Should I renovate before I sell my home?

By
Real Estate Agent with Royal Lepage Nanaimo Realty

 Should I renovate before I sell my home?

I often get asked" Should I renovate before I sell my home?"  This is a tricky question because often updated homes will be easier to sell and command a higher price.  However, it is a bit of a catch 22 because according to the Appraisal Institute of Canada very few if any renovations will payback 100% of your costs. 

 

If you decide to renovate before selling your home there are things to consider that will reflect on the price you can ask for your home.  In some cases renovating doesn't make sense if the overall condition of the house is poor, or if your house is already valued higher than other homes in the neighbourhood. 

 

Other things to consider before you renovate to sell your home is the availability of new homes in the area and the rate at which property values are changing.  If prices of homes in your area are stagnant it probably doesn't make sense to sink more money into the home by renovating it before you sell.

 

The most important consideration is the location of the home.  If your home is located in a higher end neighbourhood it probably makes sense to upgrade the home so it can compete with other homes in the area that are for sale.

 

One of my services as a Nanaimo area Realtor is to do a room-by-room evaluation for my clients before they list their home.  Please contact me to arrange an appointment before you decide if you will renovate before you sell your home.

 

 

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Rainmaker
581,780
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Great advice lynn. and a difficult answer to give without considering each individual home.

Often just taking care of the little things, and a fresh coat of paint is what most homes will need - Renovate can mean so much more, and may bee too much!

Feb 25, 2011 02:18 PM #1
Rainer
110,832
Charles Perkins
Charles G. Perkins, CPA - Burien, WA

Thanks for your insight.  I've run across this many times and have come to realize that the answer is often it depends. 

Feb 25, 2011 02:18 PM #2
Rainmaker
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Paul Walker
Equity Fifty Five Realty, LLC - Scott AFB, IL
Scott AFB IL Area Realtor

Very nice blog!

I would certainly recommend being sure the home is as market ready and clean as possible, and without clutter, etc. Paint is always easy overall and can make a huge difference. Also, some simple updates such as light fixtures may be in line to do also. I don't think I would ever recommend going overboard and making huge changes however. Keep it simple, and get the most out of it you can. 

Feb 25, 2011 02:20 PM #3
Rainmaker
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Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Lyn, very good advice on a topic much more complicated than most people realize.

Feb 27, 2011 04:46 PM #4
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Rainmaker
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Lynn Donn

Homes for Sale in Nanaimo BC
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