Have you decided to put your house on the market? Are you planning on doing any renovations or upgrades before you sell?
Here are 4 factors to consider when deciding whether or not to renovate:
1 – Market Conditions
If you are planning on selling basically anywhere in Toronto – you are currently in a seller’s market. With supply not meeting demand, your home is a hot commodity. This means that buyers are looking to buy – no matter the condition of your home. Does this mean you should not put in any work? While your home may be desirable (even if it is not updated), doing the right renovations can mean a quick sale for the price you want.
2 – Similar Homes in Your Area
One of the best ways to decide if you should renovate (or which renovations you should take on) is to compare your home to similar ones in the neighbourhood. Do they all have finished basements? Are they updated with new flooring? If your home is lacking something that the other homes are offering – it may be a good idea to equip your home with the same features in order to receive the same price others are asking.
If your home is looking better than the others in your area – it may be wise not to put any extra work and money into it. Buyers judge homes by the area they are located in and how much similar ones sell for. If there are similar homes to yours that go for about $700,000, putting in an extra $15,000 worth of renovations might not necessarily bring you above the average that most are willing to pay. Research wisely and make decisions based on your findings in the vicinity. A knowledgeable Realtor can help you with market research and present a plan for you and your home.
3 – Having All the Basics
If your home requires some work to be livable then investing in necessary renovations can be important. Making sure your home has all the basics can mean the difference between a quick sale and an arduous selling process. Fix anything that needs fixing and make your home move- in ready!
4 – Important Little Things
If your home is in fairly decent shape, you can still create a professional finish with minimal work and a minor budget. Painting your rooms in a neutral color can add a much needed revamp and create a better flow through your space. Replacing hardware in the kitchen and bathrooms is also a small but noticeable touch. Remember that first impressions are everything – do what you can to increase your home’s curb appeal and make your entryways memorable.
It can be hard to decide what renovations are worth your time and whether your home really needs any renovations at all. There is no simple equation to determine what will work and what will not. Your best bet is to team up with a knowledgeable Realtor and together, do the research necessary to determine what the best plan for you and your home is. Allow me to share my knowledge and years of experience with you. Simply call me at 416-921-1112 to get any of your questions answered today.