As the sun gets warmer and water begins to flow, it’s time to think about sugar shacks, maple syrup, and the return of white geese. Spring is here, and for houseowners who want to sell their houses, it’s time to take action. During this period, the pool of potential buyers increases since renters who want to become houseowners have given their non-renewal notice and want to move in before July.

Here are five tips on renovations that could increase the value of your house, according to the Canadian Institute of Appraisers. Of course, the scope of the work will vary depending on the condition of the property. These are the main expenses you probably gonna have in your house remodeling works:

• Bathroom
• Kitchen
• Painting Freshening
• Roofing
• Basement
• Expansions
• Updates
• Lightning
• Plumbing

1. Bathroom: According to the Institute, the money invested in bathroom renovations is typically recovered between 75% and 100% at resale. On average, the cost of a bathroom renovation ranges from $8,000 to $20,000. Buyers place great importance on cleanliness, comfort, and ease of maintenance, so consider these factors in your choices.

Expert advice: Consider installing eco-friendly features, such as low-flow toilets and showerheads, to save money and increase the home’s appeal.

2. Kitchen: The same is true for the kitchen, which is often valued between $20,000 and $50,000, with recovery ranging from 75% to 100%. Assess the condition of each component. Those who enjoy cooking will pay particular attention to the ergonomics and layout of the space during the visit.

Expert advice: Invest in high-quality, durable materials that will last for many years and add value to the house.

Okay Gustavo, expert on what? Okay okay guys, let me explain. I didn’t tell you yet but, yes, I’m civil engineer and I have another project that I didn’t tell you before. It is called Building Addicts, I’d like to invite you to visit this other website where I’m focusing on share some engineering advices, things that are really interesting (I guess). So, don’t let to click and check it out. Pleasyyy!

3. Painting Freshening up the space and erasing the marks left over the years is like inviting potential buyers to take possession of the property. Recovery rate, between 50% and 100%. Since colors are a matter of personal taste, opt for neutrality in color selection. You want the future buyer to be able to see themselves living in your house.

Expert advice: Choose a neutral color palette that will appeal to a broad range of potential buyers and make the space appear larger and brighter.

4. Roofing Buyers will also pay attention to the roof, an important architectural element. When was it last done? For how many years was it guaranteed? The Institute estimates that the money invested in roof renovations will be recovered between 50% and 80%. How much does it cost? There are many types of roofs. The most popular, asphalt shingles, cost an average of $3 to $5 per square foot.

Expert advice: Hire a professional roofer to inspect and repair any damage, and consider upgrading to more durable and energy-efficient roofing materials.

5. Basement Finishing: Regarding basement renovations, the Institute estimates a recovery rate of between 50% and 75% of the money invested. It’s up to you to determine if it’s profitable. Expert advice: Consider adding a second bathroom, which can increase the value of the home and make it more attractive to potential buyers. In conclusion, renovations will increase the value of your home, but don’t forget to prepare for buyers’ visits (if you decide not to invest in the five tips) by applying the basic principles of home staging. Expert advice: Hire a professional home stager to make your home more attractive to potential buyers, and consider investing in small upgrades, such as new light fixtures and hardware, to increase the home’s appeal.
6. Add a deck or patio: Adding outdoor living space such as a deck or patio can expand your home’s living space and appeal to buyers who enjoy spending time outdoors. The return on investment for a new deck or patio can vary depending on the materials used and the region, but on average, homeowners can expect to recoup around 70% of the cost.
7. Update lighting fixtures: Lighting can make a big impact on the look and feel of your home. Upgrading lighting fixtures can help modernize your home and make it more appealing to buyers. Installing energy-efficient fixtures can also be a selling point. According to the National Association of Home Builders, energy-efficient lighting is one of the top features that home buyers look for.
8. Don’t forget about small repairs: In addition to larger renovations, don’t forget about small repairs that can make a big difference. Fixing leaky faucets, replacing broken tiles, and patching holes in walls are all examples of small repairs that can help your home look its best. Buyers are likely to notice small issues, and fixing them can prevent them from becoming larger issues during the inspection process.

