To renovate or not to renovate…
September 2013 – Steve Roblin
“You never get a second chance to make a first impression”. When it comes to selling your home taking the time to prepare your property -both inside and out will give you the best opportunity to sell your home quickly and for top dollar!
When you first bought your home was there something you wanted to update? Maybe it was something minor, like new light fixtures or paint. Perhaps something more extensive, like a full kitchen or basement renovation. Have you had the opportunity to complete the work yet? I know I still have things left to do on my list.
The reality of today’s market is that with housing prices on the rise and a federal tightening of lending laws, we are finding that the majority of buyers do not have a lot of “after mortgage cash”. This means that these desired updates may not be completed for some time. An informed seller understands that a well-prepared and maintained home is likely to be an “easier” sell than a home in need of major repair, and so it is often the decision to sell that motivates the completion of these long-awaited updates.
If you, as the seller, are willing and able to get the work done, today’s buyers are willing to pay a slightly higher purchase price for your updated home.
This begs the question: Where to put your money? What to renovate first? The old adage of “kitchens and bathrooms sell homes” still holds some truth. You can expect to see anywhere from 75-100% return on your investment for bathrooms and kitchens.1 It is important to note that renovations are not to be done at the expense of important general maintenance. A brand new kitchen is nice, but if there is a gaping hole in your roof it may still be a tough sell.
Once you have dealt with the maintenance issues, take some time to note some of these smaller areas that savvy buyers will pick up on: receptacles, room-transitions, loose banisters, paint touchups…etc. These seemingly minor details can translate into a difference of thousands of dollars to your home
Today’s buyers do appreciate quality improvements but they also want a solid stable home that has been well maintained.
Whether your plan to sell is imminent, or not even on the radar, I send you these monthly notes because I want you to know that I am in real estate for the long haul. I invite you to call. I am always happy to provide a no-obligation market evaluation complete with a detailed list of recommended upgrades.
So, how are your renovations coming along?
1 Statistics from the Appraisal Institute of Canada, Renova