Lynn's Blog

Should I renovate before I sell my home?

Should I renovate before I sell my home?

I often get asked" Should I renovate before I sell my home?"  This is a tricky question because often updated homes will be easier to sell and command a higher price.  However, it is a bit of a catch 22 because according to the Appraisal Institute of Canada very few if any renovations will payback 100% of your costs. 

 

If you decide to renovate before selling your home there are things to consider that will reflect on the price you can ask for your home.  In some cases renovating doesn't make sense if the overall condition of the house is poor, or if your house is already valued higher than other homes in the neighbourhood. 

 

Other things to consider before you renovate to sell your home is the availability of new homes in the area and the rate at which property values are changing.  If prices of homes in your area are stagnant it probably doesn't make sense to sink more money into the home by renovating it before you sell.

 

The most important consideration is the location of the home.  If your home is located in a higher end neighbourhood it probably makes sense to upgrade the home so it can compete with other homes in the area that are for sale.

 

One of my services as a Nanaimo area Realtor is to do a room-by-room evaluation for my clients before they list their home.  Please contact me to arrange an appointment before you decide if you will renovate before you sell your home.

 

 

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