In conclusion, investing in home renovations can increase the value of your home and make it more appealing to potential buyers. By focusing on areas such as the bathroom, kitchen, paint, roofing, and finishing the basement, homeowners can recoup a significant portion of their investment. However, it’s important to also consider smaller repairs, enhance curb appeal, upgrade windows and doors, add outdoor living space, and update lighting fixtures. By taking these steps, homeowners can maximize their home’s value and increase their chances of a successful sale.

IMPORTANT TIPS

• Get an inspection before selling. This will reassure the buyer and prevent the risk of legal action for hidden defects.
• Ensure you have a valid location certificate.
• Carry out renovations, but stay within the price range of homes in the neighborhood.
• Request at least three quotes for your work.
• Improve curb appeal: First impressions matter, and that’s why enhancing your home’s curb appeal can make a big difference in attracting potential buyers. Simple changes such as painting the front door, planting flowers, and cleaning up the yard can go a long way in making your home more appealing. According to the National Association of Realtors, the average return on investment for exterior improvements is 69%.
• Upgrade windows and doors: Replacing outdated windows and doors can not only improve the aesthetics of your home but also increase its energy efficiency. Energy-efficient windows and doors can save buyers money on their energy bills, which can be a significant selling point. According to Remodeling Magazine’s 2021 Cost vs. Value report, homeowners can recoup up to 72.4% of the cost of window replacements and up to 65.6% of the cost of a new front door at resale.

Buying or selling property: What do notaries think?

According to Immonot, the real estate advertising portal for notaries, notaries advise without hesitation to sell one’s property before acquiring another.

After a smooth horizon ensuring a trouble-free trajectory for real estate, the beginning of 2023 comes with a few shakes felt by real estate professionals such as notaries.

While transactions should maintain a good cruising speed, prices may begin to fall. This is the finding of the real estate advertising portal Immonot, which takes the pulse of the real estate market from notarial studies spread throughout France.

Notaries are less pessimistic about the recovery of activity

This early spring does not yet seem to be synonymous with a recovery in the real estate market. However, the notaries interviewed by Immonot seem less pessimistic than they were this winter, and sometimes even reassuring. The market seems more balanced between sellers and buyers. Prices are negotiable, sales deadlines are lengthening, and buyers are paying more attention to the energy performance diagnosis (DPE).

At the end of February, the proportion of notarial offices anticipating a decline in activity within the next two months decreased from 70% to 58%. Those anticipating stability rose from 27% to 35%. The number of optimists who bet on an increase in activity rose from 3% to 7%.

Relaxation on prices

Between the increase in inflation (6% in 2022, according to INSEE) and credit rates (rising from an average of 1% to 3%) and the difficulties of obtaining real estate loans, potential buyers are obliged to reduce their demands. “Indeed, it is considered that an additional point for interest rates reduces the amount that buyers can borrow by 10%, observes Immonot. The loss of purchasing power resulting from both inflation and the cost of credit then weighs more heavily on the prices of the entire real estate market.”

Thus, the proportion of notarial offices anticipating a drop in housing prices increased from 56% at the end of December 2022 to 67% at the end of February 2023. While 33% estimated that prices would remain at their current level and 0% mentioned an increase (as in December). For land prices, these figures are only slightly better, with proportions of 50%, 46%, and 4%, respectively.

Sell before buying

For properties, there is no hesitation. “You have to sell your property first before buying another and take advantage of the gap resulting from the price drop, either in the form of improved location or comfort, or in the form of a capital gain,” notes Immonot.

Thus, 80% of notaries surveyed by the real estate advertising portal recommend selling (compared to 76% in December last year), 14% recommend buying (compared to 17%), and 6% recommend waiting (compared to 7%).

The “very favorable” position of buyers may not last very long, according to Immonot, as demand remains strong. Hence, this much more balanced distribution of advice between buyers and sellers of building land: 44% recommend selling and 40% recommend buying. This could be the harbinger of a market reversal at the end of the year, according to Immonot.