with Century 21 Advantage
Whenever we go meet someone who is thinking of selling their home the questions usually arises –
What can I do to increase the value?
What renovations can I do to make it worth more?
While renovations are great in a home they usually lose money if done in the mind to sell. If you are replacing a kitchen or bath in order to make more in a sale you will (normally) see between 70-80% of the money back.
Renovations are expensive and should be for the home owner who is doing the renovations to enjoy. Major renovations are usually done in the current owners taste and may not be what new owners are looking for.
Every situation is different, every reno is diferrent. Be careful with your money and do the smart reno’s. Efficient homes with new furnaces & new windows are my favorite. The current owners thought about money saving over cosmetics.
Major renovations cost major money and usually do not return the cost in a sale. Minor renovations will usually cause the home to look fresher. What all renovations will do is maybe make your home sell instead of not sell.
So! Do renovations work? Yes. Renovations could make your dull, lived in home fresh and new and that is what buyers are looking for. You may lose a few hundred dollars on that kitchen reno but the reno might be enough for someone to fall in love with the home. Because in the end if you renovate and sell you usually make money. Money is always tight but smart buyers money goes to clean well kept home.
Renovate smartly for your price point and you will have an easier sale and increase your value some.
Thanks for reading
Ken Devoe – Century 21 Advantage