A Celebrity Real Estate Investor’s Top Tips to Add Value to Your Home
Have you taken a look around your living space lately? Do you have worn out spots in your carpets? What about that faucet that won’t stop drip…drip…dripping? If you’re thinking it’s time to move…think again. According to real estate investor, contractor and TV personality Scott McGillivray, you want to make sure you get the greatest return on what is one of your biggest investments, your home. What can you do to help ensure this? Scott says, “It’s doing the right renovations that provide the value to the people.”
So, just how do you add value to your home? Here are Scott’s top five tips that can take your home in its current state, to the next level.
#5 Reveal the Flooring
Pull up those old carpets and you might just find a treasure hidden underneath. In many homes you’ll find hardwood that has been hidden for years. All you need to do is refinish it. This will also update the look of your home.
#4 Replace Fixtures
For a quick fix, change up fixtures throughout your home. Replace those worn out door knobs, handles and faucets that are falling apart for more modern ones.
#3 Paint Power
According to Scott, paint is an easy and quick value add. He says, “Use colour to enhance spaces and make changes. Change the way a space feels.” For example, if you have a small dark kitchen, repaint the walls and re-finish cabinetry in lighter, brighter colours to have the look of a larger space.
#2 Add a Bathroom
Believe it or not, this is a growing trend that Scott has executed many times. “Ideally what we’ve done a lot of times is under a staircase we’ll add a powder room or a two-piece bathroom. You will add a lot of value.”
If you don’t have the space to add a bathroom, according to Scott, what’s also trending for bathrooms are curbless walk-in showers.
#1 Kitchen Renovation
Number one on Scott’s list of ways to add value to your home, drum roll please…re-vamp the kitchen. There are many areas to look at when renovating a kitchen. Scott says the best way to tackle the list is by starting from the top and working your way down.
*Figure out your lighting.
*Seating in the kitchen. “Most families today are spending time eating in the kitchen.”
*Flooring. “We do a lot of hardwood in our kitchens,” says Scott. “Engineered hardwood performs best in these spaces.”
*Appliances. “Most people are preparing spaces for 36 inch refrigerators.”
*Countertops. “The most popular in demand is quartz.”
And the most popular layout when it comes to the kitchens is…open concept.
Take a good look at your home and see where you can add value to your space. If you plan on using any of Scott’s tips, let us know.
Scott McGillivray was a guest speaker at the 2018 GTA Home & Reno Show Presented By RE/MAX.
