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5 Updates That Can Increase Your List Price

Are you looking to sell your home or maybe even just get ideas that you can do to update your home to keep it current and “on-trend” ? How can you update your home to justify a higher selling point? Which changes are even worth the Return on Investment and which are unnecessary? Keep reading to see what 5 updates we think can help increase your home or rental property's list price and 5 unnecessary updates. Make sure to take a look and share the full blog post with someone that you think may be interested.

1. Paint: updating your space with a fresh coat of paint can make all the difference! Fresh, carefully chosen paint colours can breathe new life into tired walls, instantly modernizing and brightening a space. A quality paint job suggests to buyers that the home has been well-maintained, potentially boosting its perceived value and setting it apart from other houses on the market. Our favourite paint colours blog post is a great starting point if you need help picking a colour. Tip: Choose a single colour and paint all the rooms in your home with that same colour.

2. Flooring: Updating your flooring can significantly enhance the appeal and value of your home, particularly when considering resale. Nowadays, many prospective buyers are veering away from carpeting, especially families with children, due to its potential as a major allergen hazard. In fact, if carpeting is the primary flooring or one of the predominant types throughout your home, it could actually decrease the overall value of the property. Tip: say goodbye to old carpeting and either restore the floors underneath or opt for new hardwood flooring or luxury vinyl plank flooring. These options not only offer an aesthetically pleasing look, but also cater to the preferences of most buyers. 

3. Kitchens and Bathrooms: Nothing is more true than the phrase “the kitchen is the heart of the home.” It’s the place where you cook, eat, and converse with your family and friends. It takes a lot of wear and tear over years and a lot of times date itself after about 7-10 years. Upgrading your kitchen can do a lot for the resale of your home with simple changes that can make a dramatic impact. If you don’t have a huge budget, a few things that you could do are: switching out hardware/ fixtures and painting out your cabinets in a fresh new colour. If you need inspiration, check out our favourite paint colours in a blog post we did. On the other hand if you are looking to put more money into this update, things you can consider are modernizing it with energy efficient appliances, installing new cabinetry and opting for a beautiful quartz or stone counter top can dramatically change the look. Tip: if you are installing new countertops, oftentimes the backsplash might get damaged from tearing out existing countertops. We love carrying the countertop up the wall for a seamless look. 

Similar to the kitchen, bathrooms are a big focal point for buyers. You want to make sure that the bathroom is going to be functional for their needs upon buying. It’s a place that usually a buyer does not need to touch for at least a good amount of time before they have to put money into updating it. Things like fixtures such as faucets, showerheads and lighting can really give a space a fresh look. Consider installing a new vanity, updating the flooring and adding features like a walk in shower. Tip: if you have multiple bathrooms, ensure that at least one has a bathtub! This is a great selling feature for families with kids. 

4. Curb Appeal Enhancements: First impressions matter and the outside is the first thing buyers see. No matter how good the inside looks, If the outside looks outdated or things are falling apart someone might not even take the time to look at the listing. Improving the exterior of your home can attract potential buyers before they even step inside. This can include landscaping, painting the front door, updating the garage door, installing new outdoor lighting, and ensuring the driveway and walkways are well-maintained. Tip: if you have outdated house numbers, why not swap them out for something that is sleek and modern. Believe it or not, that alone will make a big difference! 

5. Energy-Efficient Upgrades: Many buyers are looking for energy-efficient features that can save them money in the long run. Consider upgrading to energy-efficient windows, adding insulation, installing a smart thermostat like an Ecobee or a Google Nest, and incorporating LED lighting throughout the home. Solar panels can also be a major selling point in some markets.

5 Unnecessary Changes to Make Before Selling

  1. Overbuilding for the Neighborhood: If you're considering any kind of major addition to the structure of the house, make sure you don't make another common mistake: overbuilding for the neighborhood. Think carefully about whether the improvements you are planning will make your home fall outside the norm for the other houses on the block.

  1. Inconsistent High-End Upgrades: Another important thing to think about is that upgrades should be consistent throughout the home—or they likely will do little to increase the value. In high-end homes, which usually are renovated to a consistent level throughout the property, high-quality upgrades generally do increase the value of the home. Unfortunately, that is not necessarily the case in mid-range houses, where upgrades often are inconsistent. A great example would be a media room fully equipped with audio, visual, and gaming equipment. This certainly might appeal to some prospective buyers, but many wouldn't consider paying more for a home simply for a high-end media room—especially if they never would use it.

  1. Invisible Improvements: Invisible improvements are pricey projects that make your house a better place to live, but that nobody else would notice or care about. It's a great thing that you replaced the plumbing system or the HVAC unit, but many home buyers just assume that these systems are in good working order. They will rarely pay extra just because they were recently installed. Of course, you are smart to make these upgrades to your home, but don't expect to recover the costs when it comes time to sell. It may be better to think of these improvements as part of regular maintenance, rather than as an investment in your home's value.

  2. Wall-to-Wall Carpeting: Carpets are not everyone's cup of tea! People are turning away from carpeting especially families with kids for the reason that carpet can be a huge allergen hazard. Not only will you not get back the cost of carpeting, but if this is the primary flooring throughout your home, it can actually lower the value of the home (as we mentioned in our 5 updates to increase the value of your home). Depending on where you live, most buyers prefer hardwood floors—and even expect it. 

  3. Expanded Owner's Suites: A new primary bedroom suite with a luxury bathroom and walk-in closet can be a huge selling point that increases your home's value, but not always. If you need to start eliminating other bedrooms or spaces to create this stunning primary suite then you most likely won’t get back the cost at resale. As a general rule, the more bedrooms a home has, the higher the price you can expect to get. If you take away a bedroom, your home will be priced according to homes in the neighborhood with the same number of bedrooms—no matter how beautiful or how large your suite is. Also, fewer bedrooms might mean fewer potential buyers even wanting to look at your house; making it much harder to sell.

-Lidia, Hayley & Marieka

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