Should I Renovate Or Sell and Move?
We often get asked the question “should I renovate or sell and move?” Honestly, there is no easy answer. There are many factors that drive the decision.
– Budget.
– Market.
– Area trends.
– Condition of your property compared to recent sales.
– Purpose for renovations.
Renovations come in two sizes. Fantastic and disastrous. Renos gone wrong are everybody’s favourite TV show. We all know because we’ve all been there. So, I always like to start the conversation with the question “is it worth it?”
Unless a property is a compete tear down every house for sale benefits from some renovation. Renovation means to renew or freshen up. The simplest way to do this is to paint. A freshly painted home smells and looks, well, fresh! Painting is not difficult but the skill lies in preparation and time management.
TIP – A successful reno has a budget, a start date and a finish date. Allow 15% for cost over runs and excess material.
What Are The Best Rooms To Renovate?
Client – I’ve heard that kitchens and bathrooms should be renovated before I sell and move.
Us – There is no point updating your bathroom or kitchen if you’re not going to get a return on your money. These rooms, though, do have to be functioning and watertight.
Kitchen – The current number one selling feature of a kitchen is a granite counter top. IKEA kitchens are cheaper and easy to install. A back splash can really set your new kitchen off.
Floors – New developments in engineered floors allow for durable, fashionable material to be laid throughout. A unified floor throughout the house is very desirable.
TIP – Complicated patterns and tons of colour do not sell houses. Simple, timeless and elegant lines do. Nothing screams Amateur Reno louder than cheap material and bad workmanship.
Appliances – Unify your appliances. Stainless steel is still in vogue.
Bathroom – Utilizing space in the smallest room in the house is the key. Floor tiles go a long way as do shower tiles. New tap handles and shower heads show well. Always spend a few dollars on a new curtain and liner.
Windows – This is one of the must do things if you can swing the budget. New windows always get a return on investment.
Roof – New shingles and guttering are another excellent return on investment (ROI).
TIP – Always get three quotes from reliable contractors when dealing with the big jobs. If they don’t give you a contract in writing you don’t hire them to do the job.
Basement – Change out the carpet, basement carpets get musty over time. Pot lights if you can. Fresh carpet always lifts up a rec room.
Sell and Move or Renovate
If you’re still undecided it’s always a good strategy to sit down and talk with your REALTOR. Sometimes it’s just as easy to leave the nuts and bolts jobs to the new owner. Buyers accept that they need to do renovations if they believe that they are getting a bargain. The trade off between these factors is yours to decide as the seller. As agents we get inside every property that’s on the market in your area. We know what other people are doing and can give you sound, professional advice. There is no need to invest thousands of dollars in projects that mean nothing to the new owner who may want to completely gut renovate to their own taste. However, a few simple, inexpensive and tasteful upgrades can really uplift a home’s appearance giving it an edge over the competition. Renovate or sell and move, we hope you got a few answers.