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How to Increase the Value of Your Home

With the housing market being unpredictable, you should always be prepared if you plan on selling your home. Ideally, you want to make a profit on your resale, and the best way to do that is to increase the value of your property. This does not necessarily mean you need to plan for an entire home remodel, however, updating a few areas can go a long way when trying to get a higher sale price, especially in a competitive market place

WHY SHOULD YOU CONSIDER ADDING VALUE?

There are many benefits that come with adding value to your property. For one, it increases the chances of your house being the top pick on the market, in which you will have no difficulty selling when it’s time. Getting rid of outdated items and appliances will not only impress buyers into purchasing your home, but it will also earn you more money than what you initially paid for the property. Researching past sales also gives you a general idea of what the real estate market is like and how you can implement those concepts in the sale of your property.

WHAT SHOULD YOU DO TO INCREASE VALUE?

The sooner you begin renovations, the more time you will have to prepare to put your home on the market. These are some of the ways you can increase your home’s value and overall appearance.

  1. Plan an Inspection - Before going through with any modifications, an inspection can provide insight, so you are well-aware of what needs to be changed to avoid surprises during a buyer’s inspection. Whether you do a check yourself or hire a professional, it is important to plan and not waste your money upgrading items around the house that are still current and in good shape. Nevertheless, talking to a professional will give you a better understanding of what buyers are looking for and how you can accommodate those interests into your own home. Mold, water leaks and an old roof are some of the concerns buyers have when purchasing a home.
  2. Repaint - Applying a fresh coat of paint on your walls, ceilings and baseboards can make a BIG difference in your home’s appearance. It might not be noticeable at first, but over the years, paint tends to fade. Some colours are also outdated and adding trendier colours can update your décor quickly and easily. Check out some colours at https://www.benjaminmoore.com/
  3. Update Your Kitchen - – It is commonly known that the kitchen is the heart of any home. So, ensuring all the appliances and cabinets are working properly is important, especially if you are considering selling. A kitchen renovation is one of the rooms that is worth updating and can become a feature that makes or breaks your deal. Adding brand new appliances and cabinetry also modernizes the room, making it visually appealing and functional.
  4. Change Up the Furniture - Switch up your old wooden nightstand for a mirrored desk to attain a look that is elegant instead of old and rustic. A new rug, updated cushions or new lamps are easy ways to update your décor. Fixing little things like, changing door knobs or cabinet doors can go a long way in how you present your home to potential buyers. You want to avoid an outdated look, keep it fresh and apply an occasional new décor element to keep the overall look current. Ikea and Structube are great places to find pieces that can update your home at a reasonable price. https://www.ikea.com/ or https://www.structube.com/
  5. Curb Appeal - Maintaining your home’s exterior, is equally important when planning a resale. It’s the first thing people see when they are visiting your home so regular yard maintenance is important. Trimming the grass and removing weeds creates a much more appealing exterior. For condo owners, planting flowers on your balcony improves airflow and adds natural décor. Keep outdoor spaces free of clutter and garbage. A well planned and kept outdoor space is easy for people to imagine themselves in and prompt them to be more interested in buying. It also increases the value of your home moving forward.

For more information about our realty services, visit our website and stay updated about new home sales and resales in the GTA.

Spectrum Realty Services Inc., Brokerage

8400 Jane Street Unit 9, Vaughan, Ontario L4K4L8
Email: reception@spectrumrealtyservices.com
Office: 416-736-6500
Fax: 416-736-9766

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 11/15/2018 1:14:59 PM