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The Calgary housing market has been heating up over the last several years with the influx of people moving to the city from Vancouver, Toronto, and other parts of Canada. Are you still deciding whether to sell your home? Strategic renovations can be the nudge you need to start. They'll boost your asking price and quickly attract buyers to your house listing, netting you the highest resale value in the long run.
Around 5.54 million homes are forecasted to be sold in 2025. If you want your home to be part of that number, you'll need to start upgrading each part of your house as soon as possible. With some improvement renovations, you could gain the maximum resale value you deserve after your hard work. (1)
In this post I'll try and cover some of the necessities like planning, prioritizing high-impact projects, and the finishing touches that create a buyer-magnet. Hopefully it provides you with some helpful advice on how to turn your home into a hot commodity in Calgary's real estate market.
Getting the highest resale value doesn't happen at the snap of your fingers. Before you start any big project, you've got to plan. Here's what you need to do.
Researching the current market trends in your area is your first step. Are young families flocking to the neighborhood? Are retirees seeking single-story living? Is a new school being built nearby? Understanding your target buyers helps you prioritize the renovations that align with their goals.
Careful about adding a room buyers aren't looking for! You could be adding a section to your home that might not be in high demand. Not every room type is going to increase your homes resale values. For example, adding a children's room in a neighborhood of either young professionals or empty nesters probably won't see a huge return. Learn what people in your area are looking for. For instance, one survey says 86% of buyers are looking for a dedicated laundry room in their future home. Pay attention to what features buyers value and prioritize those upgrades. (2)
You must be realistic about renovation costs. Consider your home's value and market trends when setting your budget. Don't forget to factor in labor costs alongside material prices and the size of your house. Homes between 1,250 and 1,600 square feet typically cost $75,000CAD to $250,000 to renovate. That's something to keep in mind. (3) We have a whole article dedicated to the cost of a whole home renovation in Calgary for you to learn more.
Part of setting your budget is to prioritize your goals. Do you want the biggest return on investment (ROI)? Are there specific features, like outdated appliances, that need upgrading? Address outdated elements, but prioritize what buyers value most.
One of the first things you should do in the planning stage is check for damages, big and small. Even a small crack in the wall, some worn shingles, or a pipe leak could be a safety hazard at home and lead to worse issues.
Not sure what problems to look out for? Here's a useful article we found on various home repairs. After you've read this post, take a second time to check it out.
Do you lack the confidence to plan and do renovations on your own? A licensed contractor, interior designer, and real estate agent are your best friends. With their expertise, you can save time and money, plus it'll save you from unnecessary headaches during the renovation process.
Don't forget to get referrals, check reviews online, and verify licenses to ensure you're working with legit professionals. They're the ones that can help you maximize resale value.
Now, it's time to break down the renovations that significantly boost a house's resale value:
Buyers already have an impression as soon as they step inside the house. So, kitchens, bathrooms, and curb appeal are the key areas to focus on. Spruce them up with the intention of creating a lasting positive memory for potential buyers.
Investing in these high-visibility areas creates a great first impression, and most importantly, one that sticks. Buyers will remember your home fondly if the kitchen, bathrooms, and exterior look their best.
The heart of the home? It's definitely the kitchen! And an updated one is a bestseller in the market. Time and time again kitchens top the list as the room where a renovation yields the greatest ROI. Buyers could easily imagine themselves whip up meals in a modern space complete with sleek appliances and ample storage.
You can replace outdated appliances with energy-efficient models in stainless steel finishes. Doing so instantly elevates the look and feel of the space and (most of the time) is something that you don't even need to hire a professional for.
Cost-effective solutions hold so much power in this department as well. New hardware, a fresh coat of paint on cabinets, or refinished countertops... these can breathe new life into an old kitchen. Also, consider replacing cabinet doors if they're worn or damaged. And here's another awesome idea: high-quality lighting can do wonders if you've got an outdated kitchen.
