When thinking about how to add value to your home and increase ROI, sometimes it’s better to think small rather than big. Sure, a full kitchen reno would be nice, but there are plenty of more-economical upgrades that can bring up your listing price. Armed with just $1,000, here are five renovation ideas that will increase ROI – and the likelihood of a quick sale!

Shut the Front Door!

We all know first impressions are important, so the first step is making sure your home’s front door is in tip-top shape. You can do this by replacing the door outright ($1,000) or repainting it ($75 for paint and tools).

Rolling up your sleeves and pulling out the sandpaper is definitely the most frugal option if you’re up for it. Opt for a bold colour that will stand out from the street and add curb appeal, such as ruby red or yellow. Also, look for an easy-to-install decorative door knocker to give the door an elevated, decorative vibe. If the door needs more than a coat of paint to revive it, spending extra replacement cash will pay off. Installing a brand new front door — especially a steel one — can increase ROI by thousands of dollars.

Totally Floored

If your home has outdated flooring, such as wall-to-wall carpet or linoleum, bring it into the modern age. Talk to your local flooring company about how much square footage they could replace, staying within your $1,000 budget.

There are some surprisingly cost-effective options out there thanks to material advances, such as tongue-in-groove laminate wood or eco-harvested bamboo. New flooring is always appealing to prospective buyers because it gives the house a clean-slate feeling. In fact, a new floor could increase ROI enough to double your original cost when pricing out your property.

Brass Tacks

Look around your house and if you spot the shine of 1980s brass fixtures, replace every last one of them. This once-popular faux metal makes a home look instantly outdated and, well, cheap. In fact, if any of your home’s knobs, pulls or faucets are older than 10 years, now’s the time for an upgrade.

Ranging in price from $2 to $50, look for brushed nickel, oil-rubbed bronze or black or white fixtures – and keep the same treatment throughout. Even if the items they’re attached to are a little worse for wear, new hardware will instantly increase ROI.

Bright Ideas

To showcase your home in the best light and increase ROI, consider installing new overhead light fixtures throughout your home. Creating a cohesive lighting plan by matching fixtures and shades, and adding floor and table lamps will catch the eye of discerning buyers.

With a revamp budget of $1,000, set aside $100-$200 per fixture and $10 per room for packages of soft, incandescent light bulbs. Also, replace standard light switches with energy-efficient dimmer models ($10-$20). Cutting utility bills is important to buyers.

Deep Clean

Though it might be hard to believe, cleaning the front of your home could increase its value by several thousands of dollars. Renting a power washer can cost less than $100 per day, allowing you to remove dirt and mildew from top to bottom.

If you have no interest in getting down and dirty, hiring a house maintenance company will probably set you back around $200. Go the extra mile — and increase your ROI — by also repainting the trim and fascia boards for $1,000. Paying a professional cleaning or painting company to refresh the face of your house will add instant value.

If used strategically, a $1,000 investment could pay for itself – and then some! – when it’s time to list your property. Click here to reach out to the Sandy Smallbone Team for more information.

Article courtesy of RE/MAX Canada and HGTV.ca

Prepping your house for sale can often require an investment to bring it up to current standards and help it compete in the hot real estate market. Especially if you’ve lived in the house for several decades, you may be blind to your home’s shortcomings. Here, we examine the top home renovations to ensure your return on investment.

Paint

Painting is probably the most under-appreciated home improvement. It provides a high return for a relatively low investment and minimal effort. When putting your home on the market, consider a professional painter who can help select the right palette, skim the walls, seal trim and repair minor damage before applying top-quality paint that’s appropriate for each surface (matte for living areas, eggshell or semi-gloss for trims and doors and proper ceiling paint.)  It doesn’t seem like the most glamorous of renovations or promises the most dramatic before-and-after, but it instills freshness and can flatter your home in ways you’ve never imagined. It’s like dressing for your body type, a colour expert can help select the perfect shades to work with the lighting in your home and ensure it puts its best face forward!

ROI: A fresh coat of paint typically garners a 60% return on your investment.

