If you’re a homeowner looking to sell your property you already know that the market is currently in a cool down phase. That means it’s now more important than ever to have a home that will stand out above the competition. The homes that appeal to the largest number of buyers will sell faster and sell for more. This is actually a great time for a renovator who is aware of what the market is looking for. Since I’ve been involved in both renovations and staging I know exactly what it takes to get a home sold. Here are my top tips for renovating for resale.
TOP STRATEGIES WHEN RENOVATING FOR RESALE
1/ FOCUS ON THE KITCHEN FIRST
The kitchen is always the highest return on investment when it comes to home sales. A well designed kitchen will attract the highest price and the greatest interest so plan to focus on this space first.
It’s not always necessary to do a complete overhaul of the kitchen. Focus on the problem areas first. Are the countertops current? Do the cabinets function well? Is the backsplash dated? Just a few minor changes can actually give a brand new appearance to a dated kitchen. In this post I share how my clients did a simple update to their kitchen and gave it a brand new look.
2/ THE LUXURIOUS PRIMARY BATHROOM
After the kitchen, bathrooms also have a significant ROI. Focus on using updated materials and a colour palette that’s current but neutral. Rely on materials that are currently popular. For example, using quartz or stone countertops for the vanity is going to instantly update the space.
You want to create a luxurious space that feels like home but at the same time you want to appeal to the broadest market. If a material or finish is brand new and hasn’t been fully embraced by the masses, you might want to avoid it. Your updates should bring value to the home so be safe in your selections.
3/ ENERGY UPGRADES
There’s a big appeal to updating your home with energy efficient upgrades. From windows to furnaces there’s a lot of money a homeowner can save in monthly bills so this makes these upgrades appealing to potential buyers.
Think of these as the added perks of choosing your home over the competition. It may not be the thing that sells your home but it can give your home an advantage over others. And that’s how you sell quickly in a competitive market.
4/ AMPLIFY THE OUTDOOR SPACES
Don’t forget the outside spaces when you renovate. Curb appeal is important and you want the buyers to fall in love before they’ve even stepped foot in your home. Paint the front door, upgrade the mailbox and add some seasonal planters to the front door. Make the home as warm and welcoming as possible.
Always be sure that exterior lighting has working light bulbs. It’s a major turn off for a buyer to be viewing your home in the evening and not being able to safely navigate their way to the front door. It also gives the impression there will be lots of upgrades needed on the inside of the home as well.
If the backyard can benefit from a new deck it can help your home stand out. This isn’t as big a concern in winter but if you’re selling in spring or summer, it’ll be important to the overall impression you leave on the buyers.
5/ UPDATE LIGHTING
This is one of the easiest and most inexpensive ways to update your home. It’s also crucial to great design and often overlooked. If you want to have a real advantage over your competition, focus on lighting.
Lighting needs to be functional in every space in your home. A dark room will never look its best. As a designer I always include 3 types of lighting into every space and this always creates a welcoming environment. Learn more about the 3 types of lighting that every room needs.
Once you’ve planned your lighting you can focus on the aesthetics. Be sure your fixtures are up-to-date. This is particularly true with the island, eating areas and living room. You can instantly update a worn out or dated space with new fixtures.
6/ FINISH THE BASEMENT
If the home has an unfinished basement it can be a deterrent to many busy families. The idea of buying a home with a big project and a big expense may end up costing you a sale.
Even if you don’t furnish and decorate the basement, adding drywall and flooring will instantly add space to the home. This can be another advantage over your competitors if you’re selling a home that appeals to growing families. Young families are particularly concerned with space and adding a finished basement will be a major feature that can end with a quick sale.
7/ EMBRACE SMART TECHNOLOGY
While this one may fall down the priority list it’s appealing to home buyers to see upgrades of smart technology. There’s tech designed to keep us safe like a front door camera but it’s also exciting to have technology that can adjust the temperature and lighting. These are some small upgrades that may set your home apart from others. When the market is competitive, it’s these small upgrades that make your home stand out.
8/ PAINT IT NEUTRAL
I always recommend painting a home before it hits the market. Unless you’ve painted within the last year, it’s an inexpensive way of giving your home a fresh look. You want to appeal to as many buyers as possible so use a neutral colour. Even though bold colours are trending right now, you’ll limit the potential of the home because not everyone is on board with deep colours. This is particularly true of cabinetry. While you may love a navy or forest green cabinet or island, not everyone will feel the same. Keep it safe and go for another trending colour, cream or beige.
9/ CONSIDER CLOSETS
Closet upgrades like custom shelving are ones that will tug on the heartstrings. Who doesn’t want to walk into a home and unpack with all the organizational storage possible. If you can only do a few spaces opt for the kitchen pantry, the hall closet and the primary bedroom.
When realtors talk about creating an emotional reaction to a home, this is an area that will do just that. An unfinished closet may not sound any alarm bells but when we see a home with finished, organized closets we feel that emotional connection. It may not be something we realized we wanted but now that we’ve seen it, we have to have it.
What if there are no closets or there’s not enough to be considered adequate to the size of the home? Consider installing built-in cubbies like the one above. This client upgraded the storage in their laundry room and instantly added space for wet and dirty coats and shoes. This is a great solution when you don’t want a mess being dragged into the main areas of your home.
I hope this helps you prepare to put your home on the market and feel confident that you’ll receive a fast offer. If you have a renovation or staging project you need help with, reach out to me. I’d love to chat with you about your upcoming project.
