Knowing the value of your home is very important, whether you are a buyer or a seller. When the sale or acquisition process is launched to sell a home, budgeting and carrying out renovation work can add value to your property.
To help you get the best price for your home, the expert REMAX real estate agents at Courtier Immobilier Lanaudière explain how to increase the value of your home while balancing your renovation budget!
What to consider before increasing the value of your home
Renovation work can increase the value of a house that isn’t selling fast . In another context, renovations may also entice buyers looking for a modernized house or to purchase their first home. Here’s what you need to know before buying or selling a home:
Market value of your property
Even though it can be complicated, calculating the market value of a property allows you to place yourself in the real estate market. In addition to knowing the value at the time of purchase, before and after the estimate of the work, this market value will give you an idea how likely the house is to sell.
Estimate the budget and contracted labour
By creating a provisional budget, it is easy to establish the feasibility of the work as well as its relevance to the sale of the property.
More and more important, especially with the urbanization of the countryside and the relocation from cities, the location of a property influences the value of the house. Before considering the sale or purchase, it is important to learn about the neighborhood where the property is located. For this reason, the houses that sell best are in the city, close to public transportation, schools and universities, or shops.
6 tips to increase the value of your home
Making renovations before selling your home pays off. You just need to know which ones to do first to maximize your chances.
1. Restore the foundation of the property
This does not necessarily mean restoring the beams or the entire structural integrity. It is possible to fill in cracks, shore up walls, or decontaminate rooms affected by mold. These actions will have a positive impact on the health and safety of future buyers.
2. Finish the rooms
Having unfinished or unused rooms will have a negative impact on the value of a property. It is worthwhile to spend some time to finishing the rooms and bringing them up to date.
Investing in a new quality floor, such as hardwood, will add a professional and clean look to the renovations.
3. Use energy saving fixtures and appliances
Using solar panels, insulated roofs, and sealed windows are many ways to increase the value of your property. By focusing on energy expenses and having an energy-saving house, you can appeal to buyers better.
In the coming years, homes that offer energy solutions to reduce the bills of potential buyers as well as their environmental impact will increase in value. This investment may be costly at times, yet the return on investment will be rewarding.
Bringing in natural light is a strong benefit in the sale or rental of real estate. Investing in the restoration and installation of a house’s windows can make it easier to sell your home.
Newly renovated windows will also improve the ventilation and security of your home. A small bit of modernity which also plays into the “Wow” factor.
5. Renovate the bathroom and kitchen
According to the Appraisal Institute of Canada, the kitchen and bathroom are the most important rooms in a home that promotes comfort and well-being. This is why it’s necessary to invest in your renovation before any visits to sell your home are planned. Moreover, renovated rooms can help future buyers see themselves in the property.
You don’t necessarily need to invest thousands of dollars in renovations. Sometimes you can simply give them a facelift with home staging, paint or decoration.
6. Home staging and organization
To increase the value of your property, focus on minimalism by tidying spaces where future buyers can envision themselves.
Home staging is the process of transforming a room (bedroom, dining room, and so on) by updating the furniture and decorating the space with a perspective in mind. This is to change its character through modernization and appeal.
Using storage remove visual clutter from the room can add value to the sale. An idea would be to build a wardrobe, for example, or to optimize the space of the bedroom or to buy an ottoman for a living space to change the design of the living room.
Make a successful home sale with REMAX Lanaudière!
Increasing the value of your home requires a certain financial investment to carry out the renovations. There are alternatives to increase the value of your home without spending too much money and still sell or rent your property.
The best way is to work with an expert real estate agent such as Courtier Immobilier Lanaudière, who will be able to advise you and guide you during your renovations. They will also accompany you in the sale of your property which can sometimes take time.
Contact us now! Guillaume Tremblay and his team of REMAX brokers will be happy to hear from you and help you sell your property at the best price.