If you’re thinking of selling your home in the near future, investing in a few well-conceived improvements could pay big dividends in terms of improving your resale value. So, where should you spend your money and what value would you place on the improvements while you’re continuing to live in the home? After you’ve considered that, there are several guidelines to help you achieve the best return on your investment. The kitchen is normally the focal point of any house. It’s the high point of virtually every potential buyer’s walkthrough. As such, improvements to this area are almost always a worthwhile investment.
As a general rule, the more visible an improvement is, the better your chances for a good return on your investment. For example, mentioning you have a new water heater or plumbing upgrade won’t have the powerful visual impact of a new kitchen counter top or tile backsplash – even though they may cost the same. Refacing your existing kitchen cabinets is a lower cost option than replacing all your cabinetry. If you’re thinking of a major kitchen renovation, focus your energy and your budget on creating new work surfaces to improve function or traffic flow, rather than simply focusing on adding more floor space.
For the more budget conscious, a fresh coat of paint is one of the least expensive improvements that can create a favourable first, and lasting impression on buyers. In fact, dollar for dollar, a fresh coat of paint often delivers one of the best returns on your investment. So, why stop with the walls? Painting your kitchen cabinets and replacing your handles with updated hardware can revitalize the entire look of your kitchen and strengthen its visual appeal.
Remember when choosing your colours that light colours can make a room appear larger, and neutral shades will be most appealing to the greatest number of potential buyers. Another optical effect that will help create the illusion of more space is to install new flooring or backsplash tiles on the diagonal to draw the eye up and away on the longest line possible.
A new faucet and/or new kitchen sink are also very affordable options to give your kitchen a quick and affordable ‘facelift’.
Lighting is also a very affordable way to improve the look and the function of your kitchen space. For a very minimal investment, new halogen light fixtures can brighten your workspace while adding ambiance to your kitchen. Small under the cabinet halogen pot lights take up little space, and can add a modern flair.
If you’re not sure what’s worth doing or where to start, why not give me a call? I can connect you to many great suppliers and can help you determine what improvements will appeal to prospective buyers in the future.