It is very common for many owners to consider that renovating or remodelling the house can provide them with a good sale price, but this is not the case. Never have that thing in mind that up-gradation can give you a better price. Instead, always renovate strategically and smartly.
There are four different types of projects basics, value-added, curb appeal and personal preference. Not all of these need to give you the right returns. If you are looking for constructing a new home or renovating then Cedar Hills Contracting is one Custom Home Builder Oakville that has the best teams to help you. They have many years of experience to build a good quality home and make exceptional renovations for your house.
There are mainly two types of people i.e., an investor and the other an owner. An investor is one who will follow a rule of “buy less and sell more”. Such people will not spend much on renovation. On the other hand, an owner is the one who would like to make his house look beautiful and would love to spend enough for remodelling or renovation.
So, here we will see about the different types of upgrades that we can do:
- Basics: This is mainly used when you want to sell your property to a good buyer. There are certain basic things that he would look out for in your property like the leakproof roofs, good functioning of the plumbing systems, floors and walls in a good condition, dry basement area etc.
In such cases, all you need to do as an investor is that you will have to repair or upgrade certain necessities, which will make your house look in a good working condition as compared to your neighbourhood. Making an extra unwarranted upgrade will always put you at a loss.
1. Curb Appeals: These are those items that will look good to the prospective buyers but will not necessarily give you a good monetary value. These items like a low-cost landscaping, well-manicured lawn, fresh painting done inside and outside the house, good attractive carpets etc. will attract many potential buyers and help you sell your property quickly. You can do all this work yourself to save your money and time.
2. Value-added: This will mainly work for homeowners rather than investors. Because this can or can never give you much in return while selling. These include the making of new sides, kitchen renovations, bathroom renovations and the making of new windows. Many a times they can give you the highest return of investment, i.e. getting at least 80% or more than the cost during resale.
3. Personal preference: These are those items that might or might not be liked by other people or might feel unwanted. These are basic amenities like a swimming pool, hot tubs, tennis court, wine cellars, ponds etc. For example, a swimming pool is something that will rarely add value to your home because people will usually find it a high-maintenance hassle or a safety hazard. Anyways it is used only for a few months of the year.
To conclude, make the necessary renovations when you are planning to live in the house for many years. However, when you want to sell it, just make necessary changes.