The renovation market is as popular as ever in Vancouver, especially with the number of older building requiring reno’s in some of the cities most desired neighbourhoods – Kitsilano, Commerical and Gastown. These neighbourhoods have a large amount of older homes & buildings and are undergoing many renovations like knocking down walls to create a more open concept living, or updating the kitchen to give it a more modern feel.
Take a look at our advice when it comes to hiring contractors and project managers for renovations!
What to renovate in your home depends on the space, your budget and how long you plan on living in the home before selling. If you plan to live in the home for quite a few years before you sell, then do what makes you happy since in 10 years, some of your renovations may seem out dated to the new Buyer. There are certain intangibles that last, including good lighting, nice floors and outdoor space. Obviously there are differences in what to renovate in a home versus a condo, and I’ll detail some of those differences below.
What to Renovate to Add Value:
The renovations that add value to your home include:
- Kitchen and bathroom renovations: new cupboards, counters, fixtures and extra lighting
- open concept living spaces
- Hardwood or good quality laminate floors
- Finished basement (for houses)
- Landscaped yard & outdoor patio space
- adding in suite laundry (if possible, for condos)
The renovations and extra features that don’t always get you a return on value can include:
- sound systems
- eliminating a bedroom
- carpet
- really unique colours, fixtures and styles that may only appeal to a smaller number of buyers
What to Renovate in a older condo?
With a variety of floor plans and spaces in condos, it can affect what kind of renovations you do and how much value it can add. Always make sure, with whatever kind of renovating you want to do, that you get strata permission before making any changes, otherwise you could be asked to change any renovations you may had made. You always want to ensure you have the correct permission and that the buyers know that so they are confident they will not run into any problems with the strata down the road.
Condo Renovations: In Suite Laundry
Given that not every building allows in suite laundry in Vancouver, if your building does and you don’t already have laundry, this will be one of the biggest value additions to the home. Some potentional buyers won’t evenc consider a unit that doesn’t have in suite laundry so it will limit your sales if you do not have one. In order to install in suite laundry, you’ll need enough space to do so (typically a front hall closet will suffice) and proper venting. Many people these days are installing the ventless European washers and dryers since they are an easier install.
Condo Renovations: Flooring
Higher value condos have hardwood floors, but good quality laminate will do the job in many condos. Condos, especially smaller condos, with consistent flooring throughout can feel bigger and more airy thanks to the look of continuous flooring. There aren’t many buyers who are looking to purchase a home with carpet, that’s why going with a laminate, or hard wood flooring will help your chances of selling. Try going with a lighter colour flooring to help brighten, and open up space.
Condo Renovations: Kitchens and Bathrooms
Many older Vancouver condos need a bathroom and kitchen makeover. Renovating the bathroom by adding new light fixtures, shower tiling and flooring can make all the difference. A lot of people, especially in 2 bedroom units, want a tub in one ofthe bathrooms. If you’re bath is in good condition there is no need to buy a new one, try getting it re-finished to make it look good as new.
A lot of older condos in Vancouver have kitchens that are more closed off and now, more than ever, people want to be able to see out the window, or into the living room while cooking so they don’t feel so cut off from the rest of the house. Try removing the wall if possible, or adding a hole in the wall to create flow through the space and make it feel larger. Also, updating the cabinets, appliances and light fixtures could really help sell your place.
What to Renovate in a older Vancouver House?
Now, this all depends on the type of home you have, whether it be a character home or contemporary home, this will be the deciding factor of the type of renovations you can do and how much or how large you can go.
House Renovations: Kitchens
Of course, modern kitchens and bathrooms as always desirable to Buyers, though keep in mind that you should marry the architecture style of the house with the interior design, so a nice character house would look great with a new kitchen that matches the craftsman design style. Installing good appliances always makes your kitchen look better, but don’t blow your budget expecting to get a ton of added value back from these updates. Many appliances can be bought for discount prices these days so shop around before purchasing.
House Renovations: Bathrooms and Bedrooms
Especially given Vancouver’s older character homes, many of these floorplans don’t have enough bathrooms to satisfy a buyer. It can add a large value to the home adding a bathroom in a master bedroom or one in the basement. Make sure that if you are adding a bathroom, that you aren’t taking away from the actual bedrooms. Most people will want to have more than 3 bedrooms in their home so if possible, while adding a bathroom, you try not to take away any bedroom space.
House Renovations: Basements
Many of these older homes don’t have a finished basement. So adding that part of the house will help greatly when it comes to selling your home. Try making your basement into a fun, family room or adding a suite for guests to stay in.
House Renovations: Curb Appeal and Landscaping
Curb appeal is still a worthwhile update you can add to your home. The outside of your home is the first thing buyers will see, so making it presentable is one of the most important parts of the renovation process. Try adding some nice landscaping and putting plants in, or making a nice pathway from the street up to the house.
Most people love to entertain their guests in a nice backyard, so adding some nice renovations could really help with the sale. Add a big patio with greenery surrounding it and make it feel nice and private. Having a serene and tranquil backyard could help the possible buyer imagine themselves in your home.