If you’re planning to put your home on the market, it pays to make sure you’re maximizing your equity. Taking on a large-scale remodelling project can boost your home’s value and make it more appealing to buyers but it can also break the bank if you’re not careful.
I’ve got 5 strategies that you can use to boost the value of your home without putting yourself in the poorhouse.
Landscaping: Cost $500 – $2,000. Return: $5,000+
With homes, as with people, it’s hard to shake that first impression. Your front yard is your home’s first introduction to potential buyers and it can colour the rest of the experience.
Painting wood panelling. Cost: $300. Return: $2,500+.
Many people know that a fresh coat of paint can give a home an essential facelift. That effect, though, is even more dramatic in those old Canadian homes that feature dark wooden panelling.
Cover wainscoting and crown moulding in white and watch the magic happen. Dark, outdated-looking rooms suddenly appear bigger, brighter and breezier.
Painting kitchen cabinets. Cost $500-$750. Return: $5,000+
Is your kitchen stuck in the 1970s, with their brown cabinets and avocado-green appliances? One effective, low-cost touchup is to paint over the cabinets in lighter, more modern shades, said Pasalis.
Also, be sure to replace those squeaky hinges with some new hardware.
Updating bathroom fixtures. Cost: $500-$750. Return: $2,500+
This is the low-cost take on the bathroom makeover: take out those old brass faucets and replace them with the shiny, stainless steel variety.
You can also brighten up the bathroom with upgraded lighting and a light paint job.
Finally, you’ll be surprised what a difference new knobs can make. Splurge on some designer handles to turn a cabinet from “old” to “antique” or to add some flair to your Ikea furniture.
Exterior painting. Cost: $750. Return: $5,000
This is absolutely necessary if there are cracks or paint chips flaking off, said Pasalis.
But even if your exterior walls are in fine shape, you might want to consider a trendier colour combination. Have a walk around your neighbourhood and see if you can find any recurring colour patterns among newly renovated homes, especially those that were revamped by experienced contractors. If you do, take note and replicate.
Whats On The Market Now?
It’s always good to compare your home to what’s currently on the market. Review the current MLS listings in the area here: http://homes.deannearnold.ca/i/houses-for-sale-yorkton-sk