Renovations can lead to more money in your pocket, but if you’re not careful and don’t plan, your renovation could leave you closer to the red than the black. Make sure you talk with your Real Estate Agent for tips or a renovation guide to make sure you’re doing the right things to get the best return on investment.
When clients ask me during a market evaluation what they could do to improve their home’s saleability, I always question a few things. The biggest one being, are you ACTUALLY going to follow through on the update? If you read my blog on “How We Sold Our Own Home So Quickly” you’ll know that we pulled out all the stops and paired it with a reasonable mindset on how to free up the home’s equity in the least amount of time. If you don’t have the time or energy or schedule to make these improvements happen, that’s totally fine. We have a marketing strategy for that, too.
What I will advise is this; don’t plan on getting all of your money back on any particular renovation. (Click to down load your copy of Harrison Bowker’s 2019 Renovation Guide). What renovations or updates will do is make the home more appealing to more buyers. In our current markets (both in Kitimat and Edmonton) the quickest way to hold onto your equity is to get out of the market faster (more aggressive pricing but fair market value). You are going to leave equity on the table by pricing too high to recoup your money, resulting in price adjustments, lower offers and longer days on market. My goal for you as your REALTOR® is to get you the most amount of money for your home (the least amount of time is always a big bonus).
Not sure where to start? Well, the first thing is to always ask for guidance from your local REALTOR® (ME) or who ever you are working with. We pay attention to new housing trends, what’s hot and what’s not, paint colours, accessories you can use to style, the whole kit-and-caboodle. The other thing we can do as we prepare for your listing is to check out the competition to see what they look like! The best marketing strategy starts with us as a team in order to make your listing show the best online.
Click on the link below for 9 terrific tips on how to boost your home’s resale value. Any questions, as always, I’m here to help.