Despite the coronavirus pandemic, the Canadian real estate market continues going strong. In fact, according to a RE/MAX Canada blog, more than half of Canadians are confident that the housing market will remain steady throughout 2021—and average residential real estate prices are expected to increase anywhere from 4% to 6% this year.
What does this mean for you? If you’ve been toying around with the idea of selling your home, it means that now may be a great time to list. And if you’re serious about getting every last penny out of your home when you sell, there are some upgrades you may want to consider tackling before you put your house on the market. Specifically, these updates (along with great overall maintenance) come with a high return-on-investment (ROI) and can help to set your property apart from the competition.
Refresh Your Curb Appeal
There’s no overstating the importance of curb appeal when you’re trying to sell a home. After all, your home’s exterior leaves a vital first impression on potential buyers. In fact, one real estate study even found that up to 97% of buyers consider curb appeal important when shopping for a home.
With this in mind, you may have a hard time getting prospective buyers to show interest in your home if it doesn’t look well kept and inviting from the outside. The good news is that there are plenty of small and inexpensive measures you can take to optimize curb appeal, including:
- re-painting (or replacing) your front door
- refreshing your landscaping
- sweeping and staging your front porch
- power washing your home
Remodel a Dated Kitchen or Bathroom
Kitchens and bathrooms are among the most important interior spaces for prospective home buyers. If your home’s kitchen and/or bathrooms are dated, this could be a good opportunity to modernize things a bit. If full renovations are in your budget, that’s great. However, even if you have a very limited budget to update kitchen and/or bathroom spaces in your home, you can always consider:
- repainting or refinishing existing cabinets
- installing a new tile backsplash
- replacing a dated bathroom vanity and/or mirrors
- upgrading appliances and lighting
- installing new hardware, such as drawer and cabinet pulls
Even relatively small upgrades in these important living spaces can go a long way in increasing your home’s potential resale value and appeal.
Add Outdoor Living Space
If your home doesn’t already have a great deck, patio, or other designated outdoor entertaining space, consider adding one before you list. Today’s home buyers love spending time outdoors—and you can always enjoy this newfound outdoor space until the day you close!
From an ROI perspective, adding a new deck to your home can yield a return of up to 70%. And of course, there are plenty of ways to get creative with your outdoor space, such as by adding landscape lighting, water features, and more.
Hire a Professional Painter
A fresh coat of paint can go a long way in making your home appear more modern and refreshed. If it’s in your budget, you might consider having both the interior and exterior of your home professionally painted. After all, a new exterior paint scheme can really modernize your home and boost that ever-important curb appeal.
Even painting the interior of your home, however, can make a big difference. When choosing paint colours, try to stick to more neutral options that will be appealing to a wide range of buyers. And of course, if you can’t quite swing the costs of hiring a professional painter, you can always go the more budget-friendly route of doing a little DIY painting in the most lived-in spaces of your home.
Install New Flooring
New flooring can really breathe some new life into your home, especially if you have carpeting that’s seen better days or “dated” flooring in your main living spaces. Right now, hardwood flooring is a very lucrative option for potential buyers—but it’s also costly. For a more budget-friendly upgrade, consider wood-look laminate or vinyl plank flooring to achieve the same look that buyers will love.
The Bottom Line on Home Upgrades Before Selling
These are just a few high-ROI upgrades to consider before you list your home for sale. Ultimately, consulting with a real estate agent is the best way to get personalized advice on helping your home sell for top dollar. Looking for more guidance on protecting your biggest investment? We’re here to help, so reach out today!
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