"When improving the layout of a kitchen or improving the style of en suite bath that you have in your new home, those types of upgrades often have the biggest impact on your future resale value."
Wondering what are the best new home upgrades to consider when you are buying a new home? In this episode, we discuss best home upgrades to increase home value, home improvements that increase resale value, and we look at exterior upgrades.
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Welcome to Homebuyer's School brought to you by Brookfield Residential.
So before we begin, if this is your first time on this channel and you wanna get the latest strategies, tactics and tips on home buying, click the Subscribe button below, hit the little so you don't miss anything. Hi, everyone. And welcome to another edition to Homebuyer's School.
Today I'm joined by Eddy D'Ambrosio, a real estate agent with RE/MAX Elite. And today the question we're gonna answer is[00:00:30]:
What are some of the best home upgrades that increases my home value?
So let's say I just bought a brand new house, what are some ... Or planning to buy a new house. What are some of the upgrades that would affect resale five, 10 years down the line?
Well, so when you're looking at a new home, some of the biggest upgrades I guess that you might wanna consider are those cosmetic upgrades that visually improve how your home shows.
But if you are [00:01:00] building a brand new property you may even have the opportunity to make floor plan adjustments that increase maybe the size or the space in your home.
If you can change little things that matter you, often times those little things matter to other people.
So when proving the layout of a kitchen or improve the style of en suite bath that you have in your new home, those types of upgrades often have the biggest impact on your future [00:01:30] resale value.
Karl Yeh: Yeah.
Eddy D'Ambrosio: And then moving to the cosmetic stuff.
Now let's take it into the fact that I'm about to sell my home, or maybe not sell my home right away. But I know in about five, seven years I'm planning to move.
What are some of the upgrades that I could do, or maybe renovations is can do currently that will improve resale value? Same thing, kitchens and bathrooms?
Yeah. And again, so this is where it really comes into the cosmetic stuff.
So [00:02:00] get into those things that have ... People are always curious about those, "What are my kind of low cost, but big impact upgrades that I can do to my property to increase its property value?"
And so the first one that comes up is paint. It's freshen up your home, liven up and brighten up the property.
That's gonna increase your property value a really low cost upgrade there.
Karl Yeh: Outside and inside?
Eddy D'Ambrosio: Yeah. Absolutely.
Karl Yeh: Okay.
Eddy D'Ambrosio: Don't forget about the outside of your home.
Karl Yeh: [00:02:30] Yeah.
Improving your curb appeal is huge. It's the first thing people see when they walk to your property.
So start off with a good impression.
And then yeah, like I said, painting is such an easy and relatively inexpensive upgrade too to add into your property before you get into some slightly bigger things, like maybe flooring or upgrading your kitchen countertops.
Balancing between money spent on a new home and upgrades to improve home value
Mm-hmm (affirmative). So with the amount of money that you're probably gonna [00:03:00] spend on another home. Future, because you're gonna move.
How would you balance that out with making sure you're doing enough upgrades that you increase your resale value?
Well, so in this case what you can do in this situation is sit down with your real estate agent early on to determine where your current market value is at.
And then from there, what you can do is you can assess the different [00:03:30] things that your property needs in order to make it show better and look better, and improve its property value.
And have that discussion with your real estate agent early on to determine maybe future property value once those upgrades have been completed.
Karl Yeh: Mm-hmm (affirmative). Great.
Is there any other upgrades or renovations would be key in terms of future resale value?
We've talked about kitchens and bathrooms so much. And [00:04:00] really looking at countertops and cabinetry, and appliances.
So for each property, it might be a little bit different, because if you've already got brand new appliances that maybe your countertops are laminate, and they've been dented up a little bit.
Then definitely take a look at countertops and replacing those. A lot of times these older homes-
Karl Yeh: Yeah.
... really just need something like a new tile back splash to really [00:04:30] improve the look and feel of a kitchen.
So sometimes bigger renovations are needed. But sometimes it's those little things that have a big impact as well.
What do you think about the exterior building? So maybe a detached garage, or maybe a shed. What are your opinion on touching those up?
Yeah. Those can have a really big impact on the property value as well. So garages are so important, especially with our climate and our winters.
People aren't really wanting to park outside if they don't have to. And so taking on a project like adding a detached garage to a property that doesn't currently have one-
Karl Yeh: Yeah.
Eddy D'Ambrosio: ... can have a huge impact on your resale value. Because there are just so many people out there that aren't prepared to take on projects like that.
And so when you have those done in advance, you're gonna be attracting a whole new sector of people who will have so much interest in your home.
Karl Yeh: Perfect. [00:05:30] Well, thank you very much Eddy. Thank you very much everyone for joining us. And we'll catch you next time.
Let us know if you have additional home buying questions that we can answer by submitting them in the comments section below.
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About Eddy D'Ambrosio:
My experience in the real estate industry started in 2010 selling homes for one of Edmonton's largest new home builders. With over 150 homes sold, I learned what it takes to sell homes in both a busy and a slow market. In all of my years selling homes I was a top producer and in 2014 I received the A.C Westman Award for both Top Sales and Customer Service Ranking which is the highest honour. The skills I learned working in the New home Industry transfer over to general real estate in a big way and make me a huge asset to have on both the selling side of a transaction and the buyers side.
My message to those looking to sell a home today is that my experience and expertise is in understanding the people I'm selling for and the people I'm selling to, understanding the product or property that I'm working with, and developing a creative and effective strategy that will get us top dollar for your home. I enjoy the unique challenge and opportunity that comes with each individual property and I don't work with a one size fits all approach so contact me when you are ready to meet and work together to put together the best strategy for you and your home.