As a realtor, Ariane Benjamin has built up a reputation for helping people find the right townhouse in Vancouver. Beyond identifying properties that suit different families, Ariane offers insight into the neighborhoods and homes with the potential to hold and grow their value.
One of the best ways to increase the value of a townhouse (or any property) is by investing in home upgrades. Neighborhoods and location will impart a ceiling on listing prices. However, modest investments, whether it’s wood flooring or closet organizers can enhance interest and desirability while livability and enjoyment in your own home
With COVID increasing the amount of time everyone is spending at home, it’s a great opportunity to consider how to spruce up the home and yard. But where to begin? Most of us have a predetermined budget, so how do you determine which areas will offer the best return?
According to ReMax, the key areas for investment when considering return on investment (ROI) are painting, structural repairs (“good bones”), doors & hardware, countertops, bathrooms, and flooring.
Nothing provides a higher ROI than a professional paint job. When putting your home on the market, consider a professional painter who can help select the right palette, skim the walls, seal trim, and repair minor damage before applying top quality paint that’s appropriate for each surface (consider matte for living areas, eggshell, or semi-gloss for trims and doors and proper ceiling paint.)
ROI: A fresh coat of paint typically garners a 60% return on your investment.
Most people want to know their investment is sound. “Good bones” means ensuring that the roof and windows are in good shape, gutters and drains are functioning properly and the foundation is dry. All this crucial to realizing the potential value of a home.
Doors & Hardware
Details like interior doors and hardware; replacing the front door and adding a quality lockset can amp up the wow factor. Other relatively expensive home important details include
baseboards, door trim, crown mouldings, and wainscoting are all examples of relatively inexpensive and non-invasive improvements that can immediately punch up the appeal of a home.
Kitchen renovations can easily snowball, but a quick countertop and appliance refresh can offer a great return on investment. Expect to budget about $3,000 for quality stone counters, like granite or quartz, and around $5-10,000 for quality slide-in or a stand-alone stainless steel appliance set.
Luxury bathroom spaces have always offered a great return on investment. Focus on timeless items like a frameless glass shower, stone-topped vanity, or a gorgeous backsplash. Analyze your bathroom, and ask yourself, “Where is my eye drawn?” Is the bathtub the focal point? The vanity? A window? Focus renovations efforts here.
Hands-down floors are a focal point (and typically experience the greatest wear and tear). As long as it’s laid with precision and skill, bigger isn’t always better. Hardwearing, cost-effective laminates can be a great home pick-me-up. Budget around $1 to $3 per sq. ft., plus $1.50 installation fee per sq. ft.
Know your Neighborhood
Before starting home renovations, consider looking at neighborhood statistics. Work with a realtor if necessary. What are comparable homes selling for? What’s the median value in your area? A renovation may not defy neighborhood limitations, but it can certainly work to maximize the potential and value of your townhouse in Vancouver.
Working with Ariane Benjamin
As an experienced townhouse realtor, Ariane Benjamin focuses on the purchase and sales of townhouses in Vancouver Proper. Her one-on-one approach exemplifies a customer-first attitude, allowing her to deliver results and value while coordinating swift, smooth transactions. Ready to discuss buying or selling? Schedule a complimentary consultation. Call (604) 779-1500 to get started.