In Toronto, the majority of 2021 has been a seller’s market where there is more demand for homes than there is supply. With the increased competition to buy a home, there are many home improvements that increase value of your Toronto home so that it can sell for top dollar. If you are looking to sell your home, maximizing the value of your property is crucial. Renovating before you list your home for sale can help it look and show its best to potential Buyers, and stand out amongst the competition in your area.
Whenever we have a client that is looking to sell their home with us, we help guide them towards helpful and cost-effective renovations that can be done before listing their home. Making sure you invest in practical renovations that produce a high Return on Investment is essential. If large home renovations don’t fall in your budget, there are many small improvements to increase home value that can be done as well. Trust us, even a simple paint job can go a long way. Home renovations help make your home look newer and cleaner to potential Buyers.
Here is our list of the best home improvements to increase the value of your home:
Finish the Basement
One of the best home renovations for resale properties is finishing the basement. By finishing your basement, you can stand out in comparison to homes around you because there are Buyers that actively seek homes with finished basements. In a competitive market like Toronto, your home can really stand out among other homes listed for sale when you have a finished, functional basement.
When you finish the basement in your home, the added living space can attract more home Buyers than if your basement is unfinished. If you turn your basement space into a spare bedroom with a full bathroom and kitchen, it can be another way of making money as you can convert it into a rental unit and a steady source of income. For home Buyers looking to make an additional source of income, a finished basement will be very attractive.
Renovate the Kitchen and Bathrooms
Kitchen and bathrooms are the most popular home renovation projects and can increase the value of your house dramatically. You spend a majority of your time in both of these spaces, so ensuring they look their best is crucial when you are looking to sell your home. Home renovation projects like putting in stainless steel appliances or even painting kitchen cabinets can help increase the value of your home.
The kitchen is the focal point of the home, and where families spend a large amount of time. Having an outdated kitchen can really hurt the value of your home when putting it on the market. If you have the budget, kitchen renovations such as changing the tiles, refacing old cabinets, and using energy-efficient appliances will help increase the value of your home. If large renovations are out of your budget, there are other small kitchen improvements that you can use to increase the value of your home such as swapping out your hardware, updating the lighting, or painting your cabinets to something more modern.
For bathrooms, Buyers like to see new bathtubs, sinks, and tile floors. Again, a renovation can be cost-friendly, you don’t have to make huge changes to your bathroom to improve its look. Some bathroom renovation ideas include new plumbing fixtures, vanity upgrades, a fresh coat of paint, new flooring or energy-efficient updates. Old plumbing fixtures can instantly date the bathroom, so upgrading them can make a space look modern and more inviting. Small improvements to increase home value that can be done as well. One of the simplest, most cost-effective improvements of all is paint! Freshly painted rooms look clean and updated — and that spells value. When selecting paint colours, keep in mind that neutrals appeal to the greatest number of people, therefore making your home more desirable.
This can be a budget-friendly renovation as swapping out things like the faucet or a shower-head does not have to be ultra-expensive. Just make sure your fixtures match the style of the room. If you have a little bit extra to spend, you can consider upgrading your entire vanity, which includes cabinets and sinks. Marble and granite are top picks for a lot of home Buyers, so opting for something modern can really help increase the value of your home. You can also optimize your shower, sink and toilet to be low flow which will mean less water usage and more savings on a water bill. This can be a strong pull for many home Buyers so if you are changing fixtures in your bathroom, go for ones that add more energy efficiency.
Improve the Curb Appeal
Improving curb appeal can help make a great impression on potential Buyers. This can include landscaping, a new paint job, pulling weeds, and upgrading your garden. When you’re selling your home, your curb appeal could add tens of thousands of dollars to the value. It’s the first thing prospective Buyers see when they approach the house, so ensuring your home is shown in the best possible light is very important. Home renovations like replacing and painting windows and doors can drastically change the outside area of your home.
When you work with us to sell your home, we have a team of trusted professionals who take care of everything your home may need before selling. Whether it is painting the interior and exterior of your home or bringing in our team of trades professionals for some repairs, we have you covered. We understand how important the sale of your home is, and we ensure a stress-free process for our clients. You can always try a free home valuation to see how much your home may be worth if you are thinking about selling. Working with a great Real Estate agent can help you stage the interior and exterior of your home to make the best first impression.