Renovating your home before you sell it, good move or bad? Renovation to boost home value.
Minor renovations such as patching a hole in the wall or repainting the walls are small and cost efficient changes that could help make your home more appealing to the potential buyer.
But if we’re talking about big changes we all need to be realistic about how much you should budget towards a home that you intend to sell. Excluding any major repairs that an older home might need, breezy old windows, dilapidated roofing, brown water tank (etc).
Major renovations for the purpose of reselling require a firm budget and a plan to maximize your return.
The decision to renovate your home is personal to your goals, and our advice, similarly, will differ depending case to case.
That being said, if you’re looking to maximize your home value, here are the 3 major renovations that commonly matter most.
Kitchen
If your kitchen is older, you’ll enjoy a good return from renovating it. This is our most straightforward ‘major reno’ on the list. It includes a new collection of cabinets, a new set of major appliances. Maybe some new flooring and a new sink. Our estimate for all of these items together can be roughly $10,000.
Income Suite
A huge selling point in the real estate market would be the additional income suite. Who wouldn’t like an additional source of income for their investment? Many detached homes will already include a finished basement area, so the primary renovation would be to ensure that the suite is also fitted with their own kitchen area, living area, washroom and laundry system.
The estimate for the addition of a kitchen and laundry system would be $12,500. But, if the basement is not already finished, the finishing can cost between $50-$100 per square foot.
Master Suite
A potential buyer will care about where they will spend most of their nights. So let’s get with replacing the ugly brown carpet, adding more lighting, installing beautiful closet shelving or perhaps a smart home system for convenience or increased security.
These additions alone could very well be the most cost efficient major renovation. Our estimate would be $5,000 to $10,000
BUT! If your master bedroom includes an ensuite, then we highly recommend that this bathroom be remodeled as well.
Prices for the bathroom to be remodelled may range wildly from $5,000 to anything upwards of $20,000 (which we would not recommend).
In any and all of these suggestions we recommend simple choices and a smaller budget. It’s easy to get carried away with a new vision of the project. But at the end of the day you are selling this home.
Work with a real estate group that can help you make the right selling decisions specific to your home and your goals.
