Kitchens This can be a difficult decision to make if you are looking to sell your home as a kitchen is a significant investment and can be very unique to the individual. In saying that, If the kitchen is worn out, it should be updated, but keep it simple and affordable, there is no reason to go overboard. However, if the kitchen is simply dated, you may want to consider reducing your sale price to reflect what a renovation would cost. This may give you a price advantage and allow the new owner to create the customized kitchen they want. Remember selling “as is” is always a possible option. This option has the seller offsetting the selling price of the home, typically reducing the price reflect the work that a new owner will have to complete.
This strategy can work for some properties; however, you may be leaving money on the table by doing this. Make the home as presentable as possible with a realistic budget, but always be aware that many styles of homes in specific neighbourhoods have set maximum values, regardless of how much you invest in a renovation. So do your homework and be realistic about the return on your renovation investment and be aware of the value of homes in your neighbourhood, as you don’t want to over invest and then be forced to take a loss when you sell.
In-Law Suites / Rental Suites A semi separate space or completely separate living space in the home adds value. The modern family dynamic has shifted with adult children remaining home, parents and married children sharing the home or elderly parents moving in with their children for security and convenience. Having a fully functional suite with bedrooms, bath, kitchenette or wet bar can add value and encourage more buyer interest. It is important to note, an in-law suite or apartment is not a rentable separate unit unless your local zoning permits. So make sure that you check with your municipality before making a decision to create a suite. If zoning permits, then a separate rental unit may add significant value, if renovated properly to National Building Codes.
Finished Basements If you have an unfinishedor partially finishedbasement, this can be a great renovation to increase the value of your home, as it can increase the actual living area of the home. If you can add a bedroom and a bath to a basement, you have just created a guest space or separate living space for an adult child who may be attending secondary school or saving money for a home of their own, which will catch the eye of more potential buyers. Basements are like hidden gems; they already exist and can be renovated relatively easily without impact to your existing home. The basement is for more then storage and has great potential for increase resale value and definitely a project that you should consider to increase the value of your home.
Nomater what you choose todo, renovate, repair, paint, flooring, landscaping, cleaning, every little bit helps to give you the best return on your home sale. Please remember to always hire a professional to do any work, ensure they are insured, have safety certification and work above board. I hope you found this information helpful when making decisions on what to do before you sell your home.
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NOVEMBER 2019 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • NOVEMBER 2019
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