If you plan on selling your home in the near future, now is a great time to consider doing some upgrades to increase its selling price. While this may require an initial investment of time and money, it'll be more than worth it in the long run when you recoup the costs and then some.
In order to help you, we've come up with a few key places where your hard-earned upgrade dollars are sure to pay off the most.
1. Do Some Extra Yard Work
Home buyers form their first impressions of your home before they’ve even walked through the front door. Giving your property a facelift will go a long way to ensuring a good impression - and this means going over and above your basic lawn maintenance. Consider doing some of the following:
- Paint and repair fences on your property - this includes entry or exit gates as well.
- Replace unruly shrubs with floral plants that will add colour to your yard.
- Repair any cracks or holes in your driveway or walkway.
2. Create An Enticing Exterior
There is a lot you can do to the exterior of your home to bump up its value. Some of these things may not seem all that enticing at first, but they will increase your return on investment:
- Replacing the exterior siding can alter the entire look of your home simply by changing the colour.
- If you own an older home, consider painting it to breathe new life into its outward appearance.
- Replace existing windows with new energy efficient windows. Saving the future homeowner money to heat their home has tremendous value.
- Re-shingling or repairing the roof is important and is often a big sell for prospective home buyers.
3. Beautify Your Bathroom
It’s been said that remodelling bathrooms brings the highest rate of return on your investment - but this means more than just a fresh coat of paint. In order for it to pay off, a remodelled bathroom should include a new tub, tile, floor, toilet, sink, mirror and fixtures. If you’d prefer not to go all out with the upgrades, you might consider re-grouting your tiles, re-caulking, re-glazing your tub (and that fresh coat of paint, of course).
4. Modernize Your Kitchen
Because this is a room where homeowners will spend a significant amount of time, you’ll want to give your kitchen some special attention. The age and decor of your kitchen will determine what upgrades need to be made.. There's no need to change the floor plan of your kitchen - simply upgrade what you have. Consider installing new cupboards, sinks and fixtures, as well as countertops. When your home sells quickly and for top dollar, you’ll be happy you put the time and effort into this room.
5. Update The Living Room
The great thing about updating your living room is that a little will go a long way! It could be as easy as changing some of the decor, such as throw pillows, drapes or lamps, or as extensive as installing hardwood floors and painting the walls.
6. Finish Your Basement
A well-designed basement can make all the difference in a buyer's mind. You'll also benefit from a nice increase in the selling price of your home. If your basement is unfinished, consider installing carpet and adding drywall to the outer walls at minimum. If you already have a finished basement, consider adding a bar with a kitchenette so the basement appeals to those who love entertaining.
7. Replace the Outlets
This is a small and easy fix that gives you the opportunity to wow potential home buyers. Replace some of your old electrical outlets with ones that include USB ports for charging phones, laptops, and tablets. In today's tech-based world, it's sure to be appealing.
8. Build a Deck or Patio
Improving the aesthetics and functionality of your backyard will also increase the value of your home. Consider building a deck or patio and adding some nice outdoor furniture. If you already have one or the other, make sure it's in good shape and repainted if necessary.
9. Install Central Air Conditioning
Although Edmontonians don't generally think about air conditioning while trudging through harsh Alberta winters, it's a huge selling point during the summer months. If you live in an older home, consider installing central air conditioning; it will put your home on a level playing field with newer homes and will make you more competitive than those who don’t have it installed.
10. Get A Pre-Inspection
If you’d like some help determining where to put your upgrading dollars before you sell, consider having a pre-inspection done. By having a professional inspect your home prior to its sale, you’ll learn if there's anything that could affect the selling price or keep it from selling at all.
By upgrading the look, feel, and efficiency of your home, you'll be sure to increase its selling price and get a large return on your investment. For more great tips on selling your home, be sure to read our post on 5 Ways to Sell Your Current Home Fast and For Top Dollar.
