Purchasing a fixer-upper means you avoid the premium demanded by turnkey properties…but before you commit to renos, make sure you focus your dollars on the right projects.
Creating an in-law suite
An in-law suite allows you to generate rental income, while maintaining privacy. Don’t think of an in-law suite as a place for just family members, it can also be a great way to maintain privacy if you’ve purchased the property with another co-buyer. Today, an increasing number of buyers are specifically looking for a property with a legal in-law suite to offset their home’s carrying costs and/or help with succession planning for aging relatives.
Renovating the kitchen
The kitchen is the most important room to prospective homebuyers, and when it comes to valuing your property – just ask an appraiser. Fresh cabinetry, efficient lighting and ENERGY STAR certified appliances are highly recommended if you’re looking to increase your property’s value.
Renewing the bathroom(s)
After the kitchen, the bathrooms are the second highest area of impact. Making small investments in your bathroom such as dimmable lights, fresh tiles, new fixtures and a rainfall showerhead create a sense of luxury without breaking the bank. If your home has only one full bath, adding a second half bath dramatically increases property value and makes your home more functional for prospective buyers.
Giving the flooring a facelift
Harwood floors are always in demand. Laminate and vinyl flooring have become popular over the years, but they aren’t a substitute for the real deal…especially when it comes to how your property is valued. Older homes in the HRM may have hardwood hiding beneath the carpets which can be refinished.
In your bathrooms, tile is the best choice if you can swing it.
Updating the fixtures
Outdated fixtures age a home. Replacing damaged or unattractive lighting, doorknobs, cabinet hardware, faucets and other fixtures will update the look of your home and create the “wow factor” buyers are looking for as they walk through your property.
Top picks for 2019 fixture updates are: recessed lights, energy- efficient windows and closet organization.
You Dream It. We Finance It.