Humber/Ontario Real Estate Course 4 Exam Practice

Which method is considered cost-effective for making a home more attractive for sale?

1. Completing extensive landscape upgrades

2. Finishing an unfinished basement

3. Investing in a new deck

4. Minor painting to update colors and repair minor damage

5. Building a new driveway

6. Adding an outdoor pool

The correct answer is: Minor painting to update colors and repair minor damage

Opting for minor painting to update colors and repair minor damage is considered a cost-effective way to enhance a home's appeal for several reasons. First, painting typically requires a lower investment compared to more extensive renovations or additions like building a new driveway or adding an outdoor pool. A fresh coat of paint can transform the look of a home and create a more inviting atmosphere, which is crucial for attracting potential buyers. Additionally, painting allows for a customization of color schemes that can modernize the space or highlight its features, making it more visually appealing without significant financial outlay. It is a quick project that can usually be accomplished in a short time frame, reducing the inconvenience for current homeowners. In contrast, options such as extensive landscape upgrades or building a new deck require not only more time and money but also carry the risk of not providing a return on investment proportional to their cost. Similarly, finishing an unfinished basement or adding a pool can dramatically increase expenses and complicate the sale process, potentially turning off buyers who may not be interested in such amenities or who may not be willing to pay for the additional costs associated. Overall, a minor painting initiative is a practical and efficient strategy to enhance a home's visual appeal and marketability while maintaining budget constraints.