Have you ever watched HGTV and then had the itch to renovate a home? Us too, like, every day. It is doable, and it all starts with finding the right property to renovate.
The Right Neighbourhood and the Right Street
First things first. In a renovation project, location is everything.
We are firm believers in revitalizing our mature neighbourhoods. We are always
looking to roll our sophisticated communities into the new era by buying up
properties and turning them into infill development or fabulous home renovations.
A REALTOR® is a great resource for figuring out which communities
are ripe for redevelopment, as they see the turnover happening early on. ChalkMark
Residential’s inhouse REALTOR® services will ensure you are well informed, and
ready to purchase the perfect home renovation project when the time comes.
Picking a Property to Renovate
Picking a home with good bones is key to a great result. Find a property that is structurally sound, and has solid structural elements, or you may end up with expensive issues that can take this from a renovation to a complete gut and redo! Look for:
- A defect-free foundation
- A roof without damage or leaks (or recently replaced if you don’t want to add that to your list of to-dos)
- A dry basement with no evidence of water damage or flooding
It also helps to have a solid idea of what type of renovation you want to do and focus your search on homes that don’t need work outside of that scope.
What Home Renovations Should You Focus On?
When you’re looking at a property specifically for renovations, the sky is the limit… or rather, your budget is. So how do you choose? There are a few rules of thumb that will help you get the most out of your remodel.
Curb Appeal
The simple fact is, no matter how great the interior is, first impressions matter, and a house with no curb appeal is going to sell slower and for less money. If you want to keep it simple, look for a house with a good roof, large windows, and neutral siding or stucco, then add tall grasses, a small concrete feature or paint the door for an instant facelift.
Bigger projects could include exterior paint, a new roof, or windows. If you’re really ambitious, changing doorways and window sizes is an option too; and always our preference to let in as much natural light in as possible!
Size and Flow
Choose projects that make the most of the square footage and the flow of the space. Most buyers love open concept main floors, and sometimes removing one single wall can create an amazing difference.
Another great option is to increase the functionality of a room. Maybe that means adding an island to the kitchen, or removing one! Built-in shelving in living areas is a popular current trend, and closet organizers are a fantastic addition that buyers love.
Maximum Impact
Do your research! What are buyers asking for in their searches, and what renovations can you see in other homes that are selling quickly? A REALTOR® could again be a great person to talk to here!
Look for opportunities to create a vast change with even a little update. Painting cabinets, changing out a bathroom vanity, and gorgeous feature wall are just a few options that can add an easy WOW factor to a room. Flooring and paint are always good upgrade choices, as are appliances.
Become Part of the Community
One of the big things to remember as you start to choose
projects and even finishes, is that while you absolutely want to make the home
beautiful, there is a limit to how much you’ll want to invest relative to other
homes in the area.
Putting in a hundred of thousands in upgrades in a certain
neighbourhood will make the home unattainable for the people who want to live
there, and those who can afford more are likely looking in a more affluent
area. That said, eventually the market will catch up as more homes in the area
are redeveloped, but if you are too early, you could be forced to accept a
lower price or hold the property for years. So be strategic!
An excellent way to do this in addition to cruising online
listings, is to just go hang out in front of a property. Take a weekend to
explore the area, check out the demographics. It will help guide how your
transform the property – would a family home suit the neighbourhood, or are
there a lot of downsizers or young couples? Their needs and wants in a home can
be vastly different, so thinking about the ideal buyer for the home before you
even start will ensure you have a desirable property when it comes time to
sell.
Here at ChalkMark Residential, we love all things house and
home. From real estate and development to planning renovations, we are happy to
provide advice, service, and resources for your unique needs. We’d love to
chat, so give us a call or an email!