Sometimes, I shake my head, scratch my head and still I can't understand how people price houses.  I visited one today that needs at lot of TLC.

They put in new hardwood flooring and they think that since they've installed new flooring the price of the house goes up automatically.  NOT.  The highlight might be the new floors but you must take into consideration that nothing else has been done; outdate bathrooms, kitchen stick & peel tiles, freshly painted (the painter must have been drinking); old carpeting in the stairs; wobbly handrail, old windows.  Do I need to continue?

My point ?  If you are going to do some upgrades, do them well, and don't focus just on one item.  It doesn't make sense.  The value of the new flooring is about $3K - but it doesn't justify the overpricing.  If Buyers are giving up the big bucks then they want quality and if someone is looking for a fixer upper - they aren't going to pay the same price as an upgraded house would cost.

Think, consult, speak with your Realtor before doing renovations.  They will advise you where you will get your greatest return, if any.  Don't think that by asking more for your house that you will get more.  Fair market value is what a Buyer will pay for the property. 

 In my tool box, I have home stagers, decorators, painters, renovators, floor installers, carpet layers, electricians, plumbers, packers, declutterers, roofers, landscapers to name a few.  www.irenebilinski.com

Irene Bilinski, ASA
Bilingual Sales Representative
Keller Williams Ottawa Realty

Direct (613) 858-1151
Office (613) 590-3000

www.irenebilinski.com

Real Estate… it’s all about You!

 
Posted by Irene Bilinski on 06/07/2011 10:29 AM   Comments (0)   renovations, home renovations  
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Irene Bilinski

Ottawa, ON

More about me…

Keller Williams Ottawa Realty

Address: Ottawa, ON, K4A3W3

Office Phone: (613) 590-3000 x 26

Cell Phone: (613) 858-1151

Email Me

Buying or selling a home in Orleans or Ottawa? This blog will give you real estate tips, open houses in the area, listings available, and more. Real Estate... it's all about You!


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