Not sure what you should renovate before selling your home? This blog post offers some great tips.
What Not To Renovate Before Selling Your Home!!
Renovating and updating ones home is a task that most homeowners either avoid like the plague or unfortunately become renovating or updating happy and overdo!!
What does renovating or updating overdo really mean?
This typically means renovating or updating any and everything in a home regardless of the potential return on money (investment).
The irony is that most homeowners renovate or update solely according to their liking and usually justify their actions with a barrage of points.
However, if a situation should arise that requires a homeowner to sell their home in the near future or at times immediately, they usually list everything that they've updated or renovated with expectations of getting back 100% or more on their money (investment).
Here are a few professionals you may want to consult with in the initial stage:
Renovation Company - They could provide you with recommendations and budgets.
Interior Designer - They could help you with floor planning, layout and selecting design finishes that complement each other.
Local Realtor or Realtor that works mainly with investors - They could provide you with current design trends for homes that have recently sold, especially the homes that sold for top dollars quickly.
This may seem like a lot of people to consult with before renovating but doing lots of research upfront isn't to be underestimated. Have you ever heard the old adage " cut once but measure twice?"
Here are the top seven (7) updates with average return on money according to the " Cost vs Value Report, produced by Remodeling magazine in cooperation with the National Association of REALTORS® and REALTOR® Magazine"
Hint: Kitchen renovations are apparently NOT number one anymore!
Project Average Recoupe On Investment
1. Entry Door Replacement 101.8%
2. Manufactured Stone Veneer 92.2%
3. Garage Door Replacement 88.4%
4. Siding Replacement (vinyl) 80.7%
5. Deck Addition (wood) 80.5%
6. Minor Kitchen Remodel 79.3%
Bathroom Remodel has dropped to number 13 with an average of 70% return.
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Markham, Ontario, L4R 3G2
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