vancouverrealestate

6 Home Improvement Projects to Increase Property Value

Planning on selling soon? Certain home improvement projects can be an excellent way to increase the perceived and tangible value of your home. However, not all projects are created equal. The last thing you want to do is invest a lot of time, money and labor into a project that won’t provide a significant return on investment.

In this blog, we’ll discuss the best projects that will truly increase your home’s value for when you’re ready to go to market.

  1. Kitchen Remodel

Many people consider the kitchen the heart of the home. This is also one of the first places potential buyers look at when they’re considering a purchase, so it’s always a good idea to modernize your kitchen to the best of your ability so you can appeal to as many people as possible.

A kitchen remodel is a significant investment, which almost always comes with a high return. You don’t need to do a complete overhaul of your kitchen to make a difference, either; upgrading your appliances to more efficient, sleek and modern ones is a great start. Further modernizing the space by adding new countertops and cabinets will also really transform the room. Lastly, you can apply fresh paint to finish the look. When painting, try to stick to neutral colors so you don’t put off any buyers with something too bright and bold.

  1. Create an Outdoor Living Space

After COVID-19 pushed all of us inside, many people began to really think about and prioritize having an outdoor space. Adding a deck, patio, and even a fire pit can easily create an outdoor oasis that potential buyers will love. 

If your home already has an outdoor space but has been a bit dejected over the years, you can bring it back to life in a few ways. By removing debris and clutter, power washing, and removing old plants and trees, you’ll provide yourself with a clean slate to begin with. Once your outdoor space has been properly cleaned, you can add new furniture, plants, flowers, and lighting to make it functional and attractive. Creating this outdoor space will offer you a great return on investment as these are heavily desired by most buyers.

  1. Curb Appeal Upgrades

First impressions matter, and that’s why curb appeal is so crucial. Upgrading your home’s curb appeal can be as simple as adding a fresh coat of paint, pruning bushes and flowers in the front yard, or replacing any old greenery entirely for a fresh start. Make sure the path to your front door is clear, your front steps are in good shape, and there isn’t any visible clutter. In the summer months, keeping your lawn watered and well-groomed is also a key factor in how good your home looks from the outside. 

The first thing buyers will notice about your home is the front door. If yours appears weathered and outdated, it may be time to replace it. These small upgrades can make a big difference in how potential buyers immediately perceive your home, and set positive expectations for the rest of the tour. 

  1. Finish the Basement or Attic (Or Both)

If you have an unfinished basement or attic, renovating it is a great way to increase your home’s value. Adding additional living space gives potential buyers more options when it comes to how they utilize the space, and can also be a great selling point for families that need more room. A finished basement with separate access could also be an income generating opportunity for potential buyers that may be interested in that arrangement.

  1. Improve Energy Efficiency

Energy efficiency is becoming increasingly important to homeowners. Upgrading your home’s insulation, windows, or HVAC system will not only save you money on energy bills, but can also increase your home’s value. Potential buyers will appreciate the future cost savings, and the environmental benefits that come with energy efficient upgrades.

  1. Bathroom Remodel

A modern, updated bathroom helps your home stand out in a competitive real estate market. These renovations also have the potential to improve your home’s energy efficiency. By replacing old fixtures with new, water-saving models, you can greatly reduce water and energy bills over time. This is a very attractive feature for potential buyers that may be eco-conscious. 

Other bathroom design elements that are very in right now are rain showerheads, smart technology, large soaker tubs, and heated flooring. Utilizing one, or a combination of these elements will act as a great selling feature.

We hope this was a helpful list! If you’re considering a home improvement project in the near future, we have good relationships with a number of local professionals that we’d be happy to connect you with.

7 Things to Look For in Strata Documents

If you’re considering purchasing a strata property in British Columbia, it’s crucial to review all strata documents before finalizing your purchase. These documents contain pertinent information such as the building’s financial health, structural health, and its rules and regulations. Here are some key items to look for in strata documents to ensure you fully understand the building you’re buying into.

  1. Financial Statements

Review the strata corporation’s financial statements to ensure it’s in good financial standing, and check there aren’t any outstanding debts or loans.

