Maximize your profit without a huge renovation budget
If you are putting time, money and effort into renos before you sell keep in mind that if they cost more it doesn’t mean you will get more. Not saying you should do the quick and nasty lipstick reno but an entire new kitchen may not be the same taste as your buyer. If you have done it for yourself to enjoy…great, but don’t assume you know what they want. Stick with a budget and make decisions that count!
It all depends on many factors of course but here are some good guidelines:
1. Know your target market
Be sure you know your buyer or eventual buyer once you list. If they are young families, have a tub on the bedroom level. If they are investors, a basement living area with kitchen may be what they are after. Empty nesters may be looking for parking and a clean higher end look, perhaps a must for them is an ensuite and large master bedroom. Don’t make changes that won’t appeal to your target market.
2. Accentuate what adds value to your home
Sellers get lost in what they like about their home personally and may forget what the ultimate benefits are. Backing onto ravine is sought after and in this scenario you want to showcase your outdoor living space. A walkout basement should be fresh and allow people to see the bonus living space they will get. An additional bonus room can be staged to allow people to see a library, office, or hobby room. Show off these extras as a perk! Your realtor should be able to walk through your home and give you advice on what to highlight.
3. Paint is king
Paint should always be your first choice when improving your home inside and out. The cost is minimal and anyone can do it to a certain degree. If there is complex work required you can hire someone but for those on a budget this is your best bet to make your home sing and update it exponentially. An improved front porch or entry adds the initial curb appeal that brings that buyer in. Dated elements in your home can use a fresh coat of paint to make it seem new again like a railing, doors, cabinets or fireplace.
If you feel that you do have the extra cash to spend make those major improvements before selling. Maybe you just want to do some renovations to enjoy yourself with plans to list your home in the future, then click here for some tips that will recommend where to put those hard earned bucks and boost your home value.
Corinne Byggdin is a Sales Representative in the Hamilton area with core team and Royal LePage Real Estate Services. She has 17 renovations under her belt and has learned first hand how to find the proper people and materials in the region for home improvements. Put her experience to work for you. For a personal in depth discussion about what steps you should take to get your home ready for listing you can contact her today to set an appointment.