The real estate business is quite lucrative. There are those that will build and sell. Others will build to rent. Today we are going to focus on the ones that renovate to sell. These buyers tend to have stayed in the house for quite a while and are thinking of selling it for one reason or the other. However, before you sell your home, you’ve to think about the best action that you could take to boost the value of the house.
It’s important for you to keep in mind that there’re many upgrades you can apply at any point in time, but not all of them will raise the value especially in the Penticton real estate market. This calls for wisdom and knowledge on which renovations could make the biggest impact on your home.
Renovations to Drive up the Value of your Home
1. Bathroom Remodel
One thing that you’ll notice about most home buyers is that the bedrooms and bathrooms are a big deal to them. Different houses are designed with bathrooms of different sizes. Furthermore, the more space your bathroom has, the easier it is to remodel it.
One particular point of focus that you need to begin with is the bathtub. Selling your house with an old battered tub could underprice it. You can get a tub replacement for a surprisingly low cost. Most replacements come with the floor and wall surround. You can also replace the sink, toilet, fixtures, and vanity.
A proper bathroom remodel should guarantee you a return of about 102% upon sale. In addition, you can also replace broken shower caps and handles, and repaint the bathroom walls with a fresh coat of paint.
2. Kitchen Remodel
If you happen to study buyer reviews in the real estate market, you’ll notice that the kitchen plays a major role when it comes to negotiations. Most home buyers like to have a spacious kitchen that won’t be too squeezed for the family when prepping meals and doing chores. A spacious kitchen also allows the home owner to easily entertain guests in this area.
In many house remodels, a kitchen upgrade could cost an average of $14,913 and could bring you a return of 98.5% upon resale. However, it’s important to note that overdoing the kitchen could make the entire house look off. Therefore, you have to be careful about you do the remodeling. You can go to the extent of redoing the walls, cabinets, fixtures, sink, and counter tops.
3. Spruce up the Exterior
One the very first things that make an impression to prospective buyers is the overall look of the house exterior. Having a dry garden and worn out awning could put off potential buyers. The same is true if buyers come through the front yard only to see long unkempt grass. It could cost you an average of $7,239 to do most of the external housing repairs and renovations. This could eventually bring you a return of 95.5%. You’ll also need to change the old colors if they look faded.
You can go an extra mile and include entrance columns that hold up a pergola. Just be sure to acquire the one that’s of the load bearing type. Moreover, columns made of composite fiberglass are known to be more durable and economical. Including any of these will bring the right charm to the house.
4. Attic-Bedroom Conversion
House buyers tend to be very choosy when it comes to bedrooms and bathrooms. This is mostly because they want to get a house that will fully accommodate their family’s privacy needs. It can cost you an average of $39,188 to covert an attic into a bedroom in a 2-3 bedroom family house. In addition, after the attic renovations, you could get a 93.5% return on sales. However, this percentage may vary between 105%-82% depending on different state laws.
This renovation is important because home buyers tend to use the new room as a guest bedroom.
Changing the interior and exterior of your house can do you a great deal in increasing the value of your home for resale. Furthermore, you have to make sure that what you spend on remodeling the house is returned in full so as to not make a loss. That means choosing quality and affordable materials for the remodeling.