Upgrades to maximize your return on investment
If you are planning on putting your home on the market, there are some things that you should consider before putting that For Sale sign up.
But where do you start?
Focus Construction has your back! Here we advise which upgrades you can do, and some other ways that you can see a greater return on your initial investment.
The best value from upgrades is found in the kitchen. Think about whenever you’re at a friend’s house for a gathering, chances are that you spend most of your time in the kitchen. It is the place for social gathering and comfort.
This area also shows the age of the house, revealing when it was last updated. A modern kitchen is very welcoming and ensures that both light and space are maximized. Also, potential home buyers are looking for a kitchen space that has plenty of storage and counter space.
If you plan on selling your house, updating your bathrooms is a must. A modern bathroom is simple with clean lines and uncluttered counter space, while geometric shapes are also very popular.
For practical upgrades, Focus Construction recommends that you install a dual-flush toilet to save on water, and installing vanity lighting on a motion sensor. This popular bathroom enhancement allows you to enter during the night and not have to fumble for the light switch. The lights installed under the vanity will illuminate when movement is detected.
Renovating these living spaces is important but keeping your home clean and free of mold is imperative, so don’t forget about the basement and general upkeep. While upgraded and modernized rooms may excite potential buyers, if they smell mold or must when they enter the basement, it will cancel out what has already impressed them.
After you have determined how best to create a clutter-free and clean home that is free of mold, also paint the walls and concrete floor in the basement. It will freshen and brighten-up the space, and these two measures will go a long way towards impressing would-be buyers at a minimal cost to you.
It’s not only the inside of your home that will need addressing to maximize your returns, so don’t forget about the outside of your house. Start renovations on the outside by painting the exterior of your home. It doesn’t cost that much, and the return on the investment (ROI) can be significant. In fact, according to Global News, the ROI for exterior improvements can range from 570 to 1,200%. You only get one chance at making a first impression on potential buyers, so make it easy for them to fall in love by providing a fresh-looking exterior.
Simply adding some new flowers or plants is a great way to renew your exterior and make the house look more comforting.
Painting the interior of your house is another affordable way to increase the value of your home. Adding a new coat of paint can make your home look years younger. Also ensure that any holes or drywall damage are patched and repaired for a smooth look.
Unsure of what colours or styles to use? Focus Construction recommends looking at the website Houzz for some great ideas on colour choices and finishes.
Want another cost-effective option? Visit IKEA for some great selection at reasonable prices on some new light fixtures that will modernize your house.
If selling is not your goal
In some cases, doing a lot of renovations to sell your home may not be the answer. If you love certain aspects of your house and don’t actually want to move, you may want to explore some other options such as building an addition or adding a second floor to your home. It is a great way to increase square footage and is significantly cheaper than upgrading to a new property. Adding a bedroom and/or bathroom will grow the value of your home and allow you to skip the hassle of moving altogether.
It is important to note that additions shouldn’t be excessive, as too big could price your house out of the neighbourhood. Focus Construction specializes in large scale renovations and additions and would be happy to assist with any questions, providing the best recommendations from years of expertise.
Whatever you decide, it is important to research your ideas first and ask an expert for help in making the best decision. You want to ensure that you protect one of the biggest investments that you will make.