What they don’t tell you about home renovations before selling
Tags: Toronto, Real Estate, House Prices, 2023, Update, Buying, Selling, Property, Sellers, Buyers, Down, Market, Capitalize, Tips, Stand Out, Curb Appeal, Budget, Renovation
One of the most common questions that home sellers ask themselves is “should I renovate my home before I sell it?”
Renovating your home before you sell it can pay off. But while home renovations can make your home stand out on the market, there is more to consider than just making those few upgrades that will make your property feel like new.
Keep reading for the best home renovation strategies that will help you sell your home for top dollar.
Home renos: What happened through the pandemic?
During the pandemic, with the continuous lockdowns and stay-at-home orders in effect, people spent a lot more time inside their homes than usual. Our homes became our living quarters, work offices, gyms, schools, entertainment areas, and more. While spending so much time in confined spaces, homeowners began to find problems that needed fixing and home improvements that could enhance their home experience.
With a surge in home remodeling desire, the home renovation industry quickly surged. A 2022 report revealed that kitchen and bathroom remodeling projects increased by 40% in the first six months of the pandemic. Furthermore, the prices of lumber skyrocketed, with soft lumber wholesale prices quadrupling in the first year of the pandemic.
While buyers were initially investing their time, money, and effort into home renovation projects, they soon discovered that renovations were becoming increasingly expensive, contractors were falling behind due to supply chain issues, and the idea of home renovations while spending the maximum time in the same space was not an ideal way to live.
Where are we now?
With the increasing personal and financial frustrations of home renovations, homebuyers’ desire to buy a fixer-upper home and renovate it was significantly diminished.
So, what are buyers looking for in today’s market?
In this post-pandemic era, buyers are looking for turnkey properties. If you’re looking to attract the best attention, then a fully renovated home is the best way to go. While homeowners often think that a few updates here and there will appeal to buyers, this is equivalent to selling a half-painted picture. The best option is to sell your house as a blank canvas or fully renovated. Buyers would prefer to choose all the upgrades, finishes, designs, etc. from scratch without having to incorporate the previous owners’ design choices which may not match their taste.
Where to begin?
The first thing to consider is the buyer. Depending on your home and your neighbourhood, buyers may be looking for different styles or features of the property. For example, if your target market is young families, renovating the backyard to add green space or adding a playroom in the basement would attract the right kind of buyer at the right price.
The first thing to focus your renovation efforts on is the basics. This includes cracks in the walls or ceilings, missing baseboards, leaks, or any other structural deficiencies. If these basics are not taken care of and you move forward with other renovations throughout the home, buyers will doubt the quality of the renovation because you didn’t cover the basics.
The kitchen & the bathrooms
The next major renovation spaces to consider are the kitchen and the bathrooms. According to Remodeling Magazine, major kitchen and bathroom remodels have a return on investment of 80% and 81% respectively. Working with a real estate professional through these renovations is ideal, as realtors and home designers know what buyers are looking for and what features and styles will help your home sell for top dollar.
While floor renovations don’t seem as valuable considering that floors are below eye level, updated flooring can change the entire space. Homebuyers today are looking for hardwood floors, especially throughout the main levels of a home. A recent study by the National Association of Realtors® showed that “installing new wood floors yielded a 118% cost recovery in terms of the increased resale value as compared to the cost of the project.” If you’re not sure what type of wood floors to install, consider hiring a professional to guide you through the process.
We're here to help
At Adelson + Weiss, we have guided tons of clients through the home renovation process and have helped them sell their homes for top dollar. We strive to create an inspiring, stress-free real estate experience and provide personalized customer service and satisfaction.
With over two decades of real estate experience, we've developed a relationship with our clients based on trust, integrity, and results.
Thinking about selling your home? Contact us at email@example.com.