You might consider yourself lucky. You own a home in Markham. Maybe it’s all paid off. You like it here, and, perhaps best of all, you have no desire or reason to get into Markham’s the sizzling hot real estate market. You can just relax and enjoy all the benefits of living in one of the GTA’s most desirable communities.
Well, don’t relax too much. If you think there will ever be a time when you sell your home, you can start now to take steps that will maximize its value whenever you put it on the market.
So just because putting up for sale in the foreseeable future isn’t in your plan, the more effort you put into maintaining your home’s value now the more value you will get later on.
It’s (Almost) All About Looks
Every homeowner has a certain amount of pride of ownership that means they generally have a presentable home. Prospective buyers also look for homes that they feel they could be proud of.
The idea of an updated kitchen and bathroom as being top priorities when trying to maximize a home’s resale value is a popular one. But a recent survey by the Ontario Real Estate Association (OREA) might point to a more ongoing, less expensive way to accomplish the same thing.
In the report, 7 out of 10 home sellers who participated in the study said that ‘cleanliness’ is very important to maintaining a home’s future resale value. Conversely, only 50% said that a renovated kitchen is very important, and fewer still, 46%, said the same for a new or renovated bathroom.
According to Ray Ferris, OREA’s president, “If a potential buyer is willing to install a new kitchen or bathroom, but can’t envision the new room on account of an ill-kept home, they may decide to look elsewhere”. Ferris added, “with regular maintenance and upkeep, home owners stand to attract the right kind of attention from potential buyers.”
Where Do You Begin? Remember Curb Appeal
Especially if your home is over 10 years old, it might be difficult to decide exactly which maintenance/upkeep project you should start with because you may have more than a few.
So start where prospective home buyers would start: the curb of the street from where they will first see your home. When you look at your home from that perspective, and through a buyer’s eyes, you start to see where your maintenance efforts will be best used.
1. Front Doorway
Even from the curb, the front door is a focal point on your home – and it only becomes more so as the buyer gets closer to entering your home. Make sure it is clean and squeak-free. Consider adding a fresh coat of paint to make it look its best.
2. Windows
Aside from the actual brickwork, your windows are probably the largest architectural feature on your home. You can be sure that buyers will be looking through them, so having clean, streak-free glass is a must. But don’t neglect the rest of the window, including the frame and bug screens.
3. Landscaping
While it’s your house that draws buyers’ attention, the landscape frames their view of it. Always keep lawns and shrubs green and well-manicured. If you don’t want to maintain a green lawn, think of making it maintenance-free.
4. Hardware & Accessories
Everything from your door handles to your mailbox add – or detract – to the visual appeal of your home. Keep them clean and in good working order.
On the inside of your home, what you do over time to increase its value when you’re ready to sell is really up to you and your budget. Yes, as mentioned, kitchens and bathrooms are a priority for buyers, especially women. But, if there is a part of your home that is in a high level of disrepair, or very outdated, that may be the better place to start.
When it comes time to sell, your real estate agent will be able to help you properly prepare your home to maximize its value.