As a Regina Realtor® and a member of the quickly changing and adapting #DIY renovation industry, I meet all kinds of people who are making improvements to their home… or think they are making improvements! There are some reno’s that might not increase the market value of your Regina home.
Your home is and always will be an investment. As a long as you maintain the value of your investment, it will never fail you. But there are at least 4 renovations that won’t increase your market value.
1. Landscaping
Great landscaping is good for curb appeal and certainly helps marketing. There isn’t much to show statistically that a house with landscaping costs more than a house without landscaping. A home with a garden may be a deal breaker for one and an eyesore the other.
2. Imported Finishes
Tile from Venezuela or granite from the Alps may greatly increase the appeal of the home, but if the average real estate property value in the neighbourhood is 300K then you won’t get a whole lot more because you have super expensive flooring or countertops.
3. Unseen Improvements
Replacing your sewer lines, shingles, water heater and garage door may seem like obvious improvements to the home but truthfully, most buyers expect these things to be in working order upon purchase. If they aren’t in working order then the buyers will bring you lower offers. These types of home improvements maintain the quality and integrity of the home long term, but they don’t necessarily increase the market value of your Regina home overnight.
Maintain items in the home such as plumbing, roofing, siding etc so that the home has those overall desirable upgrades.
4. Replacing Windows
In my professional opinion, a home that has ALL windows replaced is more valuable than a home that only has 1 or some windows replaced. It will still cost the buyer upwards of 15K to replace the windows you didn’t, so you might as well do them all because it makes no difference to the buyer if they still have to replace some. They will write the offer as if none of the windows are replaced if not all of them are.
If you are going to add to the market value of your Regina home by replacing windows, budget to replace them all or only replace the most expensive one.
If you are trying to decide which improvements to make in your home, consult with a Realtor or with someone who flips property. The market value of your Regina home will be impacted by your renovations and its always good to be aware of what is considered an improvement and what is not.
Contact Me!
To find out more about how I can help you improve you home give me a call at (306) 552 7047 or use my online contact form below. I'm always happy to help!
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.