Nov
06
Adding Value to Your Home – 2009
By
Amanda Ross asked:
So you’ve decided to make some improvements to your home in order to sell it. That’s wonderful and in today’s Buyer’s Market it will really help!! Buyers have tons of options available to them right now – you need to be the one they choose.
Keep in mind that you rarely get dollar for dollar return on your remodelling investment. What do I mean by that? Well, if you invest $30,000 renovating your Kitchen, it doesn’t mean you will get $30,000 more for your home.
You need to consider your neighbourhood and what other homes have been selling for. Being the most expensive home on the street isn’t actually the best place to be if you want to sell. This means you really need to think about the changes you’re planning to make and whether or not they will add the value you are hoping for. No one wants to spend thousands of dollars only to get 20% Return On Investment or ROI.
The top 5 remodelling projects ranging from $10,000-$60,000 that will give you the highest return on investment are:
1. Wood Deck Addition – 82.7% ROI
2. Vinyl Siding Replacement – 80.7% ROI
3. Minor Kitchen Remodel – 79.5% ROI
4. Window Replacement – 77.2% ROI
5. Bathroom Remodel – 74.6% ROI
Now it’s understandable that you may not want to make such a large financial investment, so instead, you could try some other things…
…like thinking GREEN. Our environment has taken center stage numerous times over the last few years and it has become increasingly important to consumers. There are many GREEN options in today’s market that will give your home some extra attention from new or additional insulation, energy-efficient skylights, high-efficiency furnaces, programmable thermostats, and more. All of these things, not only, help the environment and save costs on energy, but they will also add value to your home.
Cosmetic updates are also a great, less expensive way to add value to this process. Some ideas are:
Paint the walls in a neutral, welcoming colour
Have your carpet professionally cleaned
Scrub or buff your hardwood or tile floors to add shine
Change the lighting in a room to add ambiance and flair
Change the handles on Kitchen and/or Bathroom cabinets to create a fresh, modern look
While all of these things will help you add value and give the buyer a great impression of the interior your home…none of this will be possible if you forget to showcase the outside!
Your home’s exterior is also your home’s first impression on buyers. If a home looks cluttered, messy, unkempt, and just plain unloved on the outside, buyers will assume it’s the same on the inside, pass you by and go on to one of the many options they have right now. You need to spend time trimming bushes, digging up weeds, mowing the lawn, updating mulch and adding colour to the garden. Touch up or repaint any surfaces that have chipped away or need an update as well. Your porch or entranceway should be the focal point of your home’s exterior. Scrub the front door until it shines or add a fresh coat of paint. Add a simple Welcome mat, it does exactly what it’s meant to do…it makes people feel welcome!
Buying A Home?
So you’ve decided to make some improvements to your home in order to sell it. That’s wonderful and in today’s Buyer’s Market it will really help!! Buyers have tons of options available to them right now – you need to be the one they choose.
Keep in mind that you rarely get dollar for dollar return on your remodelling investment. What do I mean by that? Well, if you invest $30,000 renovating your Kitchen, it doesn’t mean you will get $30,000 more for your home.
You need to consider your neighbourhood and what other homes have been selling for. Being the most expensive home on the street isn’t actually the best place to be if you want to sell. This means you really need to think about the changes you’re planning to make and whether or not they will add the value you are hoping for. No one wants to spend thousands of dollars only to get 20% Return On Investment or ROI.
The top 5 remodelling projects ranging from $10,000-$60,000 that will give you the highest return on investment are:
1. Wood Deck Addition – 82.7% ROI
2. Vinyl Siding Replacement – 80.7% ROI
3. Minor Kitchen Remodel – 79.5% ROI
4. Window Replacement – 77.2% ROI
5. Bathroom Remodel – 74.6% ROI
Now it’s understandable that you may not want to make such a large financial investment, so instead, you could try some other things…
…like thinking GREEN. Our environment has taken center stage numerous times over the last few years and it has become increasingly important to consumers. There are many GREEN options in today’s market that will give your home some extra attention from new or additional insulation, energy-efficient skylights, high-efficiency furnaces, programmable thermostats, and more. All of these things, not only, help the environment and save costs on energy, but they will also add value to your home.
Cosmetic updates are also a great, less expensive way to add value to this process. Some ideas are:
Paint the walls in a neutral, welcoming colour
Have your carpet professionally cleaned
Scrub or buff your hardwood or tile floors to add shine
Change the lighting in a room to add ambiance and flair
Change the handles on Kitchen and/or Bathroom cabinets to create a fresh, modern look
While all of these things will help you add value and give the buyer a great impression of the interior your home…none of this will be possible if you forget to showcase the outside!
Your home’s exterior is also your home’s first impression on buyers. If a home looks cluttered, messy, unkempt, and just plain unloved on the outside, buyers will assume it’s the same on the inside, pass you by and go on to one of the many options they have right now. You need to spend time trimming bushes, digging up weeds, mowing the lawn, updating mulch and adding colour to the garden. Touch up or repaint any surfaces that have chipped away or need an update as well. Your porch or entranceway should be the focal point of your home’s exterior. Scrub the front door until it shines or add a fresh coat of paint. Add a simple Welcome mat, it does exactly what it’s meant to do…it makes people feel welcome!
Buying A Home?
