When it comes to selling your home, the buyer can be looking for any number of things. Below is a list of the top 8 renovations you can make including the buzzwords that are sure to win over potential buyers.
This article was co-written with Beatrice Link from http://caliberwestrenovations.ca/vancouver-closets/ an expert kitchen renovator.
1. The Kitchen is still King
One of the most influential rooms in a house when it comes to value is the kitchen, and it has been a focal point of all types of buyers including first-timers. A recent survey of millennials reported that an updated kitchen is top of their list for important features of a home, indicating that kitchens are the most important aspect for more than a third of participants.
To ensure the kitchen looks it best when selling, there is no need to strip it down; minor investments can make a major difference. Painting the walls, cabinets and installing new hardware will add value and for under $5000, you can add new flooring, counters and appliances. Affordable yet small changes can create a fresh look and make a bold statement.
The value-adding buzzwords for kitchen renovation include stainless steel and quartz. There is a clean , contemporary look to stainless steel which appeals to both traditional and modern buyers. There are trendy versions of the timeless metal, such as black stainless steel which is softer in appearance but regarded just as highly. No longer is granite the go-to material for counters; quartz can withstand cuts, heat, scratches and stains. Made of stone chips, pigments and resins, this material is easier to care for than the other high-priced stones which explain its current rise in popularity.
With an updated kitchen, possibly using the above-mentioned changes, one could expect a sale price bump of 3 to 7 percent.
2. Make Floor Plans Work
The second most popular response to the millennial survey was an open floor space. Better does not have to mean bigger because economic and strategic floor planning can boost a home’s value. The addition or completion of a basement is an easy way to increase space as can remodelling the attic. Costs for basement and attic renovation vary according to size, so the best place to start is with HomeAdviser. This website can provide estimates and will connect you to professionals that have already been approved.
Additional spaces can be transformed into one of the several ideas, and depending on the potential customer they can be a hit. The Certain crowd will love the ideas of a den or office space especially since the trend of working from home is on the rise. Others will appreciate having space for the kids and more specifically kids’ toys.
The floor plan buzzwords to include in updating and creating value are flex rooms, upstairs laundry and mother-in-law quarters. Flex rooms add value because they can serve multiple purposes; a gym, a game room or a study. Younger generations have expressed a desire to have a dedicated room for laundry, and the preferred locations are upstairs near bedrooms or off of the kitchen. Most manufacturers boast matching washer/dryer sets now to accommodate these rooms. The largely popular mother-in-law space allows for a private space for a family member or possible rental income.
Floor plan updates can account for a possible 4 to 6 percent bump in the sale price.
3. Don’t Let Your Home Be an Energy Hog
Energy efficiency not only saves you money but is a great selling point when the time comes. This attribute is registered as important as a safe community. The interest in energy efficiency is seen among all buyers; the older generations have experienced high costs, and so appreciate efficiency and the newer buyers who have jumped the country’s saving energy bandwagon. In places where extreme weather conditions occur, potential buyers usually want to know estimated costs for a year, including seasonal variations. Installing a new water heater is a great step for impressing energy efficient buyers, given that they contribute 16 percent of the home’s energy costs.
Energy efficient buzzwords to use are High-efficiency windows and LED lights. The addition of the right windows can reduce an energy bill by up to 15 percent. The home’s ‘green’ rating will increase with the use of LED lights; with a cost of $7, you get excellent light quality and an expected life of 23 years.
Improvements in energy efficiency can boost sale prices between 1 and 3 percent.
4. Keep It Simple and Stress-Free
Features that once used to symbolize luxury now are associated with stress-free environments. Stain-prone counters or dust catching carpets are now valued for the fact that they do the work for you. Younger generations want to entertain more and clean less, making these features as popular today but for different reasons. Outside of these additions, new buyers will want to be sure that heating, plumbing and electricity are all in working order so that maintenance is not an immediate issue. With most of their money spent on a down payment, these systems need worry free at the time of the sale.
