Is it possible to increase your home value by up to $50,000 by investing as little as $5,000? Let’s take a look and see if it is possible.
I have narrowed down a few items that Buyers will pay for when they are looking at resale homes, but first how about we tour a model home and see what the builders are offering.
Most model homes include almost every upgrade a builder can offer to a homebuyer. They really are showcasing what is available to the Buyer and seductively hook the purchaser into features that they fall in love with…. In the model home.
In the kitchen you will notice upgraded cabinetry, lots of stainless steel in appliances, bar fridges and range hood fans. The cabinet hardware will be very current, and the counters will be either quartz or Dekton. The flooring will be upgraded 12 x 24” porcelain and hardwood along with crown moldings and high baseboards. Baths are another area where upgrades abound, upgraded tubs, tempered glass, stainless steel faucets and designer tiles.
If your home is 5 – 20 years old, there are some low-cost ways to dramatically increase the value by using a model home as a guide.
1) Paint. Most Buyers who are shopping for a home watch shows like HGTV and are well-versed in the current paint colours. When a homeowner updates the interior paint to a current popular color, it will appeal to a wider audience.
2) Kitchen counters. The costs of installing quartz counters have dropped over the past few years as they have become popular. Quartz immediately updates the kitchen.
3) Kitchen cabinetry hardware. The new products that are available for handles and pulls come in a variety of colors – black and gold tend to be the ones that cause any kitchen to “pop.”
4) Front entry and garage doors. If you stand on the street looking back at your home as a Buyer would, the front door and garage doors are one of the first things that are seen. The expression, “you only get one opportunity to make a first impression” comes to mind here. By updating one or both helps to encourage Buyers to walk into the home smiling.
5) Flooring. Again, there are low-cost flooring options they help to update the look of the home. By simply replacing worn carpet with inexpensive carpeting with a thick underpad the property will take on a modern look.
When you get within 60 days of placing your home for sale some items that will greatly help your chances of selling are:
· Servicing your furnace and central air conditioning unit. It is best to place the service bill on the furnace allowing a Buyer to see that it is in good working order.
· Window cleaning. I cannot stress how important clean windows are. So many homes hit the market with dirty window so a homeowner who has their windows cleaned is set apart from most other Sellers.
· House cleaning. Like windows, a clean home sells faster than one that has not been professionally cleaned.
· Blacktop driveway. Again, this creates a first impression that is lasting.
· Front entry flowers. Lining the entry with flowers helps to bring a Buyer into a home loving it before they open the front door.
Many of these items are low cost, however, do not underestimate how much value they can add to the selling price of a home. The last item on the list is staging. 20 years ago, staging only happened in executive homes. However, today, Buyers, even first timers love staged homes. We stage each and every home and the results speak for themselves.
If you would like us to tour your home and help with suggestions on improvements that will help increase the value of your property, I can be reached at lindsay@buyselllove.ca or 905-743-5555.
Connect with us on Facebook, Instagram, LinkedIn and YouTube.