You want to get the best possible price for your house. You’re willing to do some remodeling–if the remodels you undertake will deliver significant ROI and increase the value – even if it is just perceived value of your Waterloo Region home at sale time.
Remodelling with resale in mind is tricky though. What’s worth the effort? Which upgrades will pay off? Are there any that could accidentally lower the appeal of the place?
To help you make the right remodelling decisions here’s a look at three remodels that are worth considering and three that you should probably skip.
No matter where the place is located geographically, kitchens sell homes. If your culinary center is looking worse for the wear, it will probably turn off potential buyers. Updating your kitchen is a good way to increase the value and appeal of your home.
This does not have to mean gutting the space though. Replacing cabinet doors, a new coat of paint for the walls, changing up the flooring and even something as simple as replacing dated cabinet hardware can all make a positive difference to increase your kitchen’s buyer appeal.
These areas are also high on buyers’ priority lists, so they should be on yours, too. Focus efforts on the master bath and the powder room. Again, small touches may be enough, but in the current eco friendly climate adding more efficient low flow toilets and water saving sinks may be a smart move too, as such things appeal to buyers and help save the planet at the same time.
First impressions are hugely important and the front of your home is the first thing buyers see. So any sensible homeowner improving their property with resale in mind should undertake efforts that will boost curb appeal, such as repainting the exterior, adding plants, and sprucing up the entry with a new door. These types of projects can often be completed at a low cost but offer a high return.
While you may enjoy countless hours of fun in your pool, this feature probably won’t pay for itself in home value increase. In fact, it could be a turnoff for some buyers, especially those with young children or pets. A pool may also set your home out of sync with the rest of the neighbourhood if no one else has one, and that is not always a good thing.
While they may sound elegant, and they have been prominently featured in glossy design magazines recently, wine cellars or other original-design remodels are often too niche. Their limited audience makes them a poor investment choice.
Just because you never use that fireplace doesn’t mean you should demolish it and replace it with something ‘more useful’. Removing unique features is typically not a good investment. Potential buyers may wish it were still there, and you aren’t likely to recoup the cost of removing the feature and may even lose out on the perceived value boost such things could have given your home had you not taken them away.