How To Boost ROI When Selling Your Home

How To Boost ROI When Selling Your Home?

Today’s homebuyers prefer move-in ready homes that require minimum or no additional work, and that’s why more and more sellers decide to renovate and upgrade their homes before putting them on the market. One of the biggest challenges for sellers is making sure the renovations generate the desired returns upon the sale. The ROI is not the same on all renovations, so sellers should carefully consider which upgrades make the most sense. Kitchen and bath upgrades usually have the most significant potential, but they may also be costly, so sellers have to develop a cost-efficient strategy to make it worth their while. Any reno project prior to sale should be intended to appeal to the masses, and here is how to make it happen.  

Focus On Selling Features Specific To Your Neighborhood

If your neighbourhood is known for big yards and outdoor life, one of your focal points should be creating a cozy and comfy outdoor corner. A covered deck, new stairs on the porch or paving the driveway are the way to go. Outdoor spaces can add up to 10% to the value of your home, especially in communities where every home has its own front or backyard.

Make sure to think about the kind of people who live in your neighbourhood, too. Do you live in an upper mover community? If so, your potential buyers will probably be families who need more space, so adding extra square footage or turning unused space into livable could be the right move. If you live in a condo, practical features and plenty of storage room will undoubtedly be high on the buyers’ list so that you may focus on clever storage solutions like built-in closets and furniture with hidden compartments.

Functionality before cosmetic changes

A well-maintained and highly functional home appeals to (almost) everyone. You probably don’t have to go as far as replacing the heating and cooling system, but changing the filters and sealing any air leaks should be part of the plan. Another thing to think about is high-quality insulation. Buyers love well-insulated homes, so make sure to invest in an extra layer in the attic and the basement. A safe and comfortable environment is what every buyer is looking for, and you cannot go wrong with minor maintenance tweaks.

Bath and kitchen renos don’t have to be necessarily costly.

These two hotspot rooms generate very high returns and are also among the costliest, so wise decision-making is strongly recommended. Covering the basics like the tiles, the countertops, outdated appliances and maybe a fresh coat of paint for the cabinets should suffice to accentuate the essential kitchen features and give it a new look. Always keep in mind that mild and warm colours are generally more appreciated by buyers. Use a similar principle in the bathroom as well. Focus on upgrades that are not too expensive, but that will light up the room, like a new vanity or/and new stainless steel faucets.

Harmonize the reno works

The entire home needs to look good and not just certain parts in it. If you overspend on one room and neglect the rest of the home, it won’t send a good message to the potential buyers. The rooms need to harmonize with each other and stay true to the style and design of the home. Don’t go for a luxurious look of just the kitchen or just the living room if the rest of your home is relatively modest. Singling out rooms during renos won’t generate the desired results, so make sure to treat your home as a whole. If you are interested in more tricks on how to sell your home, the market in the GTA in general, or you have some questions, contact me here.