As a wide network of agents working all across Ontario, sometimes we’ll meet home sellers who already have existing ideas about what will improve their results. More often than not, these expectations are informed by what they’ve seen on TV. While real estate shows are fun to watch, they’re not always the best place to look for personalized advice.
For instance, while some sellers may assume that they will automatically need to take on a renovation project in order to get a great result, this isn’t always the case.
In reality, home renovations can be a fairly substantial undertaking. From both a labour and cost perspective, sellers will want to know without a doubt that their investment will pay off before committing to a project.
As an active team in Ontario’s vast real estate market, we’ve sold homes in every type of market condition. Learn more about our approach to selling here.
Should You Renovate Before You Sell?
When it comes to pre-listing renovations, there isn’t a universal yes or no answer. In reality, optimizing your home to stand out on the market and garner high-quality offers depends entirely on the property itself, local market conditions, and a host of other factors.
While some sellers will benefit from high ROI upgrades before entering the market, others may only need to make small improvements such as painting, updating fixtures, or improving curb appeal to get the attention of potential buyers.
If you want to make the most of your home sale, the best place to start is with a strategic, top-performing real estate professional. As your dedicated advocate, an agent can provide valuable advice, guidance, and industry connections to boost your chances of a quick, high-result sale. With that in mind, this post will look at certain variables that will ultimately influence their recommendations for how to prepare your home for the market.
The Current State of Your Home
One of the largest determinants of whether it would be beneficial to renovate your home before selling is the overall condition of the property. Today’s buyers already have a lot on their plate. If your home is older and will require major upgrades or repairs in the next few years, it could deter buyers who want something more turnkey.
On the other hand, if your home is newer, features modern appliances, and doesn’t require any repairs beyond basic maintenance, buyers could already be enticed enough to make a strong offer.
At the beginning of the listing process, your real estate agent will perform an in-depth walkthrough and evaluation of the property. After getting a feel of the home, its current condition and potential areas of improvement, they can help you decide whether or not a renovation will be worthwhile.
What’s Happening in the Market
Another factor in deciding whether or not to renovate your home is the local market. At the end of the day, renovating your home is about making it more appealing to potential buyers. However, buyers can behave differently depending on what’s happening in the market.
During a seller’s market homes may sell quickly and at a high price regardless of their condition. In a buyer’s market, sellers may need to go the extra mile in order to stand out from competing listings.
Breaking Down Costs & RO
While a strategic renovation project can in many cases increase the market value of a home, it’s also important to consider the upfront costs of renovations before getting started. Far too often sellers take on major home upgrades and end up spending more than they make back. As always, your real estate agent is your best resource for determining which specific projects will be worth the return on investment.
Searching for an exceptional, full-service home selling experience? Look no further than Bosley Real Estate. Get in touch to find out how our expert agents can help you accomplish your goals.
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