The buzzwords that add value to your stress-free home include updated systems, hardwood floors and a new roof. For the mechanical systems, ensure that they are updated and reliable. Research brands to get the ones needing the least amount of repairs. Carpets are a thing of the past as hardwood floors are not only beautiful, but they do not show wear as much and are easy to clean and maintain. Durability in a floor means less worry for new buyers and of the cost is an issue; there are engineered flooring options. Replacing the roof can alleviate fears of animal infestations, water damage and leaks, which are all disasters that can turn a buyer away.
With adjustments and upgrades to these features, an estimated 3 to 5 percent bump can be seen in sales price.
5. Build a Home for ‘the Ages’
Recent studies have shown that our population is growing and as we live to linger it will consist of many more senior citizens, then previous years have seen. Many houses today are not designed to accommodate this with narrow doorways, steep stairs and slippery showers or baths. By thinking and planning, you can make the adjustments to your home to appeal to this growing portion of the population and thus increase your chances of a sale.
Walk-in showers, comfort-height toilets and master on main are all buzzwords that should be used when referring to these upgrades. Installing a walk-in shower that is wheelchair accessible and curbless increases the appeal, as does the addition of toilets that are a little taller and easier to reach. With a master bedroom on the main floor, there is reduced stress of climbing stairs and is the top choice when it comes to preferences that seniors look for in their potential homes.
Creating an elderly friendly home can boost sale prices by 1 to 2 percent.
6. Paint is Still a Potent Upgrade
Painting is a quick and relatively cheap way to upgrade a home. You don’t have to repaint every surface and wall, just concentrate on high -traffic areas and give those a touch-up. Cover areas where there is any damage or scratches and in no time old surfaces can look brand new.
Paint with neutral colours because this allows for the buyers to picture their vision and plans instead of being forced to see only your colours schemes. Neutral colours are also timeless and are appreciated by all generations. Be sure to use higher quality paints especially for outdoor projects; this will ensure it stays looking new for as long as possible and is one less thing for the new tenants to worry about. Bathrooms should be painted with mould resistant paint to ensure that the steam from the shower does not turn into mould.
A simple coat of paint or two can add 1 to 2 percent to the sales price.
7. Remember the Great Outdoors
Look at the exterior of your home as a way to increase living space. As a mere extension to the home, it can add or subtract value. Adding a deck or patio and including a seating area or grill will certainly create a welcome vibe and increase popularity. With regards to the garden itself, it is best to select plants or décor that is easy to maintain. It would be wise to assume that people are too busy for the upkeep of a demanding landscape, and leaving it simple will again allow buyers to envision their own.
Having a water-smart yard is key, right up there with energy efficient features. Replace some grass with stones or decorative gravel as a means of reducing water reliant areas. The buzzword of the day for the home’s exterior is curb appeal. You need to keep in mind what people see as they drive by, so a freshly painted front door, trimmed shrubs and minor repairs can make a great first impression.
By sprucing up the exterior, one can expect a possible 3 to 5 percent bump in the sale price.
8. Make Sure Your New Technology is Smart
With today’s ever-changing technological advancements and the dependence we seem to have developed on them, technology should e included in your home, but be sure it can keep up with the quick evolutions of the field. Certain smart devices are definite winners such as thermostats that can be programmed because they give the appearance of a high-tech home without the risk of becoming obsolete. Recent generations have grown up surrounded by ‘smart’ appliances and systems, so they will e looking for these in their future home. It is also wise to remember the generations that do not use these, so a happy medium needs to be found.
One buzzword to remember is the whole-house generator, which is considered a valuable asset to any home. Power outages are a reality, and this backup provides a sense of security and peace to potential buyers.
Taking the time to upgrade the house’s technology can account for a 3 to 5 percent bump in sales price.
Whatever renovation you decide upon, it is worth looking into all the above-mentioned options. With the buzzwords to use and the potential price increases, you have a solid guide on where to start your renovations and how to boost your houses value and the interest of prospective buyers which can be so valuable especially if you’re living in Toronto, Los Angeles, or Vancouver.