Moreover, it's important to keep in mind that modern buyers are suckers for functionality. What to do then? Upgrade cabinets with built-in organizers. You may also install pull-out drawers to maximize storage space. These are major perks for families that love to cook. Open floor plans that promote a sense of spaciousness are another popular trend, but remember that these might not be suitable for all layouts.
While we don't have specific numbers, we've seen our clients who chose to sell their homes after a we've completed kitchen remodel get a return ranging from ~$1.20 to $1.50 for every dollar spent on improving the kitchen – a great return on investment for a few strategic changes.
Bathrooms offer great potential for renovation. Replacing outdated bathtubs and showers with modern styles instantly elevates the space. Walk-in showers and double vanities are definitely popular with buyers, but just be aware they can be pricier.
Even simple tweaks can transform your basic bathroom into a spa-like retreat that potential buyers will love. Swap out that builder-grade showerhead for a rainfall one, for instance.
Looking for budget-friendly options? Refinishing bathtubs, reglazing tiles, or replacing old light fixtures are all affordable choices that can improve your bathroom. These touches are enough if your bathroom is already in good condition.
Renovating a midrange bathroom usually costs around $15,000 - $30,000cad (Here's a more detailed writeup on Bathroom renovation costs in Calgary) with an average resale value of ~$26,000cad. It's important to consider this cost-to-value ratio, but prioritizing high-quality features can increase your ROI. So, if you're willing to spend some more upfront on things like tiles, you might see a bigger payoff.
Everyone knows first impressions matter, and that goes for your house, too! Landscaping, a fresh coat of paint, and an inviting entryway all contribute to strong curb appeal. It's the buyer's first glimpse of your home, so make it a good one!
The good news is that enhancing curb appeal or completing an exterior renovation doesn't have to break the bank. To save up on cash, plant some colorful flowers, pressure-wash walkways, add a new mailbox and house numbers. If you have a visible garage, upgrade it or get a new one! A new garage door has the highest resale value with around 194% ROI. (4)
Kitchens, bathrooms, and curb appeal are definitely renovation priorities, but there's more you can do! Here are some ideas to get maximum resale value out of your home:
Think about adding usable living space. Adding an above garage suite, or developing a basement basements into a functional area can be a smart investment. Imagine a finished basement transformed into a fun family room, a dedicated movie haven, or even a guest suite for visiting family. It all adds square footage, which translates to more value for your home.
Heads up, though! Converting unused spaces will likely require extra electrical work, plumbing, or insulation. Factor those potential costs into your budget. The average home addition in Calgary will cost you between $100,000 and $400,000. You must ensure everything's done safely and up to code – which is crucial for high resale value – consulting with a licensed contractor is always a wise move. Home additions is what Reborn specializes and with our years of experience can say it isn't the kind of renovation we recommend taking on as a DIY project.
Calgary has recently passed several bylaw and zoning changes in order to help with the housing and rental crisis the city is facing, making it easier than ever to either add a secondary suite or a legal basement suite to generate a secondary source of income. Having a property that can has the ability to host a paying tenant is a big draw for potential home buyers who see the value in generating a rental income.
The potential rental income can help offset the increased resale value of your home, making this higher priced home an easier pill to swallow for potential buyers.
Modern buyers appreciate convenient features in a home.
Upgrading your storage solutions with built-in shelves or cabinets helps potential buyers see themselves living comfortably in your home. Ample storage shows they won't have to worry about their belongings overflowing their closets and cabinets.
Smart home features like programmable thermostats and lighting systems add a touch of luxury and convenience, making your home more appealing to tech-savvy buyers. Imagine the ease of adjusting the temperature from your phone or setting lights to turn on and off automatically – it's a selling point for the modern lifestyle.
Safety is key during any renovation project. Don't put it off – address any electrical wiring, plumbing, or structural issues that need attention. While you might be a DIY pro, some things are best left to the professionals. Tackling electrical work or plumbing repairs yourself can be risky, so call in a licensed contractor for those jobs.
