Anyone thinking of selling their home can’t be blamed for being a little more excited than usual. Home prices in Markham and across York Region are at record highs and they show no signs of slowing down. For sellers, that means the prospect of getting a higher price for their home than they expected.
But, even if a home sells for more than the asking price, it doesn’t mean that the seller got the highest value. Different features of a house and property can have differing effects on the final sale price. By knowing which ones are more important to buyers, you can make improvements that can increase the value of the home more than the cost of the improvements.
While nothing is guaranteed, paying attention to the following features of your home can help maximize its value:
1. The Kitchen is King
While a complete overhaul can be costly, just updating your kitchen can payoff in big ways. Even something as simple as switching your cabinet and drawer hardware can make a big difference in the impression visitors get when they walk into the kitchen. But, depending on the current condition of the kitchen, it could be worthwhile to invest a little more, including features like new cabinets and countertops.
2. Energy Efficiency
Millennials are a rapidly growing segment of homebuyers and energy efficiency is often on their list of “must haves” for a new home. They look for updated HVAC equipment and water heaters, high-efficiency windows and insulation of higher R-values.
3. Low Maintenance
With more active lifestyles and/or being ready to start families, those same millennial buyers look for homes that need less maintenance and day-to-day work. Carpets mean extra upkeep and intricate cabinetry in the kitchen and bathroom means more cleaning. A newer roof will be appreciated too.
4. Neutral Paint Colours
The Biggest Return of All – If you’re looking for the one improvement to your home that traditionally offers the highest return on your investment, it is to paint your walls in neutral colours. That Halloween Orange might have caught your fancy for the kids playroom, but don’t expect buyers to have the same appreciation. They walk through each room imagining how they will decorate and neutral colours helps them do that.
5. Remember Outdoor Living
With record house prices, many buyers are forgoing vacations and recreation properties to be able to afford the home they want. When they do, they are looking for a home that serves as a good place for a “staycation”, which means a backyard deck or patio will get their attention. You should keep your yards and all the areas around your home clean and tidy, even in winter.
Each buyer has different priorities and it’s impossible to cater to everyone. But, in addition to those listed above, you can improve the value of your home in many cost-effective ways. Talk to your real estate agent and/or a professional home stager for advice that is specific to your home and its location.