Two of the most common questions I am asked when a client is considering selling their home is “Should I renovate before selling and if so what should I renovate for the best return on investment? (ROI)” and “What’s the best bang for the buck renos?”
It’s a simple question with a not so simple answer! If you have the time and money, yes! It can be a great way to increase the value of the home you’re selling, but if you don’t have the resources, don’t feel stressed that you can’t. A true real estate professional like myself will still sell your home for top dollar!
I’ll touch on 3 key areas beginning with everyone’s favourite and finishing with one or two you may not have thought would be as important.
The Kitchen: Easily the one location that comes to mind when people think about renovating. It’s when most people gather, spend hours ever day and is one of the most important areas of every home. Kitchen renovations can be more costly and time consuming but can also produce one of the best wow factors and ROI. If you have time, money and patience to do a full kitchen renovation they can be very expensive $25k to $75k+ but if you need a quick bang for the buck upgrade that makes a lot of difference try changing out the countertops and appliances. Countertops can run about $3k and a solid set of appliances $10-$15k. Average ROI 75-100%
Flooring: Often overlooked, floors are the most worn part of many homes and often can be a big turn-off for potential buyers. Older, worn-out carpets, damaged wood or cracked tiles are definite no-nos. If possible, remove them and replace with a well installed wood or laminate flooring, or beautiful tiles in appropriate spots. Installation is key, so if it’s too much to take on yourself be sure to hire a professional. Hardwood can range from $4 - $6 per sq ft Laminate $1 - $3 per sq ft with installation about $1.50 - $4 per sq ft. Average ROI 100%-150%
Paint: Providing one of the most complete changes while possibly being the least expensive is an overhaul on the wall! Dark and dated colours can make a room feel smaller, darker and unwelcoming to some, consider hiring a professional to come in and lighten the mood with fresh, light and airy colours to really open your home, make it feel larger, brighter and more inviting. While there they can repair minor damages, seal trim and really give new life to the home in little time or disruption. A typical 2000 sq ft home can be professionally painted for approximately $10k - $15k with a nice 60% ROI typically.
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