Dealing with these safety concerns not only keeps you and your family safe now but also gives potential buyers peace of mind when considering your home. Home accidents are quite common, with falls affecting three million older adults annually. So, make time to do a thorough security check after renovations. (5)
Immediate and quality repairs also ensure the affected parts won't break apart again weeks or months later. Homebuyers want to know that they won't face unexpected and often expensive repair costs down the line.
The little details can make a big difference when it comes to selling your home. A few tips to create a showstopping space that entices buyers:
Your color choices make a massive difference to a home and add to its high resale value. Opt for neutral and timeless paint colors on the walls. These help create a blank canvas that appeals to a wider range of buyers. Moreover, pops of accent colors can add personality to the rooms without overwhelming the home's future owners.
One great way to choose the ideal palette is to know what feeling you want in a room. Typically our interior designers would suggest using shades of blue or green in private areas like bedrooms and home offices to promote calmness. Meanwhile, kitchens and dining rooms could be painted warm colors like cranberry or coral to increase appetite.
Take note, these are just suggestions! Without seeing your home, the lighting, layout and spacing we can't recommend the best accent colour to make your space pop. Don't be afraid to experiment with some paint samples to find the perfect neutral tones that resonate with your home's style.
Also. Avoid cheap and rushed paint jobs. Don't give the home the "landlords special" where everything gets layered with a heavy coat of white paint, electrical sockets, light switches, doorknobs and all.
And while we want to stick with neutral tones in our renovation to make it appeal to the most potential buyers, don't forget that each home is unique. Work with colours and styles that work best with your layout and lighting. Making your home look like a cheap flip with grey laminate and cabinets with all white everything else may be a quick cheap and easy way to upgrade an older home, and sure it may even get you some return on your investment, a little bit of planning and foresight will yield a much higher return on investment when renovating your home for maximum resale value.
A well-maintained home tells buyers that you value health and cleanliness. Potential buyers should be able to envision their furniture and belongings seamlessly fitting into your home. For that to happen, you need to start cleaning.
Deep-clean your entire house before listing it for sale, and declutter ruthlessly to create a sense of spaciousness. Decluttering doesn't just mean getting rid of knickknacks and personal photos—it also involves packing away excess furniture that makes rooms feel cramped.
Professional cleaning crews can do this job more rigorously to ensure every corner of your home is clean, and there isn't any hidden dust or mold. Seek their help if you're selling a large house or if your home hasn't been deep-cleaned in a while.
Remember, a sparkling, clean, and clutter-free space showcases your home in the best possible light.
Staging involves strategically arranging furniture to showcase the flow and functionality of your space. Consider hiring a professional and experienced stager to create a polished look that maximizes your home's potential. They know how to arrange furniture to create a sense of spaciousness and highlight the best features of each room.
They can also use decorative touches to add personality and make your home feel warm and inviting – all factors that can influence buyers' emotional connection to your space. Think about it: a professionally staged home can help buyers envision themselves living there, making them more likely to submit an offer.
And that's it! A fairly comprehensive guide to renovating your home with the end goal of achieving maximum resale value. A lot to absorb? Fret not, while acting quickly is important, you don't have to tackle everything at once.
The wisest thing to do is break down your renovations by working on them part by part. You can start with the easiest section to fix. But you ought to prioritize the high-impact projects. These are the ones you know will bring you the best resale value.
Don't be afraid to inject some personality, too, just remember to keep things tasteful. Create a home that feels unique and beautiful but also appeals to a broad range of buyers. You want them to walk through the door and imagine themselves living there happily. That's your ultimate goal right there.
Furthermore, seeking help from the experts would be extremely helpful. Real estate agents and home renovation specialists are just a call away. Reach out to us through our website, browse for them online, or ask for suggestions from people your family and friends.
Renovating may be stressful, but think of it as an exciting time to stimulate that creativity, which may have been resting on the back burner for quite some time now and make some money back in the end. Enjoy the process and sooner than you imagine, you'll reap the rewards of your handiwork.