“Amid today’s competitive real estate market, renovations offer a relatively affordable means to boost the value of a home,” says Lisa da Rocha, vice-president, marketing and sales, Royal LePage Real Estate Services. “Do-it-yourself tasks such as painting walls, changing cupboard knobs or laying new flooring will make a house not only more appealing to buyers, but also offer a great return on investment.”

With the expansion of renovation chains across the country, and the proliferation of do-it-yourself television shows, it is no surprise that homeowners are tackling renovation projects now more than ever. According to Statistics Canada, renovation spending grew by 8.3 per cent in the fourth quarter of 2007 to $9.2 billion, from the same period in 2006.

“There are some renovations, such as finishing a basement, which a homeowner does for their own enjoyment without much concern for the return on investment,” says da Rocha. “What we have explored within this survey are renovations that are intended to translate directly into enhanced equity in a property.”

Royal LePage says it identified the top renovations that will increase the equity of a home. The list is ranked in ascending order of cost of project.

1. Freshen up: Adding a new coat of paint can freshen up a house and make the interior look like new – not to mention more spacious. For homeowners looking to sell in the near term, neutral colours are most preferred.

2. Floors galore: Today, hard surfaces are all the rage. If genuine hardwood exceeds budgets, laminate works well. Buyers like to see hard floors throughout, so if possible, be sure to lay down laminate in dining rooms and living rooms, and even in bathrooms and bedrooms.

3. Lighten up: Old or standard-grade light fixtures, electrical and light cover plates can easily date a house. To modernize, add distinct flair to the interior, consider installing new light fixtures. Remember to go green, and use compact fluorescent (CFL) light bulbs, where possible.

4. Pebble Beach? Well, close: The old adage, you never get a second chance to make a first impression, is extremely true when it comes to selling a home. To increase curb appeal and entice buyers, ensure front lawns are tidy and gardening is minimal. While there is no need to go overboard and plant an expensive Japanese maple, adding some standard shrubs and flowers will make a home more inviting.

5. Stylishly steel: Similar to the issue with old light fixtures, knobs, fume hoods and backsplashes can make a kitchen seem outdated. Sleek, stainless steel hardware designs have the biggest and most positive impact on those people looking to buy a home.

6. Opening all the right doors: An elegant entrance enhances a prospective buyer’s first impression of the house itself.

7. Return on investment from the ground up: To see an even higher return on investment, replace old flooring with new hardwood. While a range of qualities, textures and colours exist, it’s best to opt for a neutral wood colour to accommodate the widest possible array of tastes and décor.

8. White picket fence? Building a fence and a deck instantly boosts a home’s appeal. Keeping kids and pets in the yard, and nosey neighbours out, fences provide the back and side yards with a sense of being finished.

Taken from: REM Online
http://www.remonline.com

In preparing your house for selling, you need to take a step back and have the mindset that this is no longer your home, but your investment for your future. You want your home to have broad buyer appeal to your target market. Following these tips will help you sell your house sooner and possibly for more money than if you did not prepare it for selling. Remember, most people want to move into their new home without having to make updates to it.

1. Curb Appeal – Stand back and view your home as if you were seeing it for the first time. This is the ‘first impression’ stage. Depending on the season, you may want to have pots of colourful and attractive flowers to greet buyers; a clean and inviting door mat; new and shiny door handles and/or knockers; a freshly painted door – black is my favourite colour.

2. Declutter – Start your pre-pack as soon as possible. You need to decide what you are going to keep, give away, sell or throw away/recycle. Many clients rent storage lockers or have pods delivered so they can start to clear out what is not going to make the house look good.

3. Clean – You would think this one is common sense but let me assure you, I wish it was so! A clean home translates into, “They must have really cared for their home.” Use environmentally friendly cleaners where you can. For hard cleaning areas, TSP works well. Bathrooms and kitchens must be sparkling clean.

4. Depersonalize – We know you love your family photos and your personal treasures and for living they are perfect. For selling, pack them up carefully so you can showcase them in your new home. For selling you want buyers to focus on the best features of your home and not your personal things or collections.

5. A neutral colour scheme is the way to go for selling. Choose only three colours or less to paint your house for selling. If you have an open floor plan, paint the main floor all the same colour. Bedrooms look good in light sage greens or warm blues like the new aqua.

6. Highlight your home’s best architectural features – Place your furniture in each room so that you have very obvious focal points that show off the home’s best selling features. For example, if you have a beautiful fireplace, place the furniture in a parallel grouping so that the eye is drawn to the fireplace.

7. Decide on the function in each room – If you were using your guest bedroom as your den for living, for selling turn it back into a bedroom with bedroom furniture in it. If you do not have the right furniture for each room, consider renting it. There are more and more rental furnishing companies opening up every day. If you don’t want to rent, then borrow.

8. Lighting your home to its best advantage – spend money on new light fixtures in brushed nickel or stainless steel. Brass is out, so don’t fight it. There are many low-cost lighting stores to select from, so no excuses for having dated light fixtures.

9. Window treatments that sell your home – The most popular on the market are the two-inch faux woods in a white tone to go with your trim. Decorative side panels will do the trick if you need to add warmth and colour.

10. Flooring needs special attention and is a good investment for updating the look of your home – tile or linoleum is great for entranceways, bathrooms, kitchens, laundry rooms; a good quality laminate or hardwood is perfect for living rooms and family rooms; bedrooms are attractive in a neutral carpet.

By planning and budgeting you can get yourself to the “open house ready” stage.

Remember that over 79 per cent of prospective buyers have already checked you out through the MLS listings. Will they like what they see?

Happy selling!

Dana J. Smithers, owner of Sun On My Back Redesigns is a professional interior decorator, redesigner and home stager. She teaches a certificate CRSS 5 Day Professional Redesign & Home Staging course in British Columbia. She is a founding member of the Canadian ReDesigners Association CRDA.

Taken from REM Online:
http://www.remonline.com