If you want to maximize your returns when you sell your home, especially in the Greater Toronto Area, a great idea is to renovate it. However, this can also easily backfire. There are many different ways to renovate your home, as always some of them can be quite expensive. To maximize your returns, it’s all a matter of narrowing down the renovations that matter and which ones aren’t really going to help (or you may lose money on).
Avoid Fads & Quirks
Fads fade, and could actually cost you more money than they’re worth. Sticking with the classic options and sometimes even going with trends can be a much better idea. The reality is that you don’t want to impose a specific style on the buyer. A better strategy is to give them a blank slate so that they can impose their own vision on the place. If they want to avoid the extra work, offering a classic renovation without many major changes is the best option. Buying into fads, and imperious ideas could actually lower the price of your home when you sell.
Keep everything airy and light
The truth is that you do want to keep everything on the lighter side within your home. Avoid over encumbering the design as it can make the place feel smaller and less impressive to perspective buyers. Keep the colors light, any builds unsophisticated, furniture to a minimum. You want to go for stuff that’s actually simple, convenient and easy adaptable to everyone’s needs.
Try to not include eccentric home décor
As we said earlier, going on a certain niche with your renovation can backfire. You want to keep it simple. Eccentric home décor can be great, but it’s definitely not for anyone. Instead of making your home easier to sell, it might actually have the opposite effect.
Stay away from custom items
The same thing can be said about custom items. Having items built on purpose, like a piano room, a gym, all these things can actually end up being a problem. Some people don’t like, nor want custom items. That’s why it makes a lot of sense to keep clear of these things, buyers could demand a price reduction in order to then demolish and remove these unneeded items.
Do some basic landscaping
Yes, basic landscaping can drastically improve your home, and raise its listing price. Remove weeds and ensure that you have an overall presentable on all external areas, as it might just be that point that helps you sell your property.
Do minimal kitchen and bathroom renovations
Moving things around and making some minor changes can help quite a bit. Repainting, refacing, changing lighting and knobs can be a great starting point. Again, the focus is to not go overboard, as its often not necessary and can result in lost when you do sell. Remember, buyers may care if you put in new appliances, but they certainly won’t pay you full price for them – especially if they’re not exactly what they’re after.
As you can see, renovating your home can be great, and sometimes it might actually increase the value of your home. At the same time, if your renovations are too niche, or poorly planned – you could actually end up losing money. Make very small changes that have big affects.