For most home owners, adding value to their home with renovations is important. Also, as homeowners, we all want the best value for our dollar. Therefore it is important to think before you start your renovations. Why do you renovate? Will you enjoy your home for many years to come, or will you sell your home sooner rather than later?
Here are a few renovations that add value to your home.
Bathrooms are very important to home buyers. And yes, still out there in Calgary are the pink and blue bathtubs. A large budget is not by definition, necessary when renovating your bathroom. There are many alternatives out there that still look good. Of course, most people love the fancy spa type bathroom. You may be able to look for products on sale. The bathroom is a smaller place in your home, so you can buy the last sink in stock and the last set of tiles. Keep colors neutral, as those don’t ‘age’ as quickly.
We believe that the kitchen gives you one of the highest returns on your investment
Hardwood floors are definitely the most popular
One of the simplest changes in a home is changing the hardware and fixtures. We like those ‘lipstick’ renovations. Replacing light switch covers takes a few dollars from your wallet but really upgrades the look. Faucets, a new sink, a new toilet and new handles on your kitchen cupboards are fairly inexpensive but add good value.
Painting is often under-estimated. It takes time and work, but is well worth it when you do it right. When you paint your home for resale, chose lighter and more neutral colors. If the children’s rooms are bright pink and blue, consider painting those before putting the home on the market. The fewer renovations that the potential buyer has to do before moving in, the easier your home will sell.
Income suites are liked by many investors. These also may give more families a chance to buy a home, because they can obtain some extra income. BUT: In Calgary, most rented suites are illegal! To make a suite legal, it comes with many rules and regulations in Calgary. If you put money into creating a suite you will certainly add value to your home. Some sellers decide to market the home with a ‘mother-in-law suite’ or ‘non-conforming suite. Those terms are not official terms and therefore officially illegal. In a nutshell, know what you are doing before you start getting the hammer out to turn your basement into a rental suite. Read more about secondary suites in Calgary.
Don’t overspend on renovations when you think about selling
And open your door to a welcoming space. When you want to sell your home, de-cluttering and cleaning your home gives the absolute best bang for your buck.
All sold data, including home features, number of days on the market and the ratio list price vs selling price. Sold data is a great way to understand the real estate market in your community.
To learn more about Calgary’s real estate market you can visit our statistic page or you can visit the live statistics from the Calgary Real Estate Board.