It doesn’t matter if you’re a first time buyer or if this is your 5th property, real estate is an investment and should always be treated as such. How do we mean? Well, for starters, keeping up with regular property maintenance like seasonal roof inspections and regular smoke detector check-ups are good places to start. However, the average real estate owner likely isn’t living in their “forever” residence currently. So how else can you protect what’s arguably the biggest purchase of your life? By improving its value! Consider interior and exterior renovations to increase the value of your home so when it’s time to put a “for sale” sign up, you have a better chance of making more money to put towards your next house.
Upgraded HVAC Systems
Before even attending local open houses, one of the first things buyers look for in MLS listings is whether or not the HVAC systems have recently been replaced. If you have old systems, consider installing a new energy-efficient furnace, replacing money-draining windows, and installing a new air conditioning unit. By replacing outdated HVAC systems, you have a better chance of selling your house for more money.
Finishing the Basement
Purchasing a build with an unfinished basement allows buyers to renovate based on their own needs however, it’s also a major inconvenience. By finishing the basement, there’s a huge opportunity to drastically increase what the house is worth. By creating a basement rec room simply for pleasure and entertainment or renovating the lower-level into an apartment suite for renters, there’s multiple ways to build property equity.
Upgrading Fixtures and Appliances
Oftentimes, realty buyers look at whether or not fixtures and appliances have recently been updated. If you have unreliable lighting fixtures or ancient appliances, consider upgrading! New lighting fixtures can be installed and instantly become more attractive. And if you plan on leaving them there, energy-efficient fridges and stoves are a great selling feature!
Renovating the Bathroom/Kitchen
There’s a reason bathroom and kitchen renovations are usually the most popular.
As far as renovating the kitchen is concerned, most realty-seekers look for open-concept kitchens so this should be something that’s considered. Try painting the walls white so future owners can re-vamp to suit their own personality. However, don’t create a stale room: add personal touches such as colourful décor or a bold bright wall within the white room.
In terms of bathroom remodelling ideas, attractive and popular options often include reliable surfaces such as durable stainless steel sinks, granite countertops, large shower heads (and a spacious shower in general!), and water-efficient toilets… just to name a few!
Repairing/Replacing the Roof
Add value to your home by repairing any roof damage. However, if the roof is old, consider a roof replacement. This is another big-ticket item that usually falls at the top of a property-seekers list. Because roof repairs are costly, this can sometimes be a make or break situation if the roof shows signs of becoming a problem. Don’t let this decrease property worth – fix or replace it before putting the house up for sale.
If you’re planning on listing your property, renovations are definitely a wise decision in terms of improving value. After all, real estate is an investment and it’s important to protect it. We may not be able to help with a hammer and a nail for re-modelling, but when it comes to mortgages, we ARE the experts! For new & self-employed mortgages or mortgage-renewal and refinancing, we’re the ones you can count on. Looking for a new property? Reach out and let’s talk!