  1. Contingency Fund

A healthy contingency reserve fund is a crucial element of any strata building. This is built through small financial contributions from all individual owners. You can find the total of the contingency reserve fund on the ‘Form B’, which also provides your monthly strata fee, any outstanding amounts owed to the strata corporation, and any active litigation against the strata.

The contingency fund exists in the event the building needs urgent repairs or maintenance. If needed, individual owners can vote to pull funds from the contingency fund in order to cover these costs instead of paying out of pocket. The contingency fund is mostly used for more high ticket items so as not to put any owners in financial arrears. 

  1. Bylaws and Rules

Every strata corporation has a set of bylaws and rules that all owners must adhere to. Violating certain bylaws and rules usually have a financial penalty associated. 

Reviewing these bylaws will help ensure the building aligns with your lifestyle and needs. Certain restrictions that may be of importance for you to review are pet restrictions, their policy on rentals, or rules for renovations and upgrades that may impact your intentions with your new home. 

This document will also have key information such as move in and move out fees, information about how the strata corporation operates, and potentially information on how to keep your unit consistent with the aesthetic the building is trying to achieve.

  1. Insurance

Review the strata corporation’s insurance policy to ensure it’s adequate, and up-to-date. Make sure you double check the year so you know the policy is accurate and in effect.

You should also check for any gaps in coverage you deem important, or exclusions that may leave you vulnerable in case of an accident or natural disaster. Also, review the amount of the deductibles; particularly in a city like Vancouver where we experience heavy and consistent rain, many buildings are prone to leaks and water issues. You’ll want to make sure the water damage deductible isn’t too high for two reasons; one, a high deductible indicates that there may have been water ingress or leaking issues in the past, and two, a high deductible means you could be on the hook for high repair costs if something were to happen.

  1. Special Assessments/Levies

A special assessment, or special levy, is proposed when the building is in urgent need of maintenance or repairs, and owners may not want to pull these funds from the contingency fund for various reasons. Special assessments are proposed at a strata council meeting, and all owners must vote to raise these funds individually to eradicate whatever the issue may be.

When looking at the strata documents, make sure you check if any special levies have recently been paid, or if any have been proposed and approved. These can be a financial burden on owners, so it’s important to be aware of them before making a purchase. Also, if owners have recently paid a few special assessments in the building, this isn’t necessarily a negative thing – it means you’re buying into a proactive strata that wants to take care of the structural integrity of the building, and some work has already been completed prior to your move. You can find something called ‘unit entitlement’ attached to the minutes, which shows what percentage your unit is liable for in the event a cash call happens. 

  1. Meeting Minutes

Reading through the meeting minutes and annual general meetings will give you a lot of information about what’s going on within the strata. Most stratas meet a minimum of a few times a year, some as often as monthly, to discuss financial standing, the condition of the building, and address any issues going on with individual owners. Issues are documented in detail and reported on until they’re resolved, so you can see how everything is being managed. 

  1. Depreciation Report

The Depreciation Report is a key document that outlines the general health of the building and the life cycle of all systems. This is a very helpful insight into what may fail and when, and what the anticipated cost of replacements and repairs may be for each system.

All buildings will require work at some point, but it’s important to look at how well all the major systems are functioning so you have a clear idea of your financial obligations once you decide to purchase the home.

Your real estate agent will help you review and understand these documents, and when in doubt, it’s also best practice to consult a legal professional to ensure you’re not missing or misinterpreting key details that could have a direct financial impact on you. 

The review of these documents must be completed prior to removing subjects on any property. If you have questions, please don’t hesitate to contact us!

Creating a Home Environment that Promotes Well-Being

Our living spaces have a significant impact on our mental health. The way we design, decorate, and organize our homes can either enhance or detract from our general sense of well being. In recent years, the importance of creating a home environment that promotes good mental health has gained more attention due to the popularity of practices such as feng shui, the Chinese art of arranging your surroundings to achieve balance and harmony in your life. In this blog, we’ll explore the relationship between our living spaces and our mental health, and provide tips for creating a home that will support your personal wellbeing, and help you thrive in all other areas of your life.

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