Should You Renovate Your Home Before Selling
Thursday Mar 25th, 2021
When considering selling your home, you may wonder if you should do some remodelling prior to putting it on the market to make it more appealing to buyers. However, with supply and demand being such a problem at the moment, there are many buyers competing for available homes and renovations may not be as important as they would be in a normal market. Here are a couple of things to consider when you are thinking of selling during this hot seller’s market:
1. There are not enough homes for sale right now- Demand is far outpacing supply at the moment and as a result, buyer competition is high which means that many homes are receiving multiple offers from hopeful buyers. In a competitive market, it makes sense to sell your house when buyers are scooping up homes almost as fast as they are being listed. Taking the time and money to do some renovations before you sell might just mean that you will miss your window of opportunity. While certain repairs on your house may be important, your best move right now is to work with a real estate agent to determine which improvements are truly necessary, and which ones will likely not be deal-breakers for buyers. In this market, it may be wise to let future homeowners remodel the bathroom or the kitchen to make design decisions that are best for their specific taste. That being said, here are a few small things that you can do that do not take too long or cost much money that always pay off:
General Repairs- Always fix anything that is broken. When buyers tour your home, they will take note of anything that is in obvious need of repair and may lose interest in your home entirely. It does not matter if the broken item is actually a minor fix. Buyers worry when they see that ripped screen or leaking faucet because it could mean that there are serious issues hiding in the walls. Also, many buyers do not know enough about home repair to tell if something is major or minor.
Fresh Paint in Neutral Colours- If you have not painted in a few years or have a bright colour on the walls, it is worth it to paint your home in a light, neutral colour like off-white, beige, or grey. Best of all, paint is one of the best returns on investment that you can make as it is not expensive to do and can completely transform a home.
Decluttering and Professional Cleaning- While not technically renovations, the importance of these steps should not be underestimated. They help make your home as fresh and new as possible.
2. Focus on getting a good return on your investment- When planning any bigger projects, you and your real estate agent will want to discuss the potential return on your investment and if those projects are worth the cost. Some homes do need a kitchen or bathroom renovation or other major work, but not always all of them. Before you decide to renovate, contact a real estate agent to see if it is the best course of action. You may find out that putting your house on the market as-is will help you sell quickly, and it may result in the best return on your investment.