By: PMG Team
How To Get the Highest Price for Your Home
Tags: Brampton, Caledon, Georgetown, Mississauga, Highest Price, Home Selling, Staging, Renovations
One question our group of real estate professionals often gets asked by homeowners is, “How do I get the highest price for my home?”
While there is no single, easy-to-point-to answer, there are many variables that contribute to the price of your home. Variables include the comparative market analysis, the current real estate market you are entering, the upgrades in your home, and even how your home shows.
Despite all the variables, there are two actions we suggest that all our clients take when they decide it’s the right time to sell their home: decluttering and staging their home.
It is always a good idea to remove any of the excess clutter from your home. A clean home will look as big and open as possible for potential buyers, which in turn can net you a higher selling price.
While you are clearing the clutter, we recommend that you pay special attention to your closets. Clean them out, and organize your belongings! Potential buyers will want to see how much storage space your home has rather than notice a lack of space.
Home staging improves the flow of your home and highlights the unique characteristics your home has to offer to potential buyers.
There are five reasons why you should consider staging your home to ensure it stands out, especially in a competitive market:
- Makes a home more welcoming and move in ready
- Gives each room a sense of scale
- Makes sense of awkward spots
- Attracts more attention online
- Buyers can visualize the home as their own when staged because it has been de-personalized
Low-cost ways to boost your home price
Another question we’re frequently asked is, “What quick renovations have the biggest possible return?”
If you’re renovating for the purposes of selling, the first thing you need to do is either hire a professional or do some research regarding the current housing market. You need to know what buyers are looking for in order to attract them to your home.
Here are some inexpensive ways that you can update your home and see a return when you go to sell:
Painting your home is an inexpensive way to update your home. Also, the return on the investment for painting your home is between 50-100%. Having a neutral scheme throughout the home allows for potential buyers to see the home as a blank canvas, which makes it easier for buyers to envision themselves living there.
Redoing your floors is another less expensive way to increase the value of your home as it helps to brighten up any room. Carpet in the home is generally not desired by today’s buyers. Hardwood, laminate, and tile are the way to go if floors are something you’re renovating.
Sprucing up the exterior
You only get one chance to make a first impression. It might be cliché but it’s true.
Upgrading the exterior of your home is something you could feasibly do yourself. Some of these changes could including maintaining the lawn and garden or painting the front door and garage door. Keep in mind that you want to keep your exterior simple in order to appeal to a variety of buyers.
Higher cost ways to boost your home price
If you decide that you want to completely remodel or make dramatic changes to your home before selling it, there are two rooms which tend to have the highest return on investment: the kitchen and the bathroom.
The return can be between 75-100% when deciding to renovate these two rooms.
The kitchen is often referred to as the heart of the home, which is why putting your money into it can add value to your home.
Ensuring that you renovate your kitchen in a functional and comfortable way is key.
It is important to research what people are looking for in a kitchen when they’re home shopping. Some of the things buyers are looking for include ample storage, lots of counter space, and newer appliances.
Kitchen remodels don’t always have to break the bank. Smaller changes to your kitchen can also add value to your home. Some of these face-lift items include:
- Painting the existing cabinets or installing new cabinet doors
- New appliances
- Upgrading countertops
- Changing the cabinet hardware
Depending on the state or age of your bathroom, it might be worth doing a complete remodel. However, bathroom renovations don’t necessarily mean that you have to completely rip everything out and start from scratch.
If you are wanting to do a more budget-friendly renovation that still has a big impact, here are some ideas:
- Replace the faucet and vanity hardware
- Add a fresh coat of paint
- Replace the toilet
- Re-grout the tiles
- Remove and replace caulking around the shower, tub, and toilet areas
- Replace mirrors and light fixtures
Ultimately, the market in your geographical area is going to have a large impact on the types of upgrades you should be making.
It might be beneficial to consult with a local realtor who can give you insight on what would make sense for your home in order to meet the needs of the buyers in that market.
If you are in need of professional advice, don’t hesitate to contact the Paula Mitchell Group. We’d love to assist you in getting the most value out of your home when you are getting ready to sell.