Don't renovate too much before selling
Category Seller Advice
Giving your home a facelift before putting it on the market can be a great way to boost its appeal and value. But embarking on major renovations just before selling is rarely worth the cost, unless the property was specifically bought as a fixer-upper.
Many potential buyers shy away from homes that look like they require significant work, so enhancing your home's curb appeal is a good place to start when aiming for a quicker sale and /or a higher offer. Simple improvements like a fresh coat of paint, tidying the yard or adding flowers can make a big difference.
In some cases, however, you may need to go beyond basic touch-ups, and the key is knowing where to draw the line between profitable upgrades and costly overhauls.
Rather than reinventing your whole home, you'll need to focus on renovating in a way that adds value without going overboard, and in order to figure out which improvements are worth making, you should try viewing your home as a buyer would. What would catch your eye? What might turn you off?
Address the latter issues first, and once you've set a budget, plan how to stretch it as far as possible. Be careful not to blow your entire budget on one area, like an extravagant bathroom renovation, while neglecting the rest of the home.
And even if your budget allows for larger projects, stick to neutral designs and avoid anything too personalised. Good choices include updating kitchen cabinets, replacing bathroom tiles and adding extra storage in bedrooms. These upgrades tend to offer a good return on investment.
When planning a renovation, it's vital to also be mindful of "hidden" expenses that can quickly drive up the overall cost. Renovation quotes are often just estimates and unexpected repairs to outdated plumbing or electrical work that may become necessary during the course of a project can increase both labour and materials costs. Additionally, material prices may rise between the time you receive a quote and when the work begins.
To avoid budget overruns, we suggest that you add a 30% cushion to your original estimate to cover unforeseen expenses. This way, you'll be better prepared if any surprises come up.
Meanwhile, if you opt to tackle home improvements yourself, you will need to secure the proper municipal permits for any structural changes or additions you are planning to make. Failure to do so can result in fines or even orders to undo the work. Permit fees vary based on the size and scope of the project and should be factored into your budget.
Also, remember to account for any additional tools or materials you will need and be prepared to fix any accidental damage along the way.
The goal is to enhance your home without turning it into a financial burden. So whether you're hiring a contractor or doing it yourself, proper planning and budgeting are essential to ensure your renovation efforts pay off when selling your home. Avoid overspending on large projects and focus on upgrades that will add real value and increase the appeal of the property to potential buyers.
Author: Chas Everitt