This Week in Real Estate #002 – Renovating Your Home? Add Value with These Tips
Are you planning to put your home on the market? Do you want to increase its value by making some simple upgrades? Could renovating your home help you enjoy it for several years to come? If you haven’t done your homework about the best way to undergo a home renovation project, then you could be throwing money away.
Home renovating could mean one of two things. It could refer to the mechanical side, such as home maintenance and upgrades, or the creative side, like interior design and aesthetic projects. Entertaining DIY programs on television make it look easy, but it’s easy to let your budget outweigh your inspiration. Sound familiar?
If you’re planning to renovate your home but still have questions, then spend the next 20 minutes listening to This Week in Real Estate, where host Nick Jaworski interviews Lance and Connie Marples from Sutton West Coast Realty about home renovations. The couple offers a wealth of knowledge that can help you undergo a successful renovation project while staying within your budget.
Renovating your home is more than a way to increase its value. Home renovations offer a boost to the country’s economy as well. According to the Canadian Home Builders’ Association, the residential renovation industry provided jobs for nearly half a million people, and paid out an approximate $24 billion in salary in 2012 alone. http://www.chba.ca/uploads/Economic%20Impacts/Canada%20Economic%20Impacts%20of%20Renovation%202012.pdf
If You Aren’t Renovating then Your Home’s Value May Suffer
Lance and Connie recognize that when it comes to putting your home on the market, finished workmanship makes a difference to potential buyers. Just one unfinished area could mean the difference between having a buyer ready to sign a contract and having to wait for another buyer to come along and show interest in your home. Lance adds, “So if you see rough finishing on anything, they consider your whole home to be rough.”
Next Connie and Lance discuss another important part of home renovations, and that is the budget. What your budget is for renovating your home will depend on what your home needs. As Connie explains, it is so easy to get carried away with a project that some homeowners spend more in renovations than their home gains in value.
If you haven’t sat down with a real estate agent to discuss getting a proper market evaluation for your home along with other homes in your area that have been renovated, then your budget might need some adjusting.
How to Plan Your Home’s Renovation Needs
Part of home ownership is renovating your home. This could be because you hope to add value before selling, or just because something is outdated and needs replaced or fixed up. Increasing the value of your home is always a better financial decision than doing a project for the fun of it. Lance and Connie talk more about this, and then continue to answer the following:
- What kind of budget can I expect for a home renovation?
- How much of a priority is a kitchen or bathroom renovation?
- Which renovations should I do to add the most value to my home?
- How much emphasis should I place on curb appeal when renovating?
- Is there anything I should avoid when renovating my home?
Next lance explains why giving buyers a neat and tidy appearance is so important when renovating to increase the value of your home before selling. Whether you’re tackling an indoor project or landscaping around the outside of your home, consider the overall appearance of your neighborhood so your home doesn’t look too out of place. You also want to make things appear as simple and maintenance-free for the potential buyers.
Avoid Costly Mistakes with These Home Renovation Tips
In addition to real estate, Connie has a flair for creativity and boasts a portfolio filled with interior design projects. She explains that renovating your home to sell requires you to make choices based on the taste of potential buyers. This segues into a discussion about some of the common mistakes that homeowners make when they renovate their homes before selling.
Connie and Lance both agree that doing your homework before starting a project can help you avoid costly renovation mistakes. They explain how to go about finding the right people for the job, as well as some things you might look out for if you do the work on your own. When hiring others to do the work, always get quotes in writing. Connie explains that this could help you avoid surprise fees that appear once the job is complete.
Next Connie shares tips that listeners will not want to miss about finding great deals on furniture and accessories for the home. These tips are of use to both those who plan to redecorate for their own pleasure and homeowners renovating before putting their home on the market. As Lance proudly shares, “Connie’s the queen of finding great deals on fantastic pieces.”
The interview then turns to DIY programs. Lance shares with listeners which one he feels is most practical and makes the most sense for homeowners planning to renovate, and which traits these programs have that cause him to pass completely.
Are You Ready to Tackle Renovating Your Home?
Do you need to renovate your home before putting it on the market? Is your home in dire need of a cosmetic facelift so your family can continue enjoying it for several more years? Listen to the entire podcast, and then share your renovation questions or stories in the comments section below. We look forward to hearing what you have to say on the topic.
The Marples Marketing Team operates on a client-first philosophy, which means we stay accessible to quickly respond to your needs whether you’re buying or selling. If you have questions about buying or selling a home, or just need real estate advice, feel free to contact us anytime. We look forward to hearing from you.
Marples Marketing Group
Sutton Group – West Coast Realty
15595 24th Ave
Office: (604) 538-8888
Mobile: (778) 840-1500
Office: (604) 538-8888
Mobile: (778) 840-1700