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So you have decided to take advantage of the hot housing market and list your property for sale. Congratulations!
Like most home sellers, you must also be thinking about sprucing up your home with some renovations and increasing the property’s appeal. After all, a little TLC to your house before selling is known to translate to a bigger check.
That’s true! Top real estate agents agree that strategic renovations can definitely boost a property’s asking price and attract more buyers. To help you with the pre-sale renovation project, we have compiled a comprehensive list of dos and don’ts straight from the real estate experts. Let’s begin!
Things You Must Do During a Home Renovation
Plan Wisely
The first thing that you must do before diving into the renovation project is to plan wisely. Consider your budget, timeframe, and desired outcome for the renovation project. This thorough planning will help you avoid unexpected expenses and ensure that your renovation project stays on track.
Focus on Curb Appeal
First impressions matter so make sure to enhance the exterior of your home during the renovation project. This could be anything like landscaping, painting the front door, or replacing any worn-out siding. According to real estate agents in Mississauga, a welcoming exterior is a surefire way to attract potential buyers and increase the perceived value of your property.
Update Kitchen and Bathrooms
Kitchen and bathrooms are the key areas that often influence a homebuyer’s decision. So, home sellers must take care of updating fixtures, cabinets, and countertops of these spaces during their renovation work. But make sure to avoid over-personalising designs in the kitchens and bathrooms that may not appeal to everyone.
Repair Structural Issues
Next, address any structural problems like leaks, cracks, or faulty wiring in your home. Homebuyers closely look out for hidden defects in potential homes. Fixing these issues before showing the property to a buyer demonstrates your commitment and indicates that the property is well-maintained.
Neutralise Decor
Ask any “real estate agent near me” and the first thing they would advise is to avoid bold colours or unique decor during renovations. According to real estate professionals, it’s best to opt for neutral tones during home renovations. Neutral colours create a blank canvas that allows homebuyers to envision their own style in the space.
Maximize Storage
Another feature buyers find appealing in a home is ample storage size. So, during your renovation project, consider adding built-in shelves, closet organisers, or extra cabinets to optimise the storage potential of your home. Well-organised spaces give buyers the impression of a tidy and spacious home.
Enhance Lighting
Good lighting can make a smaller space feel larger and more inviting. This is why home sellers must install bright, energy-efficient fixtures to illuminate each room in the property effectively. Homeowners also find natural light appealing in their property so consider adding or enlarging windows wherever possible.
Consult Professionals
The last most crucial advice real estate agents give to home sellers is to hire professionals for major renovations or repairs. Experienced home contractors and designers can offer valuable advice and ensure renovations are done correctly. Their expertise can help homeowners maximise the return on investment.
Things You Should Not Do During a Home Renovation
Overlook Budget Constraints
A big no-no during a home renovation project is overspending on renovations beyond what’s reasonable for the neighbourhood or the expected sale price. You must always stick to a realistic budget to prevent unnecessary financial strain.
Neglect Permits and Regulations
Make sure to always obtain necessary permits for home renovations to avoid legal troubles down the line. Stay away from this mistake if you don’t want to be slammed by a hefty fine during your home-selling process.
Ignore Maintenance Tasks
No doubt, focusing on cosmetic upgrades is essential for selling your home for top dollar. However, don’t overlook essential maintenance tasks during the renovation project.
Follow Trends Blindly
Remember home design trends come and go. So, as a home seller, you need to be cautious about not incorporating overly trendy design elements in your home. Instead, go for timeless designs that will appeal to a broader range of homebuyers.
Overlook Energy Efficiency
According to the best real estate agents in Mississauga, energy-efficient fixtures can increase the value of your home and also attract eco-conscious buyers. Consider investing in insulation, energy-efficient appliances, and smart home technology to appeal to this section of would-be homebuyers.
Overpersonalise Spaces
If you’re staying in the home for 5 or 10 years more, it’s okay to add personal touches to make the house feel like home. But in case you’re selling the property soon, stay away from overpersonalising it during renovations. Or else potential homebuyers with different tastes may fail to envision themselves living in your space.
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Is It Compulsory to Renovate a Home Before Selling It?
No, it’s not! To decide whether or not to renovate your home before selling, you need to consider a few factors. The first thing you must evaluate is the condition of your home. If your property is outdated or has significant wear and tear, renovations can help you sell your home faster and for a better price.
Also, look at similar homes in your area that have been sold recently. If renovated homes are fetching higher prices, then it’s worth considering renovating your property.
Next, think about your budget and the return on investment (ROI) from the renovation project. Renovation projects like updating kitchens and bathrooms typically offer better returns than others. And you should stay away from renovation projects that won’t add at least an equivalent value to your home’s sale price.
Additionally, consider the time you have in your hand. Remember that renovations can delay listing your home for sale and it may also involve unexpected challenges. So, if you’re in a hurry to sell, you may choose to sell the house as is without renovation.
The best way to decide whether or not you should go ahead with the renovation project is to consult with a knowledgeable real estate agent. These professionals can suggest the best renovation projects for your property with the highest ROI based on your home’s condition and the market condition. They can also assist you in fixing a budget for the renovation project and recommend top contractors in your area.
Remember, your goal from the renovation project should be to maximize your profit while minimizing your investment. By carefully considering the market, the condition of your house and your financial situation, you can decide whether renovations are the right move for selling your home.