The existing home market in the US is booming, with monthly sales up a record 24.7 percent and median prices hitting an all-time high of $304,100 in July, according to a report by the National Association of Realtors. Low inventory, record-low mortgage rates, and the influx of remote workers looking for a change in lifestyle have been the main factors contributing to the boom.
If you have been wanting to sell your home, now is the perfect time to do it. But, if your home is old, there are probably a few areas that need repairs or upgrades before putting it on sale. Carrying out renovations not only improves the value of your home but can also reduce the amount of time it takes to get a buyer significantly.
For your renovations to end up being worthwhile, there are some factors you must consider.
Choosing where to renovate
Not every area in your home is worth upgrading. First of all, if you are cash-strapped, focus your efforts on small upgrades that have a huge impact such as replacing knobs and handles, updating lighting fixtures and faucets, and painting the front door. But, even if you have enough money to make every part of your home look new, you probably shouldn't as it will likely end up being a waste.
Before deciding where to spend your renovations money, think about your location and the neighboring homes. Make sure that the types of improvements you want to make are ideal for your local area and in line with the neighboring properties.
Another key thing to consider is the expected return on investment of the renovation projects. Historically and on average, kitchen and bathroom renovations have shown the greatest ROI regardless of the location. However, if you don't want to spend all your money on one room, you can look at projects that make the entire home feel new such as painting or flooring.
Do it yourself or hire a contractor?
Choosing whether to do renovation projects yourself or hire a contractor will depend on three main factors; the complexity of the project, the amount of time you have, and your budget. For example, some projects such as repainting or replacing lighting fixtures are easy to handle on your own while others such as installing a new floor or getting rid of a wall will require contractors with special knowledge and equipment.
The time element also comes into play; if you plan to sell your home a year or more from now or you don't have another job that keeps you busy, it's possible to carry out renovation projects on your own. But, if you want to put your house on sale in the next few months or you don't have the time to dedicate to such projects, it's better to work with a home renovation contractors of Toronto who can get them done quickly.
Finishing touches
A lot of people think about the exciting process of renovating a home but forget about the unwelcome aftermath — cleaning up and getting rid of the immense amount of waste that can arise out of a renovation project. First of all, you'll need to clean your home to get rid of the materials and detritus left behind after renovation.
Since consumer cleaning products and devices may not be able to handle waste materials such as drywall, plaster, wood, and brick shavings, hiring a professional cleaning company is the way to go.
Furthermore, some of the hazardous waste materials may carry a specific health risk, requiring special handling by professionals using protective equipment. After cleaning up, you must also ensure that you dispose of the waste properly, especially when dealing with any materials classed as hazardous. Improper disposal of waste can lead to civil or even criminal penalties in some areas, so always ensure that you abide by the laws and recycling ordinances in your state.
Renovating your home gives you a chance to increase its functionality and beauty so that you can get more for it and reduce the time it takes to find a willing buyer. But, make sure you approach your renovation projects with caution so that you don't end up wasting your time or even worse, your hard-earned money.
