Increasing the Value of Your Barrie Area Home
For those looking to put up their Barrie area home for sale in the near future, renovations may be a worthwhile investment. Enjoying the upgrades in your house always has a positive emotional payback which is clearly a quality-of-life bonus! Here are some helpful things to consider when planning your next home-improvement project.
The Appraisal Institute of Canada gives theses estimates for the range of returns one can expect for thier investment in home updating projects:
- 75 - 100 percent back for kitchen and bathroom renovations
- 50 - 100 percent back for painting projects
- 50 - 75 percent back for a basement recreation room (where finishes are comparable to the rest of the home)
- 50 - 75 percent back from window and door replacements
- A maximum of 40 percent back from swimming pool installation
- 25 - 50 percent back from landscaping projects
Before taking on any home updating project, one should consider other aspects of the investment and make some logical decisions. For example, the general upkeep and maintenance of existing home features is more important than installing new ones in other areas of a house. Fixing a broken light fixture that is taking away from the initial appeal should take priority over updating another feature in the same room of the house.
Another thing to consider is the type of neighbourhood you live in and what potential buyers will be looking for. For example, If you live in a community predominately made-up of seniors and downsizers, adding a basement recreation room may be less valued than other main floor improvements.
The latest trends are leaning toward hard surfaces for flooring versus carpet, especially throughout the entire home as opposed to just one room. If hardwood flooring is not an option, high quality laminate may be a good alternative and is easy to maintain. Ceramics in the bathrooms and kitchen area are also a possibility. Many buyers are also looking for houses that are "move-in ready" . A house in need of work may add undue stress and cost for potential buyers, especially those who are not handy or are stretching to buy a home like yours.
Upgrades that don't stand out may still be beneficial if they put the buyer at ease, for example, recently replaced shingles will look great on a listing description. Potential buyers know this is an expense they will not have to incur if they buy your home, and it could allow them to justify offering a higher price for your house. The time and energy you invest into making your home "worry free" for the next owner will likely be rewarded with a better price, and a faster sale. Convenience is something many buyers are willing to pay for due to the fast-paced world we live in today.
You cannot control neighbourhood influences in the same way you can affect the perception of your own home. However, a tall fence or privacy screen may be of use if you feel like your neighbour's unkept lawn will be a negative distraction to potential buyers. Frosted glass treatments may help for windows that look into the house beside yours. Even in attractive neighbourhoods, fenced and gated backyards typically add value to a home as buyers will appreciate the privacy it affords, as well as, a safe environment for children and pets.
When deciding which project to pursue first, determine if there are any available tax credits or rebates from the government. For example, energy efficient renovations typically have some form of credit.
When a renovation positively affects the overall "feel" of your house, it may allow it to sell faster. This can eliminate the negative effect that a lengthy "time- on-market" could have on your home's ultimate selling price.
Even minor improvements, such as new hardware on old doors, sinks and cabinets can give your home a more updated feel while being relatively inexpensive and make it more memorable to prospective buyers.
And finally, the money you expect to receive from home renovations should not be the only factor when planning upgrades to your house. Quality of life and enjoying your house when it is "dressed for optimal personal enjoyment" will benefit you and your family, as well as, anyone who may buy your home.