Do you ever wonder what would be your best option? Should you renovate and incur costs or sell as-is and hope you can get a good price.
When it comes to selling homes, it is always a good time to get the advice of a trustworthy real estate team that can help you decide what you can get away with and what is a must-repair on your to-do list.
Our Anne Winch Ottawa Real Estate Team has broken down some ideas of what you can do to add value to your home without breaking the bank.
Costs of improvements vs. market value:
Often buyers will see flaws in their home that nobody else notices. Other times there are some eyesores that you just can’t get away with. Even though it is a seller’s market you still need to compete with other homes. So, before you add that skylight in the living room or hot tub to the backyard, there are often items that don’t add value.
Value-added items that are good for house sales:
If you haven’t done any renovations in a long time, you may wish to see if the following renovations might improve the sale of your home.
• Updated kitchen (don’t go for deluxe if you plan to sell)
• Bathroom additions (especially if you only have one bathroom)
• Energy efficient windows
• New deck (adds outdoor living space to your home)
These items – don’t add value:
Luxury items don’t always add value to your home. Make sure if you are thinking of selling that you look into what renovations will give you a good return on investment.
• Sunroom (nice to have but don’t expect buyers to pay more)
• Over-landscaping your yard (buyers may find too much maintenance required)
• New HVAC (have maintenance done on your present system. A new system will not entertain more money for your home)
• Converting rooms (especially if you use a bedroom as a library for example). Buyers want to be able to visualize a 3-bedroom home instead of a 2-bedroom home with a library.
Take a tour:
Check out your competition! If you notice your neighbours’ homes have updated kitchens and bathrooms, you are in competition with these sellers. This doesn’t mean you have to do a major renovation but a minor kitchen remodel (new countertop, sink or faucet) and repainting kitchen cupboards will do just as well.
How our Team can help:
• Make a list of home improvements you think you need to do.
• Always remember to do any cosmetic touches like professional carpet cleaning, repair grout, screen doors or leaky faucets. Repaint walls, ceiling and baseboards. A coat of paint can help lift your home up to new heights.
• Remember a home that is sold as-is can be hard to sell in any market. You will get low offers and may only spark the interest of contractors or flippers.
• We can help you weigh the option of home improvements vs. market value.
Our Team can provide you with free home staging complete with an inventory of furniture and accessories to stage your home to perfection. This is also an important element to ensure that you are in direct competition with other homes on the real estate market. Give us a call as our Team always has a pulse on the real estate market so that we can give you our expert advice on how to sell your home and what improvement you may need to do.