Everyone knows that remodeling your home is the way to go if you want to increase its resale value. Or at least, they think they know that. Many people are stunned to find that the many thousands of dollars they paid out on those remodels didn’t pay back in dividends. Getting the right value for your home sale requires taking the right approach to upgrades. Learn which renovations and remodeling projects add the most value to your Maple Ridge real estate so you can get the highest sale value for the property.
Paying Back in Dividends
Too many people pay $20,000 or more for renovations on a house that just don’t pay out in the end. Don’t spend $10,000 on an appliance in a home that you’re only going to sell for $200,000, for instance, and don’t expect the money you put into your renovations to translate on a 1:1 ratio to your resale value. Focus on important and popular areas, and take what you can get. Doing it right will get you more money in the end.
Kitchen and Bathroom Remodels
There’s a reason why bathrooms and kitchens are the most popular rooms to remodel. These renovation projects are the best investments you can put into a house. Of all home improvement projects, these are the ones most likely to pay out. In one instance in Baltimore, a renovated bathroom that cost less than $10,000 paid back 182% of its cost when the house was sold.
These are rooms that people spend time in, and they’re the rooms that potential buyers prioritize when looking at your home. The nicer your kitchen and bathroom, the better your resale value will be. When improving these rooms, go traditional, natural and serviceable—wood-grain cabinets, stainless steel appliances, natural stone countertops. Focus on lighting and space: open floor plans for kitchens are all the rage!
Repair the roof—it’s that simple. If your roof is beaten up, you may have buyers come back at you demanding that you fix it anyway, and that’ll hold up your negotiations. Check on your furnace and air conditioning system. Make sure they’re clean and in good repair. If they’re not, consider replacing them with a newer model.
Outside, check your retaining walls and fix them if needed. If you have trees that are full of blight or overgrown shrubs, get rid of them or at least trim them back. Make sure everything is in solidly good repair. The basic maintenance issues are the biggest things that can cost your home in resale value.
Ask Your Maple Ridge Real Estate Agent
If you are thinking about reselling your home, one of the best things you can do is work closely with your Maple Ridge real estate agent. As agents, we will do more than get your house on the market and handle paperwork. We can advise you on the best way to stage your home and upgrades that will give the biggest increase in value. For more information or a home evaluation, give us a call today!