What Adds Value to a House?

If you’re thinking about selling your house in the near future (or even a few years down the line), you’ve probably considered making a few changes to increase its market value. That’s great.

As real estate agents ourselves, we’re passionate about helping sellers get the absolute best price for their house.

In this blog post, we’ll touch on what influences property values in the Greater Toronto Area, and what you can do to add value to your house. Let’s get started.

Understanding How Market Value Works

Value is an intricate metric in real estate. Everyone wants their house to be valuable, but how is that actually measured? Here’s the thing: your home doesn’t have a pre-set or objective “market value”. In practice, your home is worth whatever today’s buyers are willing to pay for it.

With all that in mind, the most effective way to increase your home’s value is to make it as appealing to potential buyers as possible. Luckily, there’s no shortage of strategies for doing exactly that.

Searching for more home-selling advice? Consider these other posts from our blog. 

• Questions to Ask Your Vaughan Real Estate Agent Before Selling
• A Seller’s Guide to Multiple Offers
• What to Look For in a Listing Agreement

The Big Moves

If you’re looking to increase your home’s value in a big way, certain renovations can be an effective way to do that.

For example, building a dedicated home office can make your property more appealing to buyers who work from home on a part-time or full-time basis. It can also make your home more functional in the short term.

Another major renovation with high ROI potential is the addition of a dedicated secondary suite. Buyers will be enticed by the opportunity to earn passive income, which can then go towards their mortgage.

Smart home integrations like entertainment systems, climate control devices, customizable lighting and security solutions can also add great value.

These projects will involve some degree of upfront investment, but they can prove profitable when done right.

Small Changes With Strong ROI

On top of larger home renovations, there are plenty of small, somewhat subtle changes that can also add value to your home. In fact, some of these techniques can bring better ROI than major improvement projects.

For example, adding a fresh coat of paint to key areas in your home (kitchen, living room, master bedroom) can make your house feel new and contemporary. If the exterior of your home could also use some TLC, repainting it can also boost value nicely.

Upgrading lighting fixtures and swapping in new lightbulbs also elevates your home’s ambience, making it more appealing to potential buyers and increasing your odds of a top-dollar sale.

Home staging is another subtle tactic that can help you sell for more money. Studies show that staged homes routinely sell for more money compared to unstaged ones.

Know How to Price Properly

As a seller, you need to understand the importance of pricing. Remember, you’re looking to attract and entice as many qualified buyers as you can. Buyers respond to more than just the physical features of your home.

Today, most buyers in the Greater Toronto Area have a strict budget. So strict in fact, that they won’t even consider homes slightly outside of their price range.

If you choose to set your listing price on the high end, you risk alienating a large portion of your audience right away. However, if you start with an attractive, balanced asking price, you’ll maximize how many buyers discover your home.

Preparing to sell your home? Check out these helpful resources from our blog. 

• 5 Common Mistakes Home Sellers Make
• Selling a Luxury Home: How to Get the Best Return
• How to Sell Your Home in a Hurry

The Right Agent

The items we’ve talked about so far are a great foundation for a high result home sale. However, the most effective way to add value to your house isn’t one specific renovation or upgrade; it’s choosing the right real estate agent.

Hiring an agent isn’t a formality; it can make or break every last detail of your sale, including how much you’re able to sell for. You’ll want to choose a professional who has a strong track record of selling properties for top dollar in your local area.

It’s also a good idea to talk to your agent before you make any changes to your house. They’ll help you decide which strategies will actually have a solid payoff based on your selling goals.

Sell Your Home With Lino Arci

Hoping to get the price possible for your home? The Lino Arci Team is your ticket to a great result. As Vaughan’s number one real estate team, we’re completely committed to helping you get the best results possible on your home sale.

Thanks to our decades of experience, we’ve got home selling down to a science and are confident that our proven selling process will help you get top dollar.

To learn how the Lino Arci Team can give you a risk-free selling experience, get in touch. Call our team at 416-571-2724 or email info@arciteam.com to get started.