It’s time to sell and if you are not sure what you should do, you are not alone. Should you renovate or not? What should you renovate and what should you leave alone? We will try to delve a little further into the world of renovations and what would be your best investment for your situation.
Timeframe – 30 to 60 days
Let’s look at your timeframe. Are you planning on selling within the next 30-60 days, a large renovation like a kitchen or bathroom would be a no go?
During this time frame, there is still time to paint throughout and make some simple changes such as:
- New countertops, faucets and hardware in the kitchen or bathroom
- Refinish scratched hardwood flooring
- Installing tile or hardwood flooring, caulking windows and in the bathroom/kitchen
This would be for homes that just need a little cosmetic refresh. This will give you a good return on your investment (ROI) and not take a lot of time.
Timeframe – 3 to 6 months
If your home is older and your bathroom and kitchen is really dated and no amount of lipstick will fix these rooms, you need to start to crunch some numbers.
According to the Appraisal Institute of Canada here are the numbers on major renovations:
- Flooring – 50 to 75% ROI – depending on material
- New bathroom – 75 to 100% – depending on the renovation – buyers are looking for spa like bathrooms
- New kitchen – 75 to 100% – depending on design, material, etc.
New bathrooms can cost anywhere between $7-15K. The average bathroom is $13K. New kitchens can cost between $15-50K. The average is around $30K.
Kitchens and bathrooms are very high on the list of remodels that will put almost all your money back in your pocket and if it is something you want to do and is within your budget.
Can’t afford a big reno?
What happens with a home that has an old kitchen and bathroom and no money to remodel? Factor in the best features of your home:
- Accentuate trails, location of home and schools, etc. within the district
- Update what you can by making sure your home is immaculate and clutter free
- Layout of your home and number of bedrooms is very important too for buyers
- Fix what you can, paint, make sure everything is in working order
Just remember there are different buyers out there and don’t dwell too much about your home. Often, we think of all the things we need to fix because we tend to fixate on the negative areas of our home. Some buyers want a turnkey home; others want a better price and like to renovate.
So, whether you can renovate or not when you sell, let us stop by and take a peek at your home. We are the experts on selling homes and our Anne Winch Real Estate Team is standing by to help you with all your real estate needs – whether it is buying, selling, or staging. We are your one-stop shopping for your real estate needs. Reach out and we will give you valuable advice on what needs to be done or what else we can help you with to get your home on the market.