If you’re considering putting your home on the market as we approach the spring selling season – a great time to sell, by the way – you should be thinking about how you might increase its market value.
Given your home is probably your most significant financial asset, maximizing its value will give you more options for your next purchase.
With the Canadian real estate market in a kind of holding pattern right now, the investments you make are critical to achieving a good price. Many experienced agents say that for every dollar you invest you get $2 back.
Improving your home isn’t just about the money. At a deeper level, it’s about attracting the largest number of potential buyers possible. If you can generate genuine interest from two or three parties, there’s every chance the money will follow.
Before sinking your cash into random improvements, talk to some experienced real estate agents in your area to understand where you’ll get the best return on investment. Our team would be delighted to help you.
For example, we might counsel you against ripping out your bathroom and suggest minor improvements instead. Many agents would also warn against creating a home/office at the expense of an additional bedroom.
Here are nine ways to get your home ready for sale and maximize your chances of attracting multiple potential buyers.
Curb appeal – First impressions are crucial. A neat, inviting exterior makes buyers eager to see the inside. So, keep the front of your home neat, especially if there has been snow. Consider repainting your front door and garage door.
Kitchen tweaks – The kitchen is the heart of the home and a primary selling point. If necessary, refinish or repaint cabinet doors and upgrade the handles. Installing a new backsplash can really make a “splash”.
Bathroom refresh – Like the kitchen, modern, clean bathrooms are a key feature. Replace aging fixtures, such as faucets, showerheads and towel racks. Regrout to highlight the tiles. If the budget will stretch, install a new vanity and improve lighting for a luxurious feel.
Big brush-up – A fresh coat of paint will make a world of difference both inside and outside the property. It’s not the cheapest exercise, however. A four-bedroom home can cost upwards of $8,000. If you take this path, use neutral colours. Be aware that exterior painting is difficult in winter. You may want to leave this project for nearer springtime.
Energy boost – With utility bills continually rising, buyers now put a premium on solar panels. It’s a huge selling point.
Inch perfect – Set up your furniture so there’s no wasted space. Every room should have a purpose. Buyers can picture themselves living in the property when they relate to its layout.
Floor it – Make sure your carpets have been steam cleaned and your wooden floors are pristine. It’s amazing how flooring makes a major impression.
Storage solutions – While buyers rarely list storage as a premium item, many will turn on their heel if they do not see sufficient storage.
Declutter and depersonalize – This is an agent favourite! Cluttered homes feel small and insufficient – the last impression you want to give. And by depersonalizing, your prospective buyers can imagine themselves living in the property rather than feel like a visitor in your home.
Get it fixed – Carry out any necessary repairs that might put off buyers. A well-maintained home is essential to maximize its value. Fix leaky taps, cracks in the footpath and any other small annoyances that might create a bad impression.