Real Estate Talk SELLING YOUR HOUSE? What are the best renovations for your buck?
Contributed by: Jay Lough Hayes, Sales Representative Peterborough Realty Inc. 705-772-1025
Six Muskoka chairs draped with Hudson Bay blankets on each chair, the chairs surrounding a
decorative fire pit located at the water’s edge, a Canadian flag hung from a nearby tree as did a comfortable looking hammock. One cottage I showed a few days ago had gone all out in cottage decorating and staging. Waterfront cottages are selling for, well, the sky’s the limit. Especially when the seller takes the time to set the stage. A simple 3 bedroom north end, brick bungalow - I’ve showed a hundred that are all the same. A well thought out bungalow now offers 2 units. The renovations included 2 new kitchens with new appliances, 3 bedrooms up, 2 bedrooms down and 4 of the 5 bedrooms host an ensuite bathroom. Furniture had been brought in and set up to create that homey feel. It worked. Listed at $499,900 & selling at $751,000.
Today, most families spend half the time their parents did in that kitchen. Thankfully the pandemic brought families back to their kitchen as we waited for our favourite restaurants to reopen, but we spend less than 2 hours per day enjoying the main room in the house. Food delivery is the new norm. Who has time to cook with both parents working while house prices over the past year and a half skyrocket.
It’s the kitchen, bathrooms and primary bedroom that have the biggest impact.
The inviting primary bedroom - we are not likely ever going to have the clean white walls, the big comfy down duvet and the perfect throw pillows on our bed ever again once the house closes. But, when it comes to setting the stage, buyers want to see a bedroom right out of a magazine. They get excited about what they could do for themselves. The less furniture the better making the room appear more spacious. Most buyers don’t even notice there wasn’t a dresser in the room. Buyers will pay for that dreamy bedroom.
Buyers are looking for: The Kitchen - open concept, clean, clutter free, granite countertops, the latest backsplash, the newest colour for appliances and they all must match. Many prospective homebuyers are looking for modern, updated kitchens. You can expect to recoup 75% to 100% of your investment on a kitchen remodel. But don’t go overboard. Adding an $80,000 kitchen to a $125,000 home isn’t a smart move. If your appliances don’t match, consider ordering new doors and face panels from the manufacturer. This will give your kitchen a more cohesive look without the high costs of replacing the appliances. Consider replacing older appliances with new energy-efficient models, which are better for the environment and use less energy. Buyers like saving money. High end homes now offer an outdoor kitchen and the cost of this item pays off very well. 28
The Bathroom - spa like. Put out Big, thick, heavy towels, clean the floors and corners, new bathtub re-grout, classy tile, flushed toilet – a must, washed window and if there are California Shutters, all the better. A bathroom remodel will recoup 87% to 94% of your investment. Buyers are looking for new fixtures, bright room with newest paint colour. A new mirror and light fixtures can easily transform the look of your bathroom. If a couple or family can move into their new home and not start ripping out the main rooms the day after closing, buyers will pay for that luxury of time.
