Attempts at increasing property value in BC is good practice because of the significant returns on investment. Here are a few things to keep in mind. home’s resale value in BC – or anywhere…
Assuming that you are considering increasing the property value in BC for your new home in the first place here are some tips to consider.
One of the most prominent contributors to the value of a house is the exterior landscaping of the yard and other outdoor living areas. That is why it is so critical to have it done by an experienced hand.
Outdoor landscaping projects can increase a property value by over 25%. Keeping the landscaping budget around 15% (value of the lot and building) is not an uncommon figure and is generally a good rule of thumb.
Planting trees is common for many outdoor landscaping ideas. Planting early allows time for mature shade-giving trees to grow and maximizes the investment. Pruning is also advised for added growth. It is no wonder that landscaping is among the top 3 renovation projects that provide the greatest return on investment.
Consider giving the home’s exterior and paved areas a run through with a power-washer.
Lawns that have been neglected can be a turn-off for potential home-buyers. Regular lawn maintenance is recommended. Other options are re-sodding or seeding.
Consider investing in new exterior doors/garage doors/locks. Faulty, worn-out, tacky door-bells, or unsecure door locks can be a deal breaker for someone who has security as a top priority for their family.
French doors are a popular investment for doors leading to the backyard as they add lots of light which in turn make the room appear larger.
Consider new flooring. A sample investment of $600-$900 on new flooring can give a return of $2000.
As for the interior you should remove anything that looks to be worn. This includes pet stains and any carpets that give off funky smells.
While it is generally more difficult to recoup investments for kitchen and bathroom renovations that does not mean they should be neglected. Salvage what you can and swap the rest. For the washroom a low-flush toilet (or just a new seat), new faucets, and fresh caulking isn’t a bad start. Smaller renovations such as refinishing existing cabinets or upgrading to Energy Star appliances are simple ways to freshen the place up. A focus on energy efficiency is commonplace for most current renovations as they help mitigate the impact of the rising cost of electricity.
Consider dimming lights for mood setting. Also consider installing energy efficiency lights and appliances in general.
When considering what type of paint to use many people recommend modern neutrals (such as grey or putty). It will vary depending on the type of home-buyer you may be trying to cater too. Avoid painting every wall bright pink simply because it is your favorite colour. It will look tacky and the prospective home-buyer will cringe. While the colour of a room makes a big difference in the overall look and feel, you may find the new home-buyer painting with a different colour on their own. Picking something that looks good simply helps move the process along that much quicker.
Adding storage space (getting creative by adding built-in storage or storage under stairways). These can be done by yourself relatively cheaply and save you some costs. Hilighting these spaces can be helpful when helping a buyer that is moving into a smaller home as they may not know how they will fit all their current possessions.
Creating a sense of space is a good practice in general.
No carpet – Go for hardwood. It is what most people want these days.
Adding a pool may be good for a luxury home. It may backfire on others as fewer people are looking for additional maintenance.
Consider adding lawn sprinklers – easier maintenance.
Don’t neglect care and maintenance of existing features of the home.
Any poor attempts at renovating might be nonsensical should a buyer decide to ‘re-do’ the ‘re-do’. Sure the house sold but the love for a poor landscaping job did not quite make the list.
Making a home in desparate need of a renovation into a good home is much easier than taking an already good home and making it into a dream home.
If you are looking to flip a home do so quickly. Any attempts to fix a unit and sell high may put you into a waiting game.
Make it a habit of assuming that potential buyers know everything that you are doing. Should you try to hide something the buyer may sense it and shop elsewhere. People tend to do business with people they know, like, and trust.
Hire a qualified home inspector for the peace of mind that you’ve taken all necessary steps and to spot anything you may have missed. Sometimes they will spot something just to show you they were doing their job. Like buying a used car the potential buyer wants to know that they and their family will be safe and that they are making a good investment – hopefully with no unwaranted surprises later on. Moreover, don’t take everything that the home inspector reports as a sign that you need to go back and fix it all. If that is the case you may never finish renovating.
Any experienced house flipper knows that once they’ve covered all of their bases that their only concern is sorting through the offers.
Know someone that can find a dark cloud in everything? Perhaps a perfectionist or someone that has a keen eye for detail? Ask them to walk around a newly renovated project with you. They should easily point out things that you may not have noticed. Refrain from hitting them. It is better that they ask you ‘what’s that?’ rather than the buyer pointing out all of the flaws during a viewing.
If all else fails…
Call WaterfallNow if you are looking for unique ideas for a new home construction project. WaterfallNow supplements your hopes of increasing property value in BC because people are more likely to buy a home that comes with stunning rock water features. Should you have a blank wall or area either on the exterior or interior of a home where a pondless artificial (faux) rock waterfall would look nice you may call us for a FREE estimate.
Check out additional tips here:
Home Improvement Projects: How to Get the Most ROI
Interesting Wallpaper ideas – Laurie Laizure of customizedwalls.com
The Renovations That Up Your Home’s Value (and the Ones That Don’t)