Your home's worth is primarily dictated by the value of the houses in your neighbourhood. So, not every remodeling job will necessarily increase its listing price. But when it comes time to refinance or sell, it's crucial to get a high house appraisal. To get the biggest bang for your next reno buck, consider these simple improvements for areas a professional appraiser looks at.
First impressions are indeed important. Your home's exterior is the face it shows to everyone – every day. Landscaping is something that, with a little knowledge and effort – you can do yourself. Ensure your lawn is in the best shape, that trees and bushes are trimmed, and that there is fresh mulch in the garden beds and flowers in bloom. Add easy-to-install solar lighting. According to the experts, a poorly maintained front yard can result in up to a 10 per cent drop in value.
The kitchen and bathroom are the two major areas where you can quickly add value to your home. Simple fixes can easily add up a great return on investment. A fresh coat of paint should be the first step. Replace any vinyl flooring and laminate countertops – these materials are considered dated. Add new sink fixtures and update lighting. If you have a bigger budget, new cabinetry will definitely add value.
Do a walk through your home to see what needs to be fixed, such as sticky windows, torn screens, dripping faucets, running toilets, missing trim, peeling paint, cracks in the walls, worn caulking, problematic door handles, old vents, creaky steps, and so on. These should be fixed prior to the appraiser's arrival.
If a major renovation project is in your future, talk to MCAP to discuss how much financing you will need to make it a reality. Putting a Line of Credit in place will help you stick to your budget.
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