With Spring right around the corner, you may think of selling your home and what you need to do to get it ready. With so many options out there, you don’t want to overspend or not get a return on investment. It looks so easy when you watch fixer-upper shows and see results in a matter of minutes. Large projects can take months and cost lots of money also. You don’t always see issues that they may run into. If you are doing some renovation projects on your own, it may seem easy but even seasoned professional house flippers can run into problems. You must decide which projects to fix and what to leave. Here are some helpful ideas on what you need to think about before you tackle any project.
Consult your real estate team – Anne Winch Real Estate Team
Your best return on investment for selling your home would be to inform your real estate team that you plan to sell. Have them assess what needs to be fixed and what may cost too much and may not be worth your while to do before you sell. Our Anne Winch Real Estate Team knows the pulse of the marketplace and what buyers are looking for in homes. It goes without saying that your first step is to declutter, clean, have a beautiful curbside and stage your home.
Don’t do a major renovation
Not only do major renovations cost you time and money, but they may also not be needed to sell your home. Large renovations often do not recoup the cost. Bathrooms, kitchens, and main suites can add up to $50K or more and you may only recoup between 50-60% when you sell.
Don’t start what you can’t finish
Some projects may seem simple but as the project evolves, it may be more difficult than it seemed at first. Sometimes it is hard to finish projects on time and on budget. Delivery time for supplies is better than it was but if there is a specific item you want you may be waiting months for it and delay the sale of your home.
Don’t make fixtures too trendy
Replacing damaged fixtures, faucets or cabinet features can really help sell a home. Repainting doors, rooms or cabinetry can also change the look of your home immensely. Just make sure that you don’t choose too trendy enhancements as this can also turn buyers away. Pick paint and fixtures that would appeal to most of the population.
What is the bare minimum I should fix?
Fix anything that is a major safety issue or that can make you fail your home inspection. Any major leaks, infestations, sewage, or electrical issues will need to be fixed before you put your home on the market.
Here are our takeaways
- Clean, declutter and have curb appeal
- Don’t get into major renovations
- Think of the cost of the repairs and what return on investment you will get
- Keep your home in line with your neighbours and comparable homes
- Always have your home staged
If you are thinking of putting your home on the market this year, let us help you with any concerns you may have about selling your home. We will be able to do an appraisal of your home and what we believe you need to do to sell it quickly and for good market value. We would love to help!