Is this a buying opportunity? If you have been reading about the Real estate market, you’ve been seeing record sales in September (as much as 45% above the same time last year in Canada ;
What You Need To Know About Renovating Your House Before You Sell
Dated: August 25 2020
Bosley Agents understand that you want to get the best price for your home when you put it on the market. In some cases, your home may be market-ready, but for older homes, you may need more than a fresh coat of paint to get the best asking price. Renovations are a way to add value to your home and attract a wider pool of potential buyers. While the idea of investing time and money into a renovation might seem daunting at first, patience and persistence will pay off in the end. We spoke with Bosley Agents Jen Laschinger and Richard McNutt to get their advice on the best ways to approach a home renovation.
What Should I Expect?
With home renovations, it’s important to expect the unexpected and in many cases, the age of your home can play a key role during this process. “Replacing a vanity, for example, may steamroll into a larger reno than originally intended if it leads to plumbing and electrical updates,” says Laschinger, “So it’s important to understand how one improvement can lead to another.”
The good news is some renovations will increase the value of a property more than others. If you focus your time and finances on key areas, it will make the property more desirable. “Kitchens and bathrooms are the areas that most people are interested in when purchasing a home,” says McNutt. The layout of a house is also significant. “Making the house flow well and being pleasing to the eye are also important factors when determining the end goal of a renovation,” McNutt says.
Bosley Agents are here to help you during this time and can provide feedback on what will work best for your particular situation. “When we go to sell, I will often make suggestions and implement improvements that can increase the value of properties dramatically,” says Laschinger.
How Much Will It Cost?
“Each budget is different with regards to the value of the house and its location,” says McNutt. However, as a homeowner, you should keep in mind how much you’re willing to spend when maximizing the value of your home. “Set a budget and stick to it,” says McNutt. While investing time and money into a house before you sell might seem daunting, as McNutt points out, “The budget you set should give you twice the amount in payback.”
It may be tempting to try and sell the house mid-reno, but Laschinger says that’s difficult. “For one reason, financing can be a problem. There can also be the perception that the buyer is inheriting someone else’s mistakes.”
How Long Should It Take?
There’s no magic formula for a home renovation but be prepared to take the time to do it right. While quick fixes might seem tempting, in many ways they can backfire. McNutt says, “There are times when you can’t do a lot because the house is so tired that it makes it look worse by doing some things.” This is why each renovation is house-specific.
While focusing on a few key rooms may be ideal, there are times when more work is needed, so be realistic about the time frame. “A whole house reno can take anywhere from six months to two years depending on the size and scale of the project,” says Laschinger.
Patience is truly a virtue during the reno process. Laschinger says that being realistic is important: “Renovating is not always fun; in fact, it can be incredibly frustrating.” It can also be a time-consuming project. “Renovations take time, often more than planned on, so it’s important to plan for delays ahead of time,” she adds.
With a Bosley agent in your corner, our expertise and experience is your greatest asset.
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