By the Numbers: Budget for a 2,000-sq.-ft. home: approximately $10,000-$15,000

Good “Bones”

When contemplating a profitable renovation, nothing “sinks” a sale price quicker than a house that’s taking on water. Especially in this market, where strong sale prices are being paid for homes with “good bones,” ensuring that the roof and windows are in good shape, gutters and drains are functioning properly and the foundation is dry is crucial to realizing the potential value in a home. Consider items like vinyl windows, a new roof or even waterproofing the foundation. Buyers are wise to structural issues, and learning that a homeowner has done their homework and made the proper investments to prevent flooding and leaks will go a long way in a buyer’s eyes (and offer!).

ROI: Renovations that will save homeowners money, in the long run, will draw a higher return, around 75 percent, depending on the scale of the reno.

By the Numbers:

• All-new, good-quality vinyl windows for a 2,000-sq.-ft. home: approximately $15,000
• Stripping and replacing the roof with quality asphalt shingles: $8,000 to $10,000
• Proper waterproofing of the exterior of a foundation: approximately $60-$80/linear foot

The short answer is yes and yes. Even in a hot seller’s market, smart sellers seek out ways to give themselves an advantage. This includes engaging an experienced, professional real estate agent, evaluating market demand and comparables, setting the right price, and then staging the property to appeal to the biggest pool of buyers.

What is Home Staging?
Home staging is the process of preparing a home for sale by increasing its appeal to a wide range of homebuyers. Home staging isn’t as involved as a renovation, and can involve decluttering, depersonalizing and deep-cleaning; painting the walls in a fresh, neutral hue; updating hardware and lighting; rearranging existing furniture or renting some new pieces to help show the home in the best possible light. When a buyer can see your home as their home, they are more likely to make a competitive offer.

Since the majority of home buyers start their home hunt online, it’s critical to make a good impression through your digital listing photos. Buyers will weed out the homes that don’t meet their criteria and proceed to an in-person tour of the homes that they are seriously considering.

Decluttering and depersonalizing the home of family photos and other personal items can help. Also, consider that potential buyers need to think beyond what their eyes are showing them. Staging helps them to visualize themselves living in and using the space. Is the home an ideal place for a growing family, as a live-work space, for recreational pursuits or to enjoy retirement?

According to a study by the Real Estate Staging Association, staged homes spend 73 percent less time on the market than their un-staged counterparts. Truthfully speaking, even an un-staged property can sell under the right market conditions. A seller’s market, characterized by high demand and low inventory, generally means buyers are likely to scoop up what they can get. In a buyer’s market, there are more homes for sale than there are buyers, which means competition is greater among sellers and buyers have the upper hand. Under these circumstances, staging your property could tip the scales in your favour.

The same Real Estate Staging Association study revealed that 85 percent of homes analyzed sold for five percent to 25 percent above the listing price. The answer to this question isn’t always black and white, as the final selling price can depend on a number of factors, including buyer demand, competition and the condition of the property. With all else being equal, a staged home is more likely to leave buyers with a better impression than one that hasn’t been staged, with the potential to fetch higher offers.

A new twist on home staging is “virtual” staging, which leverages technology to digitally enhance photos in order to demonstrate the possibilities. Virtual staging is ideal for vacant properties, which poses added challenges for sellers and buyers who are trying to imagine it as their new home. Virtual home staging eliminates the need, effort and cost associated with renting or buying furniture and accessories.

Staging a home doesn’t have to be complicated. Evaluate every room and be critical, because prospective buyers will be. Viewing your own home objectively can be difficult, especially for those who have lived in their home for a long time. A professional home stager and your real estate agent can give you an honest opinion as to what works in your home, what doesn’t, and what the seller might consider changing in order to appeal to homebuyers.

When you’re ready to sell, The Sandy Smallbone Team can help identify market demands, navigate conditions and turn that For Sale sign to SOLD.  Click here to get in touch.

Written By: Linda McNutt | Public Relations & Content Manager | RE/MAX Canada

You are about to make a move to a home that better fits your lifestyle. Congratulations, it’s an exciting time! But before you can do that, you need to sell your home.

The goal of any seller is to get the highest sale price in the least amount of time. If that is your goal, you’re going to want to say hello to staging.

The numbers speak for themselves: according to a study from the Real Estate Staging Association, staged homes spend 73 per cent less time on the market, and staging your property could net you 25 per cent over the asking price.

Staged homes can sell quicker and for a higher price, because they showcase the home’s best features, impress buyers, and downplay the home’s weaknesses.

What is Home Staging?

Staging is not about decorating. Decorating reflects your personal style and taste. Staging does the exact opposite of decorating, making your home appeal to as many people as possible.

When you stage a home, you help homebuyers picture themselves in the space. When they move through the kitchen, you want them to feel like they can effortlessly cook a meal here, for example. They need to see it as their dream home. This emotional connection makes the house a must-have.

Home Staging Tips to Sell Faster

Homebuyers want who are looking for a turn-key home do not want a project. Here’s what you can do to appeal to this type of buyer, and stage your home to sell.

1. Focus on the Key Rooms

There are several areas that homebuyers are zeroing in on when they look at your home, with the living room, kitchen, primary bedroom, and dining room topping the list.

If you can’t get to every room, make sure that you spend your time, energy, and money on these rooms.

2. Clean, Clean, Clean

If you have spent any time looking at homes for sale online, you have undoubtedly encountered some sellers who skimped on the cleaning. We’ve all seen the kitchen photo where that morning’s breakfast is still on the counter. Avoid that. Please.

If you can’t stage every room in your home, you can still clean every room. It’s essential. It signals pride of ownership and that you have cared for the house over the years.

Ensure that appliances are spotless and the bathrooms sparkle. You will not regret cleaning.

3. Declutter your Home

Decluttering is something that you can do without having to hire a stager. It gives your home an open, airy feel, making it feel more spacious.

On the flip side, an overcrowded home is distracting. There is no room for buyers to imagine. Instead of potential, they see restrictions and a shortage of storage space.

Go room by room. Organize your items in piles: the things you want out of your life and the ones that can go into storage, until you’re ready to move.

4. Depersonalize the Space

While you are decluttering, be sure to remove any personal items from display. Buyers want to picture themselves in the space, and your family portraits can make it hard for them to imagine.

Photos, your kids’ artwork on the fridge, knick-knacks from that trip to Italy – sure, they have sentimental value to you, but not to potential buyers. Remove these items are replace them with more generic artwork that will appeal to potential buyers.

5. Add Plants

Freshen up your space with live, thriving plants. They can do wonders to make your home feel more inviting. Do not crowd any area with plants, have them dispersed throughout the space.

6. Give Rooms a Purpose

Just because you use that spare room as a gym, home office and the guest room does not mean that a potential buyer will see the practicality of it. They want each room to have a single, defined purpose. A bedroom is a bedroom. An office is an office.

Defining the purpose of each room will maximize the appeal and contribute to that open, clutter-free feel that buyers want. Giving each room a purpose allows buyers to envision how they too can make use of the space.

If you can add office space, do it. With so many people shifting to remote or hybrid work, it allows them to see themselves working in that space.

7. Fresh Paint

According to the RE/MAX Canada Renovation Investment Report, 36 per cent of RE/MAX brokers surveyed said buyers want a fresh coat of paint. A fresh coat of paint can certainly go a long way. When you head to the hardware store, be sure to choose light, neutral colours. People’s colour preferences vary widely, and bold choices may scare people away.

8. Let There be Light

You want your home to feel bright and inviting. Lighting plays an essential role. Open your curtains and blinds to let the natural light pour in. Turn on all the lights. Bring in a lamp to let your home shine if you need new lighting!

9. Furniture

When it comes to furniture, less is more. Don’t clutter a room with too much furniture. The starting point for most professional stagers is getting rid of furniture. Often, they will remove about half of the furniture in the home. The goal is to make your house look bigger. Furniture takes up space and can make the home feel cluttered.

If you need to upscale your furniture, you can rent the right pieces to make your space more inviting.

10. Boost the Curb Appeal

The exterior of your home is a great place to start your staging efforts. Some sweat equity over a weekend can turn into real equity in your bank account.

Make your home sparkle with a power washer. If you don’t have one, rent one. Remove dirt and grime from your siding, roof, fascia and gutters. Give your deck a scrub too.

If your shutters or front door needs some paint, be sure to freshen them up. Pay attention to the little things like the house numbers, mailbox and welcome mat.

Attract Potential Buyers, Start Staging Today

As you can see from this list, staging a home doesn’t have to be complicated. Go room by room and be critical about what will appeal to prospective buyers.

Make sure to talk the Sandy Smallbone Team. They do not have a personal attachment to your home and can give you an honest opinion on what works and what doesn’t. Click here to get in touch.

Article courtesey of RE/MAX Canada