Best Home Improvements to Increase Your Homes Value | Dwight Streu, Edmonton Real Estate Agent

Best Home Improvements to Increase Your Homes Value | Dwight Streu,  Edmonton Real Estate Agent


Hi there, thank you for tuning in! Today
I’m going to talk about the best home improvements to increase your home’s
value. Welcome everyone and thank you for tuning in to another episode of Streu
TV. I’m Dwight Streu from the Dwight Streu Real Estate Team. Streu TV is your best
resource of real estate information tips, and tricks for home sellers and buyers.
Now probably the best return you’re going to get on renovating is on the
kitchen. The kitchen after all is the hub of the home and a modern kitchen is
usually more functional as well it’s more aesthetically pleasing. Now a
kitchen remodel could be anything from some paint and counters to a complete redo with new cabinets, lighting, flooring and so on. So the cost can start as low as a
few thousand dollars and go as high as $100,000 or more. When you’re planning
your renovation consider how long you plan to stay in your home because you
may not get back all of your investment, particularly if you’re
spending a considerable amount of money. Now be sure not to go overboard, keep the
quality and the cost in line with the rest of the house and the neighborhood
and if you’re working with a tight budget consider refacing the cabinet’s
instead of replacing them and of course paint is inexpensive and can make a big
big difference. Make sure you budget for new appliances
if yours are dated the last thing you want to do is put old appliances into a
new kitchen. Now if you are planning on spending a considerable amount of money
on your renovation it would probably pay to get some expert advice from let’s say
a kitchen designer. Professionals are usually well worth the cost and the last
thing you want to do is spend a bunch of money on the kitchen and have it not
turn out to your liking. Now bathrooms are also a big draw and modernizing your
bathroom with new vanities and counters updated tile and fixtures will really
make a world of difference. Now well not as expensive as the kitchen, bathrooms
can still get pretty pricey depending on the size and of course your taste for the
finer things. Adding a bathroom is one of the best things you can do to add value
to your home, particularly if you have room for it in the basement for example.
Expanding a two-piece bathroom to a full bathroom if there is space can also pay
big dividends. However doing an addition to add bathroom space may be more costly than it’s worth in terms of resale value. Now that said if you’re planning to stay
in a home for a while and you’re doing it for your enjoyment, well
go ahead, but please make sure to take the appropriate permits. Now that goes
for any renovations, yes permits are a hassle and they cost some money but when it comes time to sell you now have an obligation to disclosed if you’re aware
of any lack of permits on the property and the lack of permits will turn some
buyers off and it will likely cost you far more than the few hundred dollars you
saved on permit fees. Now I often get asked if it pays to develop an unfinished
basement prior to selling. Well certainly a finished basement does increase the
sale ability as it will appeal to more buyers, but it really depends on the cost
to finish it and it is something to consider carefully. So for example does
your basement just require some paint and carpets to be finished? Well then it’s
probably worth having the work done, so you can now market the home as having a
finished basement and it will certainly have more appeal when buyers are viewing
your home. However if your basement is completely undeveloped, well the cost of
finishing it is likely to exceed the increase in your home’s value so it may
not be wise to finish it. But there are no absolutes here, I mean much of it
depends on the type of home you have, the age and the neighbourhood. Do the majority
of homes you’ll be competing against have finished basements or unfinished
basements? Also are you skilled enough or do you have friends who are that you can complete
the work relatively inexpensively or do you have to hire professionals for
everything? I mean these are all factors you want to consider before going ahead,
if your primary focus is the return on investment, but again if you’re wanting
to finish it because your family needs more space, well then go ahead! But again don’t go overboard and at least keep resale in the back of your mind. So what
about mechanical systems, furnace and hot water tank? What about shingles and windows? Well the current condition of these items are
going to have a big impact on if you should replace them or not. So as long as
your mechanical systems are working properly, there is really no benefit
to upgrading them. Sure it is a factor buyers will consider when determining
the value of your home, but there’s really no money to be made here.
For example if your furnace is thirty years old, the buyer will likely factor
that in that they may need to replace the furnace soon at a cost of around
five thousand dollars. So they may discount the price by five thousand
dollars but that’s what you would have to spend on a new furnace anyway, so
there’s really nothing to gain here. Same with the shingles, if they really need to
be done and they’re so bad that they take away from the curb appeal at the
home, well it’s probably time to do that. But if you’ve got a few years left and
they look okay I would probably just leave them as is. Now buyers love upgraded windows but that doesn’t mean I would replace them if you’re considering selling. You see the cost of upgrading windows is high and you’re
unlikely to recoup your investment. That’s why buyers love upgrading windows
because they know they’re getting them for pennies on the dollar. Landscaping is
probably the lowest return on investment, apart from watering your lawn to make
it healthy, that’s cheap. But things like decks, fences, water features, gazebos
and so on, well they just don’t provide much of a payback because in our climate we don’t get to enjoy them a whole bunch. Certainly they will add some appeal if
you’re selling in summer when it can be appreciated but what if you have to sell your home in the dead of winter? Most buyers don’t
even venture into the backyard in winter so you’re gonna have a tough time
getting much value, even if you do have good pictures of your garden. No one
really appreciates your fireplace in summer and no one appreciates your air
conditioning in the dead of winter. Now if you’re planning on updating your home
only for the purpose of helping it to sell, I recommend focusing on
those things that will provide the greatest improvement for the lowest
price. Things like painting, repairs, cleaning and decluttering and perhaps the
flooring depending on the condition of your current floors. Well thanks again
for tuning in today to my channel, I hope you liked this video! Don’t forget to hit
the thumbs up, leave a comment and subscribe to the channel. As always if
you have any questions about anything in this video or just about buying or
selling a home in general, please don’t hesitate to give me a call. Again my name
is Dwight Streu my number is 780-462-5002 or you can email me at [email protected] Thanks for watching, and I
hope you have a great day!

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