There are myriad ways to make your home more valuable to homebuyers, but a few things you can do are basic – declutter, paint, make repairs and deep clean. If you want your home to sell at the next level, you’ll have to make home improvements. These will cost some money up front, but you’ll get it back and more at resale – if you make the right investments.
The housing market has been less over the past 12 months, which has given homebuyers more time to think about what they want in their next home. Home sellers should concentrate on investing in lifestyle trends such as efficiency, convenience, health and well-being, and flexibility in order to please both themselves and future homebuyers.
Add a basement apartment. It’s no secret that the cost of owning a home has increased significantly over the past several years. With prices and interested rates both on the rise, homeowners are often left “house poor” with high monthly carrying costs. A basement apartment represents one of the safest and highest returns on investment you will find in real estate. A basement apartment can not only help a homeowner offset a significant portion of their mortgage but will add significant value to the property.
Basement apartments also offer the homeowner the flexibility of either using the space themselves or for their family, or as a means of generating rental income.
While a basement apartment isn’t attractive to all buyers, specifically in the luxury buying space, as a general rule it will be attractive to a wide range of buyers.
Build a laneway house or garden suite. Recent policy changes have made it easier than ever for homeowners to qualify for a laneway house and garden suite. These secondary properties maximize the use of your land and can generate incredible cashflow and return on investment for homeowners. As the is the case with a basement apartment, a laneway house or garden suite can add significant value to your home by adding rental income to the potential of the property. While they are more costly than a basement apartment, they still offer incredible return on investment as well as more space and privacy.
As is the case with a basement apartment, a laneway house or garden suite can offer a homeowner the flexibility of using the space themselves or for their family, (multi generational living) or as a means of generating rental income.
Invest in efficiency and lower cost of ownership. Energy conservation features can have a significant impact on a home’s value as well as its ongoing carrying costs. There are a number of government programs and incentives available to homeowners to help them invest in improving the efficiency of their homes. The Home Energy Loan Program (HELP) allows Toronto homeowners to borrow up to $125,000 to cover the cost of home energy improvements.
Triple pane windows, led lighting, tankless hot water heaters, heatpumps and smart thermostats are all easy and effective ways of lowering your energy bills and significantly cutting energy costs over time.
Make your home smart. Smart thermostats, plugs, lights, camera-based security systems, music systems, window treatments and other technologies can make a home safer and more enjoyable to live in. Smart appliances like refrigerators, for example, can alert homeowners what needs to be picked up at the grocery store and smart stoves can make cooking a breeze.
In short, smart technologies can reduce energy costs, make homes safer and more convenient. Upgrading your home to a smart one can be relatively inexpensive but can make a big impact.
Upgrade your outdoor living space. The pandemic made homeowners truly realize the importance of their outdoor spaces. Outdoor kitchens, built in barbecues, pizza ovens, fire pits and professional landscaping can all significant value and appeal to a property.
Privacy is also critical to a luxurious outdoor environment. Fencing, hedges or a private pergola are all ways of creating a space that feels personal and private.
Spa like bathrooms. Stunning bathrooms are one of the most valuable and sought after features in any home. Skylights, heated floors, high-end stone or marble, soaking tubs and walk-in showers can all significant value to your property.
Dressing areas. Walk-in closets are a luxury that more and more buyers and demanding in their homes. A master suite closet should be large enough to accommodate storage for suitcases; a place to select clothes and dress comfortably as well as to organize shoes, bags and more. Good lighting and floor-to-ceiling mirrors are also critical to creating a space that wows and adds maximum value to your property.
Chef’s kitchen. A kitchen is often the place where people spend the most time with one another. Stats show that upgrading your kitchen is one of the most effective ways of adding value to your property. Luxury kitchens have beautiful cabinetry; integrated appliances, large islands and pantries. Features such as a double sink, wine fridge, heated floors and instant hot water will also help set your home apart and add value in the eyes of most buyers.
Paint. It has been proven time and time again that a fresh coat of paint both inside and outside the home offers the easiest and highest return on investment compared to any other home improvement…it’s just that simple. When choosing a colour that will add maximum value, less is more.
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