VJ Peters

Honesty . Professionalism . Service

Is Renovating Your Home Worthwhile?

If you’re looking to sell your home, you may be considering renovating it beforehand. While you may be looking for a definitive answer to the question of whether you should renovate your home before a selling it, the answer isn’t too black and white.

What do houses in your area have?

Check out the houses on the real estate market in your local area. What do they have? Do they have features that your home does not? For example, if most the houses on the housing market in your area possess en-suite bathrooms, it may be worth seeing if you can get an en-suite installed in your house. It may not matter to some buyers, but it can be something that knocks your home off the radar for a lot of buyers in the area.

Who are you trying to sell to?

Your local area is likely to have a certain feel, aesthetic, or set of properties that appeal to certain buyers. For example, properties in well-developed urban areas are likely to be marketed towards professionals and younger people, whereas homes in quiet suburban districts are more likely to be marketed towards families and older people who want a bit of peace and quiet.

Conduct some research on the demographics that are buying properties in your local area, considering whether you need to renovate your home slightly in order to appeal to them. For example, if you’re trying to interest families, then a secure backyard fence is a great addition to your home. Similarly, elderly people might like an easy-to-maintain garden, whereas young professionals might enjoy having a bar in their kitchen which can be used to entertain guests.

Things to consider before renovating a property

If you do decide to renovate your property in order to enhance its market value and appeal, do consider how inconvenient the renovations will be for you, and whether they are things you can put up with. After all, you will inevitably be living in your property for a while before it sells, so you need to ensure that your changes are things you can live with, even if they are not how you would ideally like the house to look.

The bottom line

If you’re thinking about renovating a property before selling it, be sure to check things over with your local real estate agent. Renovating a property can certainly increase its market value, but you need to assess whether that will result in a net profit or net loss for you upon the sale of the home.

VJ Peters
Cell: 416-918-8565
Office: 416-298-2888
Fax: 416-754-2100