Should You Renovate Before Selling Your Ottawa Home?
One of the most common questions we get from homeowners preparing to sell is whether they should renovate before putting their home on the market. The answer is usually: it depends… and don’t start spending money just yet.
There are certainly improvements that can help your home sell faster or for more money. But there are also renovations that cost far more than you’ll ever get back when you sell.
Start With the Easy Stuff
Before considering a major renovation, take care of the smaller things buyers will notice. Fresh paint, updated light fixtures, repairing damaged trim, replacing worn carpet and taking care of obvious maintenance items can make a surprisingly big difference.
These aren’t exciting renovations, but they can make a home feel cleaner, newer and better maintained without a huge investment. You will almost always recoup the investment on these items. The bonus will also be that you will sell quicker.
Be Careful With Kitchens and Bathrooms
Kitchens and bathrooms are important to buyers, but that doesn’t automatically mean you should renovate them before selling.
Spending $50,000 on a new kitchen doesn’t necessarily increase the value of your home by $50,000. Sometimes an older but well-maintained kitchen is perfectly acceptable, particularly if the home is priced accordingly.
There are also plenty of buyers who would rather renovate themselves and choose their own finishes.
Think About Your Competition
This is where the Ottawa market matters. If you’re selling in a neighbourhood where most competing homes have renovated kitchens, updated bathrooms and finished basements, an original home may need to be priced differently.
On the other hand, if homes in your area are generally similar in age and condition, spending heavily to make yours the most renovated house on the street may not make financial sense.
Presentation Can Be More Important Than Renovation
A home doesn’t need to be brand new to show well. Professional staging, great photography, fresh paint, good lighting and removing excess furniture can completely change how buyers perceive a property.
Sometimes a few thousand dollars spent preparing and presenting a home properly can have a greater impact than a much larger renovation. Keep in mind that our team will help you along the way to make sure you are making the right decisions. We have a great staging team!
Talk to a Realtor Before You Renovate
This is probably our biggest piece of advice. If you’re planning to sell within the next year or two, have a Realtor look at the property beforeyou start spending money. We can compare your home with recent sales, look at your competition, and identify which improvements are likely to make a difference.
You may discover that the $30,000 renovation you were considering isn’t necessary at all.
When you’re preparing to sell, the goal isn’t to make your home perfect. The goal is to spend money where buyers are most likely to notice it — and avoid spending it where they won’t.
