If you’re thinking of listing and you want to update your home, consider these improvements.(1)
1. Hardwood floors
Wood floors are the most popular request from potential buyers because of their clean, versatile and timeless appeal. There are many hardwood and engineered hardwood options to fit any budget.
Cost to install: Hardwood and engineered wood run $4 to $6 per square foot, plus the cost of installation and the removal of existing floors and replacement of subfloors, if necessary.(2)
Whether you do a major overhaul or a minor update, it’s clear that buyers are looking for a neutral, soothing colour palette with modern materials and finishes. To update your bathroom before listing your home, select a basic white toilet, sink and shower, then add modern-looking fixtures and hardware.
Cost to install: Cost varies based on the extent of the work, but a basic renovation can run $10,000 to $16,000, including design, planning, materials and installation.(3)
If you plan to update your kitchen before you list your home, be sure to stick to a realistic budget. While a kitchen remodel has a high return on investment, it can also become very expensive. Choose modern, cost-effective options that look expensive. For example, composite, high-end laminate and butcher block look modern, but are more cost-effective than stone.
Cost to install: While cost depends on the scope of work, the average remodel is $24,912.(4)
4. An income suite
When done right, renovating a basement, loft or garage into a rentable living space can make your home more attractive to potential buyers. Some buyers seek out homes with income suites so they can generate income to offset their mortgage payments. Additionally, if it’ll be a few years before you list your home, you can generate income while you continue to build equity in your home. Just be sure to check with your local zoning laws before you undergo this type of renovation.
Cost to install: Total cost varies, but the average is about $24,000.(5)
REMEMBER: I'm only a call away and will always make time to drop by and provide advice on whether you should or shouldn't undertake any home improvement project(s).
1. HGTV Canada, Top 5 Renos for Return on Investment
2. HGTV Canada, Common Renovating Costs: Flooring
3. Canadian Home Trends, Bathroom Renovation Budget Breakdown, Feb 2015
4. Houzz, Renovation Across Canada