Increase Your Home’s Value
With These Tips
When you’re looking to make upgrades to your home, it’s important to select enhancements that will boost your home’s worth. If you plan to stay, you certainly can add personal flair; however, if your long-term goal is to sell, it’s most beneficial to gravitate toward projects that pay off. Here’s some helpful advice to increase the resale value of your home.
Interior
While it’s essential to focus on renovations for key rooms like the kitchen and bathroom, it’s best to think about savings in the beginning. Consider investments in items like high-efficiency appliances, insulation, water heaters, and furnaces, which will create a lower cost of living. According to Consumer Reports, water heating in an ordinary home is about 16 percent of energy expenses.
Replacement windows are also important. It’s common to get back almost $9,000, depending on your location. Keep in mind that windows should welcome a significant amount of light—a wonderful feature that creates openness in the home. In addition to sunshine, track lighting also helps, especially in the bedroom. It’s a small change that can create a nice touch and a world of difference.
Finally, never underestimate the impact a good deep cleaning can have on potential buyers. If your home is for sale and you have showings lined up, put some elbow grease into your cleaning routine so that every surface, nook and cranny is spick and span. If you don’t have time to do a thorough cleaning yourself, consider hiring a reputable, affordable service to take on the task for you.
Exterior
Your home’s first impression is its curb appeal. Everything from the lawn to the front door and roof can make or break your home’s value. According to a survey conducted by The National Association of Realtors and the National Association of Landscape Professionals, upgrading your home’s landscape provides a 105-percent return on investment. With a return that high, you can’t afford to not make some improvements outside.
Start small with lawn care maintenance, and work your way up the ladder of projects. Add pops of color through flowers, and mix in some varying heights of plants to catch the eye and present a more polished look overall. Creating a focal point, like a walkway or a fountain, near the front of your house also creates value. A new garage and steel entry door are other good items to invest in since you can recoup more than 75 percent of the costs.
Don’t forget about the roof. Unsightly shingles not only look bad, but they’re also a huge expense for new homebuyers. If you don’t want to send your prospective buyers running in the opposite direction, bite the bullet and replace your roof. A metal roof can dramatically enhance your home’s overall appearance and help your property stand out. Plus, metal is longer lasting than shingles, meaning this material is an investment that your buyers will appreciate, and that can add up to dollars at closing.
Keep in mind that the majority of provinces don’t require roofers to have a license. As a result, you unfortunately open yourself up to more possibilities of losing money. Here are some ways to avoid all-too-common roofing scams.
- Know the materials of your roof and its full dimensions. By having this information, you can obtain estimates from several companies to learn the going rate for your roof replacement. It also will allow you to spot any low bids, which are generally an indication of a scam.
- Research companies. Well-known companies will provide verification of license and bonding. They’ll also have online reviews and a good reputation. Simply put: Anyone going to your home to solicit business is a red flag. If a company is doing well, it’s not going to send a door-to-door salesperson to your home to drum up business.
- Make the final payment after the job is completed. Many contractors will ask for a downpayment before starting a big job. This helps to ensure that the homeowner won’t cancel at the last minute, and provides the contractor an added layer of security as they invest in materials and labor for your project. Understand that this is common practice, and that Alberta requires licensed contractors to own a security bond to protect their clients. A reputable contractor will not, however, demand full payment before the job is started.
Whether you opt for major renovations or minor ones, any form of home improvement will increase the resale value of your home. If you don’t know where to start, take it one room at a time or make a list of projects you want to complete, and then set aside some time to do them. One of the easiest ways you can automatically add more value to your home is to keep it clean. But beyond that, a few landscaping details, a new roof, and open and inviting windows will also go a long way toward making your investment work for you at sales time.
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