If you are looking to instantly increase your property value, target these areas first. There are a few simple things to tackle and upgrade that can quickly put more money in your pocket once it’s time to sell. You can increase your return on investment nearly 5 times their cost. This is the perfect time of year to get a jump on the renovation game. We often see an increase in activity once Spring arrives, leaving people to wait as we get booked weeks and months in advance. Let’s take a quick look at a few areas to confront.
First and foremost upgrade your flooring. It is one of the most important aspects of the visual aesthetic of your home. Every time a new person comes into our office we hear “I love the floors in here”. It is the first thing that is noticed and it makes as much of a visual impact as it does a monetary impact for resale. Stick to the hardwood look at least (if you’re not up for shelling out the extra money for true hardwood), and tile for your bathrooms. They will retain their value longer and give you a better return on investment.
Second; hit up the little things. Look into changing out outdated fixtures, light switches, faucets etc. It will give your rooms an instant facelift making it more appealing to prospective buyers/tenants. It is a small investment to dramatically increase your home’s value.
Third; kitchen and bathrooms. They are the first and second most valuable rooms when it comes time to show your home. If you can manage to upgrade your kitchen to suit a modern market, you will be thanking yourself in the long run. Focus on cabinetry and lighting to make the biggest changes. For your bathroom(s), see if you can increase from a two piece to a three or even four piece. The more spacious you can make it the better. Consider using glass in the shower and adding mirrors to increase the look of space.
Finally think outside the box. Think about adding an income suite to increase revenue and equity value on your property. Having a steady source of rental income is a sure way to increase value, just keep in mind flexibility. If you are planning to add a secondary suite be sure that it can be converted back to a single family home if necessary.
As always I’m sure you have enough on your plate. Taking on simple projects like these, though very beneficial in the long term, can be very stressful in the short term while trying to juggle your day to day life. Here comes the plug… Harbourview Property Management can take the pain out of these renovations and help to increase value for you. We will do it right, on time, and on a budget that you can work with. Remember “You’re busy. Let us do the work!”