The Best Home Renovations That Increase The Value of Your Home
Even if you’re not considering selling your home for another few years it can still be well worth investing in some renovations that can increase the resale value when it finally does come time to sell. The exception being if you expect to keep your home for at least the next five years, in which case don’t worry too much about renovations. Less than five though and you’re in a perfect position to get some worthwhile returns. The selling price for a home in London, Ontario can go up dramatically with just a few renovations, though some are more worthwhile than others.
Improve Structure Over Aesthetics
When considering renovations most people imagine a Bathroom or Kitchen remodel, which is still good, but the consensus among most Realtors is that improving the structural integrity of the home will raise the value more than aesthetic improvements. If the roof is leaking or the walls are cracked, Buyers will rarely see beyond that, no matter how great the Bathroom looks.
All renovations should start with improving the structural integrity of the home. New gutters, plumbing and windows are a much better investment than any Kitchen or Bathroom remodel. Home improvements after a purchase can chew up a lot of money so Buyers will be wary of this. Every Buyer will be on a budget and if they see that the house is structurally intact then they’ll consider it to be move-in ready and be far more likely to buy and upgrade the Kitchen and Bathroom themselves.
Bathroom and Kitchen
All that said, there is still a great deal to be gained from Kitchen and Bathroom remodelling. These are the “Hot areas” in a home which every buyer looks at first. Much of the data collected on resales says you get 75 - 100% or more return on a Kitchen and Bathroom remodel. These are expensive areas in construction and where people spend a lot of their time so once you’ve got any structural issues dealt with, move on to these if you want a better resale price.
This is an area of home improvement where design trends are always changing. To stay on top of the game, do some research on current trends and what the latest technologies are. Large walk-in showers are becoming more important than bathtubs which take up a lot of space. Floor-to-ceiling showers are the latest trend which is sure to interest any Buyer looking for a modern Bathroom. If you only have one Bathroom, most Realtors say you would be better off investing in a new Bathroom rather than renovating the old one. This has the potential of raising the home value by as much as 9%.
“Curb appeal” refers to the first impression of your home’s exterior and can draw people in. You want the entire exterior to say “Welcome.” If you invest all your money on the interior but none on the exterior, then how can you expect to entice people in. A new front porch will definitely raise both value and curb appeal which means a faster sale.
If you have a lot of options for remodelling and time before resale, keep in mind that the London housing market can change every few years. Focus on small improvements which will appeal to budget-minded buyers as opposed to luxury improvements.
Call Oliver and Associates Van Bart Real Estate Brokerage Inc for more suggestions on what to change in your London home to make it sell quickly and for above-asking price.
For most of us, our home is our biggest investment. When it's time to sell, get the value you deserve with the help of a professional real estate agent. If you'd like to discuss your next home sale today, please contact us anytime.
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