If you are considering selling your home or want to ensure you are getting the highest rate of return on your renovations, we have outlined the best, most cost effective and rewarding renovations you can do to your home.
Best Renovations for Increasing the Value of Your Home
If you plan to be in your home for the next five to ten years, the most rewarding upgrades you can do to your home would be to increase energy efficiency. Not only will this protect your wallet in the long run, when you plan to sell your home in the future - these upgrades will last longer and hold their value better then the current trending wallpaper. The ways in which you increase or improve the energy efficiency of your home is:
Maintain or Replace your Furnace
New high-efficiency furnaces use the least amount of energy, but older models can also be made more efficient. Annual servicing by a professional is the first step. That will involve cleaning the parts you can’t see or reach and making sure it isn’t working harder than it has to. For your part, replacing filters every three months.
Replace Windows and Doors
Not only do new windows and doors work miricles for the curb appeal of your home, new windows have a high return rate when you eventually decide to sell. New windows will add big savings to you and your family in the monthly cost of utilities. Getting new ones in preparation for selling can not only add a another entry to the list of the home’s positive aspects, and they can bring in a roughly 73% ROI.
Best Small and Affordable Renovations for Increasing the Value of Your Home
Are you looking to sell soon? Now? With more homes sitting longer on the market and selling for lower values, the best way to prepare for sale is to appeal to the highest volume of buyers. Also, you need to stand out over the competiton. We have outlined the best, and most cost efffective renovations you can make to improve the value, time, and return when you look to sell you home:
Tastes change quickly, and what was the latest in lighting design five years ago could now look horribly dated. Replacing fixtures modernizes a space for very little money. In rooms like the dining and living room, where a chandelier or pendant light can be quite prominent, consider how a different light fixture could improve the space. Check out the latest lighting trends of 2022 here
A fresh coat of paint instantly updates and transforms the entire interior of your home, and when you consider that the average price tag of a gallon of one-coat coverage paint is around $38, that’s about the biggest bang for your buck you can get. Check out the latest paint color trends of 2022 here
Just like lighting, hardware styles change quickly. Give your kitchen and bathrooms a cost effective face lift by painting the cabinets and adding some new and trendy hardware! These simple upgrades require only patience and a screwdriver to accomplish, but the results will be well worth the effort. In fact, you may even find that the hardest part is the shopping, since there are just so many choices out there to put your own stylish stamp on your home. Check out the latest trends in hardware here
Switch Plates and Covers
In most homes, the switch plates and outlet covers are a standard bit of cheap, white plastic. They don't look bad, but they're certainly nothing special. Try paintable covers to match your walls, or go for a natural wood look instead. You can also choose decorative bronze, nickel or brass plates for a luxe look, though you may want to add black switches for a better blend if you choose a dark finish.
Never forget general house maintenance and how important it is when selling your home
Buyers pay attention to how well a homeowner cares for their property; poor home maintenance can keep buyers from ever committing to a sale, as it may send a message that the home was not well cared for. On the exterior of your property, clean gutters, trimmed lawns, and smart landscaping ups curb appeal and welcomes buyers. For interior maintenance, it is suggested to regularly inspect air filters, floors, walls, and the fireplace to eliminate buildup and replace any home system that isn't working properly.
Making the best home improvements before selling can increase buyer interest and ultimately secure sales. Generally, focus on cheap cosmetic changes that enhance curb appeal and update rooms that attract the most buyers. Keep aesthetics conservative as to not isolate buyers through bold choices. Also, avoid unnecessary structural repairs and any major renovations that would engulf a budget.
Have questions about what you should do to prepare for sale? Get a free market evaluation by Iconic YEG and we can consult and advise what upgrades or renovations might be worth doing before selling.