When you decide it’s time to sell your home, you may consider making some changes before listing. A wise investment of time and money can drastically improve your potential resale value; however, a good plan is vital.
You may believe you are the master of your own renovation, but that may not be the case. Reno’s can develop their own inertia. Things often grind to a halt as each decision can lead to new a dilemma, an unintended consequence or an unexpected outcome. This can result in delays getting listed and missing out on a great market.
Here are a few renovations that I believe make good financial sense, providing a nice return on your investment at the time of resale — and a few that don’t.
Good Resale Value Projects for Muskoka Homes
Kitchens.Updating a tired old kitchen is one of the wisest methods of increasing the value of your home. Keep in mind when planning a kitchen reno, making design decisions, or selecting plumbing fixtures, appliances, cabinets and countertop materials that your choices should appeal to the largest segment of the market and not personal preferences.
Remember, using the existing kitchen layout and affordable cosmetic materials is a sure way to keep the cost of your kitchen reno manageable. When you start tearing out walls, bumping out the exterior home footprint to gain a few feet, and moving plumbing fixtures and appliances, the cost of the job will jump and your return on investment dollars will diminished.
Bathrooms.Home buyers notice bathrooms, and although all the bathrooms are important, a priority should be placed on the master bath, followed by the guest bathroom/powder room and any other secondary bathrooms.
The same rules apply to a bathroom remodel as to the kitchen. Cosmetic changes are safer from an investment standpoint than modifications involving changing layouts. Again keep the permanent pieces neutral so they appeal to a wider audience.
Master suites.As home buying decisions are in the hands of adults, and adults care about the environment where they sleep, updating a master bedroom or remodeling and adding a new master ensuite can be money well spent. Buyers will picture themselves living in their private space especially if they have children living at home or plan to have a family.
Curb appeal.Very often this is the best project for a return on investment. You have heard not to judge a book by its cover, but smart money recognizes the cover’s value. Your front elevation (unless you are on the water) is more than just a first impression. It’s the only impression available to just about all your home’s potential buyers.
The good news is that there are numerous affordable projects that can improve curb appeal. One of the first things buyers look at is the roof. If it’s in poor condition, it can be perceived as an indication of the overall maintenance of the home. It may cost less to have it done before listing than what you might lose in the negotiating process of an offer.
Repainting is another low-cost, high-impact improvement. Even a professional cleaning of the exterior siding can make a considerable difference.
Cleaning out overgrown brush and making a few new planting additions to your landscape can go a long way toward improving curb appeal at a very low cost.
Costlier changes such as replacing old windows or an aged entry door are things that potential buyers will notice and value too.
Poor Resale Value
Garages. Adding a garage or insulating an existing one are great ideas, but only if you plan to stay put. Unless you are a great handyman and have access to inexpensive materials and labour, these changes won’t generally pay for themselves if you plan to sell soon.
Pools. Backyard pools are loved by many, and while this appreciation is well founded, they should be constructed for their many virtues that are NOT investment related. Here in Muskoka, it is unlikely to pay for itself in resale value. Many buyers perceive a pool as a negative maintenance expense.
Home theaters/kids’ spaces. No, I am not trying to be the Grinch but there is no assurance your home buyer will be ‘into’ movies or have children living at home. Adding that rock-climbing wall or screens, projectors & speakers might represent unwanted expense to buyers who see this space better used for something more suited to their family.
Removing features.Do not remove features for investment reasons unless they are truly an eyesore or a safety hazard. If you never use the fireplace in your basement, removing it might make perfect sense to you, but the next homeowner might wish it were still there, and the money you spent demolishing and reworking the space will not be reclaimed.
Wine rooms.These are definitely trendy and will almost be expected in large high-end homes however; in a typical Muskoka home they will not add value to the resale.
I am always happy to answer questions and help with recommendations. If you are thinking of reselling your Muakok home and would like some advice on the best ways to improve your resale value, just give me a call!