We’ve all heard it before, “Location, location, location!” While location does play a role in the desirability of a home, it isn’t the only thing that potential buyers will consider. It is important for prospective buyers to see the potential of a property and that means curb appeal, function, and being able to envision putting their personal stamp on a home. Instead of focusing on curb appeal alone, more and more Winnipeg residents are considering what makes houses tick. If you are hoping to add value to your property before sale, our team has compiled a list of the best ways to get the most bang for your buck.
There are multiple ways to add value to a home for sale, some of which can be done in a day while others require a bit more time and financial investment. Everything from curb appeal, amenities, property type and buyer trends will impact your sale, so we have taken the liberty of creating a list of tasks both large and small that will help to add value to your property.
Kitchen & Bathroom Renovations: What to Know
Kitchens and bathrooms are the gold standard for home renovations. These come along with higher costs but they are well worth it for a higher return on investment. It might seem counter-intuitive to put time and money into a renovation only to move out but something as small as a fresh paint job and detailed finishes can improve visual appeal and return up to 66% of your renovation budget. Renovating a kitchen or bathroom can be scaled to match your budget, so here are a few ways to accomplish a boost in appeal based on your investment level:
Affordable Prices: A fresh coat of paint on walls or cabinet doors can help to create cleaner visuals. Modern door hardware, replacing dated light fixtures, window coverings and even a new backsplash are eye catching additions that add to your home’s appeal.
Higher Costs: The most costly upgrades to any room in a home are new appliances. In the case of a bathroom, new faucets or energy efficient toilets improve both look and function. Heated floors are a great selling feature for those cold Winnipeg mornings. The cost of kitchen appliances can be worked into sale prices, as well as providing the possibility of existing warranties and the assurance that they will not need to be replaced any time soon.
Consider a Rental Suite: Demonstrating Value
If your home has a finished basement, consider updating the existing space into a secondary living space. This is a huge draw for potential buyers and adds the option to earn rental income. This can be additional accommodations for family members, or having a renter. This type of renovation adds a huge jump in possible asking price. Standard rental suites offer a bedroom, living space, full bathroom and kitchen area.
Create Usable Outdoor Space in Your Home
A blank space is best for some buyers but others need help to see the full potential of an outdoor area. Adding a patio or deck is an instant upgrade to any space and a bit of privacy can
go a long way. Adding privacy additions to fencing, installing a fire pit or building a garden bed can all help to create a comfortable and inviting space. A cozy space is the ideal place to entertain and potential buyers will see the value in that.
Update Your Curb Appeal: Create the Best First Impression
The exterior areas of a home is the first impression that it makes to the outside world. Because your home’s appeal starts outside, it is important to begin your staging right in your front yard. The most common upgrades to these areas are painting, installing a new front door or garage door and, of course, landscaping. An easy fix is to paint the front door or front porch, plant bright flowers (depending on the time of year) and solar powered garden lights are all accessible home improvements that boost curb appeal.
The Devil is in the Details: Why You Should Sweat the Small Stuff
When purchasing a home, potential buyers will be going over houses with a fine-toothed comb. This means that even the smallest elements of your living space will be looked over. A small crack in moulding or pulled up corner of wallpaper can be a deterrent for buyers. Removing wallpaper is an easy upgrade and it is important never to underestimate the impact of a fresh coat of paint. For functional spaces like laundry rooms, a single shelf adds additional space and organization. More shelves and practical storage are appealing for families and hobbyists.
Make the Most Out of Staging: Create a Blank Slate Before Sale
Even after a renovation, there are additional ways to enhance the look of your home. When staging a home it is important to consider location, key buyers and lifestyle. For example, if you live in a residential area near a school, chances are that you are catering to families. Staging a child-friendly home often means showcasing a playroom, open spaces and minimally furnished bedrooms.
In a downtown or more commercial setting, you are likely attracting young professionals, both single and coupled. If this is the case, setting the stage for a coffee bar, office space or even cocktail corner adds perceived home value.
Just like with a home’s exterior, value starts right when you step in the door. An accessible entry way that is not cluttered is the best way to greet potential buyers. Adding a large mirror can give the illusion of more square footage and clear surfaces lend an air of structure that is appealing.
How REALTORS® Can Help You Add Value to Your Home
When it is time to sell, you have to plan to sell and Dino Stepic can help! Local real estate agents have access to recent sale listings, networks of designers, landscapers and can help to provide insight into what works and what doesn’t.
More often than not, REALTORS® have preferred rates with local experts that can help to increase your home’s curb appeal, as well as improving the appearance of interiors. Every year, homeowners attempt to add curb appeal without consulting an expert. This often results in high costs, maxed credit cards and don’t always end with a return on investment. Before committing to a project, consult a highly experienced local REALTOR® to find out how to stretch your budget without stretching your patience.
