Every year, hundreds of thousands of homes of every style, shape and size are bought and sold across this country. In spite of all the differences, many of them have one very important thing in common: a RE/MAX Professional who is the driving force behind the transaction. RE/MAX agents buy and sell more homes in your area than anybody.
When you choose RE/MAX you are choosing the combined experience we have gained from every deal we’ve completed. This experience and expertise ensures that you get the best possible price.
RE/MAX has done extensive research with homeowners, to better understand what makes them tick. This enables us to help you in many ways. First, knowing your preferences is invaluable when it comes to finding that perfect home. Open concept or traditional? Lofty, or intimate?
As a homeowner, you are likely to re-sell at some point and should consider the benefits of the neighbourhood. Remember, choices you make regarding improvements or renovations can drastically influence your home’s market value.
Depending on the age and/or style of your home, renovations may be the most effective method of preparing your home for sale. Renovations can mean something as simple as replacing an unstable handrail, or as complex as replacing your roof.
Generally speaking, there are four reasons to consider a renovation prior to selling:
- The renovation will fix a safety concern that exists within your home
- The renovation will solve an issue that is likely to be ear-marked during the home inspection process
- The renovation will increase the likelihood of achieving a sale
- The renovation will help you achieve a quicker sale at an increased sales price.
Here are the 6 most common and profitable areas of renovation to consider prior to selling your home:
1. Kitchen – The Hub of Your Home
Ever wonder why “kitchen parties” naturally occur every time you have guests? Well, it’s because the kitchen is the hub of every home. It’s where we get nourishment, refreshment, gather and regroup after a busy day. It is a room with real value for every family. At RE/MAX we’ve learned that kitchen upgrades can really deliver, with a 44% higher return on investment over the average return on other popular reno’s you might consider.
Whether you’re working with a contemporary kitchen or more of a country feel, stainless steel appliances continue to hold a lot of interest. In cabinetry, look at fine-grained maple, stained or natural, over the traditional heavy oak look of the past. Laminates and marble are great choices for countertops, but granite continues to be the most popular surface of all. Check out the latest fixtures in today’s new, brushed nickel finishes.
2. Bathrooms – Disappear in Your Personal Spa
Bathrooms are another place where putting your renovation dollars can make sense and can help to maximize your sale price in a shorter timeframe.
Today’s stress-filled world leaves us all crying out for rest and relaxation. RE/MAX knows that making your bathroom the best it can be will generate a 56% better return on investment than the average renovation.
The goal should be to create a spa-like environment in your bathroom by installing a soaker tub with relaxing jets, or perhaps a new steam shower stall. With bathrooms, it is always best to ensure that you are appealing to the widest audience; therefore, be sure to use current fixtures and fittings, and get an expert to help you choose colour tones.
3. Flooring – Great Ideas Underfoot
Great looking floors are a strong feature of any home. It often makes all the difference. With RE/MAX, we’ll show you how this upgrade can generate a 22% better return on investment than the average.
Start by ripping out that dated wall-to-wall carpet. Then, sand your existing floors down and refinish them, or choose one of the many easy-to-install and affordable laminates now available. A darker stain gives an elegant, yet up to date look. Use area rugs to accent and ground the space.
Depending on the situation, a simple carpet cleaning can make sense instead of replacing the current flooring. This will play into the perceived value of the property. Again, be sure to ask the experts.
4. Painting – Put on a Fresh, New Look
The dramatic effect paint can have on any living environment is often over- looked but knows that the simple repainting of walls gives you a 29% better return than other popular reno’s. Whether you go neutral with splashes of colour, or warm and dramatic, trends include mixing strong colours with nature-inspired neutral- energy colours like orange, aqua, sage and blue, along with neutral palates leaning toward bisque, fawn, grey and walnut.
5. Landscaping – It All Starts At The Curb
It all starts at the curb. Everyone knows the value of a first impression. But RE/MAX has learned that landscaping the front and backyard of your home will give you a 7% better return on your renovating dollar over the average return on other popular reno’s you might consider.
Increasing your curb appeal can be as simple as adding containers of brightly coloured flowers. Another idea would be to add a low maintenance garden for blocks of colour and texture. Also, consider a simple water fixture in the back yard to add ambiance.
6. Fireplace – Rekindle The Passion For Your Home
Nothing beats the feeling of curling up around a fire on a cold winter’s night. Not to mention the comforting feeling of hearth and home that a fireplace adds to a room.
The RE/MAX Return on Reno Index will tell you that installing or upgrading the fireplace in your home will generate 11% greater return on investment than the average return on other popular renos you might consider.
Gas fireplaces have made huge advances in popularity thanks to recent increases in efficiency as well as advances in design. A gas fireplace delivers the best of both worlds – all the comfort without the mess and maintenance.
Maximizing Your Reno Dollars
Deciding which reno is best for your home can’t be done simply by referring to a laundry list of the “latest” renovation trends. Discovering what renovations will provide you with the most value comes from analyzing a variety of factors, from the price and location of your home, to who is likely to buy it. Since the preferences of buyers change when considering various housing price points, use the index provided below, to weigh your renovation priorities based on house price.
Work on the areas that are most attractive to that price point. Also, consider the right size expenditure for that price point so that you don’t over invest in “say” a “killer kitchen” that no one in that price point can pay back what you invested. Most of all, do the renovations that you will enjoy and enjoy the renovations that you do. Your home is a direct reflection of your lifestyle.