Sometimes sellers can recover all of the money they put into renovating the bathroom; however, it does depend on the quality of the work done. Even small changes can make a big difference, consider adding heated flooring or a towel rail. A bathroom can also be a place for quiet time and relaxation, so creating a space to be enjoyed is a real plus point.

A new coat of paint and a few finishing touches can create a functional and enjoyable space. Make sure all new additions are useful, clean and will appeal to a broad audience. You don’t want an old blue bathtub with mouldy grouting to spoil your bathroom and property sale.

If you have only one bathroom in the home, consider adding another one if you have space. This will appeal to families and potential buyers looking for a more functional home.

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Wall Renovations

A fresh coat of paint on your walls is a great way to brighten and increase the saleability of your home. Buyers tend to prefer painted walls to wallpaper, as the latter is very much down to personal taste. Wallpaper can also be challenging to remove, so paint is the best bet.

It’s best to opt for neutral colours such as whites or magnolia when choosing wall colours. These bright colours will make a space feel clean and crisp and they will brighten up a room. Newly painted walls can make a whole room feel new, even the windows and furniture. Painting should be in your home improvement plans, and you can expect to get nearly all your money back.

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Floor Renovations

Homeowners nowadays tend not to choose carpet as their preferred form of flooring. Instead, they opt for vinyl, hardwood, or tiled floors. You could also consider using more eco-friendly or new materials such as cork or bamboo as this would appeal to a broader group of potential buyers. These types of flooring will make a room feel crisper and cleaner; flooring should definitely be in your home renovation plan.

Contact

Larson Lambe Real Estate Group
Catherine Larson & Michael Lambe
2574 Blackwood St.
Victoria, BC V8T 3W1

Email: team@larsonlambe.com

778-400-LIST (5478)

Royal LePage - Coast Capital Realty