Top 5 Updates To Increase Your Property's Value

By: J&C Toronto Real Estate Group

Top 5 Updates To Increase Your Property's Value

Tags: Selling, Real Estate, Renovations

Is it worth it to update your property before selling? Because every property is different, there is no easy answer to this age old question. Depending on the age and condition of the home, costs can vary significantly, depending on the type of updates. Budget conscious homeowners will want to know which updates will give you the most bang for your buck.

Contrary to what you may have seen on HGTV, not all renovations will net you a positive return when you sell your property. However, if you're planning on selling your home, it's essential to make sure that it's in top shape to impress potential buyers. While shopping for properties with our buyer clients, we see what type of properties and updates they are drawn to.

Keeping all of these things in mind, and in no particular order, here are our top five updates to consider before listing your home.

1. Bathroom

You may have heard the old adage that kitchens and bathrooms sell homes. If your bathroom is outdated, it can turn potential buyers off. A sparkling bathroom with clean lines will charm open-house-goers. If you are able to, consider modern upgrades like a double vanity and soaker tub. For a small to medium sized bathroom, replacing your tub, toilet, vanity, floors, and tiles, can cost $15k-20k on average, but it's worth it since (according to HGTV) it can give you the highest return at resale at 102%. If you don’t have the budget for a full on renovation, simply updating your bathroom mirror and adding new accessories can make a big impact. At the very least, remove that old caulking and replace it with a fresh bead. According to a few DIY YouTubers, if you can decorate a cake, you can re-caulk your bathtub and sink!

2. Kitchen

The kitchen is the heart of a home and it's where most families spend their time. Buyers are willing to spend more on a home with a modern and updated kitchen. However, you don't have to complete a full kitchen renovation if you're on a tight budget. Repainting your cabinets and changing the handles and knobs can be an affordable way to update your kitchen. If you're looking to invest more, consider new and improved appliances, countertops, and backsplash. These updates can help your home stand out from others in your area.

3. Floors

Flooring is another area where buyers pay close attention. If your floors are in rough shape, mismatched or outdated, it can make your home feel less inviting. Consider upgrading your floors with a new material or colour that can complement your home's style. Wide plank flooring is a popular choice these days, and herringbone patterns are becoming more common in luxury homes. If you're on a tight budget, vinyl flooring is a more affordable option. Vinyl is also extremely durable and is great for basements and homes with pets!

4. Painting

A fresh coat of paint can make a significant difference in how your home looks and feels. It's one of the most cost-effective updates you can make before selling your home. Painting your walls with light and neutral colours can make your home feel more spacious and inviting. If you'd like to add some personality to your home, consider adding a feature wall with a unique colour or pattern. Just remember to avoid too many dark colours that may end up making your home feel smaller. (?? Interior painting as needed is included in our services when selling a home. Before making the decision (and investment) to paint your home, be sure to ask your Realtor if painting is included in their service offerings)

5. Light Fixtures

Dated and dim light fixtures immediately detract from other aspects of a home. Lighting in the front entryway is especially important as it sets the tone and flow for the rest of your property. Updating your lighting fixtures can modernize your home's appearance and create a bright, sophisticated feeling. Lighting fixtures and hardware complement your home's style and can be a simple, easy and affordable update to make. Consider replacing outdated light fixtures with more modern and sleek designs. They're capable of making a big difference in how your home looks and feels, especially when stylishly staged ??.
Remember that not all updates require a significant investment. Focus on the areas that draw the most attention. With simple changes (like the ones we've mentioned), your home will stand out from the competition, attract more potential buyers and may help you sell faster, for more*! (*than what it would without the updates)

Not thinking of selling your home anytime soon? Why wait until you're considering selling before making your property shine? So many homeowners wait until they're preparing to sell to improve the appearance of their property, never having the chance to enjoy the new and improved version of their home. 
Would you like more information on how we can help you update your home?
Have any Real Estate related questions?
We're always here to help.
-- J & C Toronto Real Estate Group