Making the decision to renovate a home before listing it for sale on the open market can be a tough one. How much will you spend? What rooms or areas of your home will you choose to improve? Will you make a return on your investment in the selling price of your house?
To be the most successful with your home improvement and real estate goals, it’s important to know the value of both renovated and non-renovated homes in your neighbourhood. It’s also a good idea to keep these few tips in mind:
1) Know the difference between staging and renovating – If your home is in relatively good condition, maybe all it needs to give it that extra boost on the market is a good staging job. If cleaning up, slapping on a coat of paint, and rearranging some furniture will get your home sold for a fair price, maybe a serious renovation isn’t the best option for you.
2) Kitchen and bathroom renovations reap the best returns – If done correctly, remodelling these two rooms can earn up to 85% return on the dollar. Large-scale renovations could include new fixtures, cabinets and flooring, while a less expensive, highly effective option might be a newly tiled backsplash or shower instead.
3) Limit Hard Expenses – You can lay new hardwood at $20 dollars a square foot (hard expense), or you can rent a floor sander and refinish your existing hardwood yourself (soft expense). Spending your renovation dollars on top of the line finishes may not always get you the return you had hoped for.
4) Do refurbish, don’t replace – Again, it comes down to limiting hard expenses… Original features in a home can be brought back to life easily with the right care, and can sometimes even add more value to a sale.
5) Consult a professional – While you may be able to handle some of the basic renovations yourself, it’s always a good idea to at least consult with an expert on the bigger jobs. Do your research on materials and labour, check out other homes on the market for ideas, and always make sure to get a warranty on any hired workmanship as this is something that potential buyers will be looking for.
If you are thinking of selling but have questions about where to begin with home improvements, I can help. With years of experience in real estate and renovations, I can steer you in the right direction. I’ve seen first hand the fantastic returns that can be achieved from well thought out home improvement projects, and can help you realize the same for your home. Feel free to contact me at any time.
– Trish Mutch
January 4, 2013- The average selling price in December 2012 was up by 6.5 per cent year-overyear to $478,739. The average selling price for 2012 as a whole was up by almost seven per cent to $497,298.
To read more click here: