November 2, 2020 | Selling

For many sellers, it’s a significant dilemma. You’re ready to sell your house, but it isn’t exactly in perfect condition. It goes without saying that you want to get the highest return possible, but you fear your property’s issues could throw a wrench in your plans. Should you put in the effort required to perform upgrades? Does it make more sense to sell “as-is” and accept that you may have to negotiate regarding repairs—or even reduce your price?

If you’re not sure whether to renovate before you sell, here’s what you need to consider…

How big are your home’s issues?

When you’re deciding whether to renovate, it’s important to assess your property’s condition. If your HVAC system is on its last legs, your faucets are leaky, and your windows need to be replaced, some buyers may not even consider making an offer.

Others will want to negotiate—and the process may not end in your favour. That’s why it all comes down to strategy. With regard to potential problems with your property’s major systems and components, you can sell as-is (and set your price accordingly), or make key improvements first.

It’s also possible that your house is merely outdated. If its issues are primarily cosmetic, you may have more flexibility regarding how (and if) you address them.

Your agent can help you make informed decisions leading up to your sale. The age of your home, how recently its systems were updated, and the general impression it makes are all factors to consider.

What’s your potential return like?

Once you’ve assessed your house for potential areas of improvement—and have a sense of its overall condition—it’s time to consider your return. How much is your property’s worth likely to increase if you perform renovations?

To answer this question, weigh the market value of your home post-upgrade against how much it will cost to complete improvements. Your agent can help you understand how much specific renovations could boost your selling price, while speaking with contractors will ensure you understand the expense involved.

The truth is, overhauling your property may not have a significant impact on its perceived value. On the other hand, simple cosmetic improvements—like a fresh coat of paint or the addition of new bathroom fixtures—could make a difference in the eyes of buyers. That’s why a careful assessment is so crucial.

Areas to focus on

If you decide to perform renovations before you sell, choosing the right ones is critical. Here are a few upgrades that can drastically improve the impression your home makes on potential buyers.

Flooring

Floors are one of the first things prospective buyers look at when they enter a property. Swapping outdated materials (like laminate or linoleum) for in-demand options (like hardwood or less-expensive cork) can instantly boost the look of your home.

Walls

If your walls are looking worse for wear, a fresh coat of paint could make all the difference. A high-quality formula in the right hue can actually add thousands of dollars to your bottom line. Light blue and “griege” are often great bets.

Appliances

You may not need top-of-the-line appliances to sell your home, but replacing them when they’re outdated can have a big positive impact on buyers. Upgrading to stainless steel may be a good idea if you have the room in your budget.

Hardware

It’s a small change that can make a big difference. Swapping out dated cabinet knobs, drawer pulls, and sink fixtures can instantly add a bit of polish to your living space. These little improvements can go a long way when you’re putting your home on the market.

Shower tiles

Grimy shower grout is a major turnoff for potential buyers. Fortunately, removing and replacing it isn’t too time-consuming—all you need is the right tools. While you’re at it, polish your tiles thoroughly to restore their original lustre.

The bathtub

If you’re considering some more extensive remodelling, you may want to replace your dated shower-tub combo with a more luxurious version of one or the other. Just be aware that every house should have at least one bathtub!

The bottom line

Many Etobicoke home sellers are unsure about whether to perform updates before putting their houses on the market. The answer will depend on your property’s condition, the return you can expect on any updates you’re considering, and even the state of the current market. Fortunately, an experienced local agent can help you secure the best possible price!

Ready to put your property on the market? Learn more about the home preparation process—and how we can help!