Renovating Before Selling Your Property in Edmonton? Is It Worth?
If you’re planning to sell your home, you’re probably wondering what you ought to do to get the best possible price for the property. The biggest issue that homeowners face during the preparation stage of a home sale is whether it’s a good idea to renovate the home before putting it up for sale. The obvious first consideration is the return that any home renovations will bring. The truth is, not all home renovations yield the same ROI. What works well for one home may not work for the next, and vice versa. That’s why it’s essential to understand which home renovations are worth the investment and which ones you could skip if you want to sell your home quickly and efficiently in the Edmonton real estate market.
- Emphasis on First Impressions: Curb Appeal Upgrades
Firstly, curb appeal is the first impression that a buyer gets when the house becomes attractive to the point that the potential buyer wants to enter the house.
High-Impact and Cost-Saving Ideas:
- Painting and/or replacing the front door
- Add modern house numbers and updated lighting
- Power wash the driveway, siding, and walkway
- Add mulch, flowers, and trimmed shrubs to revamp the landscaping
These small details go a long way in creating a first impression and conveying to prospective buyers that the property has been well maintained, a tremendous catalyst for a sale.
Potential for ROI: As much as 80% or more, depending on the project scope.
- The Kitchen: The Power of Simple Changes
If you are undertaking a remodel, a complete kitchen makeover could be pricey and even time-consuming, but there are ways to give your kitchen a wow factor. The truth is, buyers will always go for a light, clean, and functional kitchen.
Here are the high ROI kitchen renovations that you might consider:
- Paint the cabinets a neutral color (white, beige, or gray)
- Update hardware, faucets, and light fixtures
- Updating countertops to quartz material or laminate options
- Add a modern backsplash
You’ll update your kitchen and not break the bank, so that potential buyers see that the home is already ready to be moved into
ROI potential: 60-80%, depending on materials and scope.
- Bathrooms: Small Changes, Big Returns
Bathrooms are one of the most closely examined spaces within a house. Fortunately, you do not necessarily require a remodel to achieve impactful renovations.
Updates that are worth a DIY makeover:
- Fix old caulking and re-grout tile
- Exchange old mirrors and light fixtures
- Add new faucet, towel bars, and a modern vanity
- Add shine to paint with light colors
An updated and clean bathroom convinces the buyer that the house has been well taken care of.
ROI Potential: 70 percent and above for light remodels.
- Paint: The Most Affordable Improvement Solution that Brings the Greatest Benefit
If you are looking for a home renovation project that provides the best return on investment, it is definitely painting. Paint a room a neutral color and you immediately remove any wear and tear, creating a look of a house that’s ready to be moved into.
Select soft and timeless colors such as warm white, greige, and light taupe that will attract a diverse pool of potential buyers.
Potential ROI: Up to 100%, depending on the condition of the home prior to the project.
- Flooring: Replace or Refresh
Worn-out carpet, scratched hardwood floors, and outdated tile work may immediately deter buyers. Brand-new flooring installation or refurbished floors may greatly improve the look and feel of your home.
If the replacement of floors is not feasible within the budget, consider hiring professionals for cleaning and refinishing. The modern look that attracts buyers includes vinyl plank flooring, laminate flooring, and engineered hardwood floors.
ROI potential: 70-80%, depending on the material and the size of the area
- Skip the Major Overhauls
Not all upgrades are going to add value. Major renovations, such as luxurious baths, basements, and additional rooms, won’t always give a dollar-for-dollar return when you sell.
These projects take time and are often costly and rarely finish before the listing season. If your house needs a lot of repairs, consider doing cosmetic renovations that work well for showing.
- Don’t Forget About the Basics
Before you tackle any cosmetic changes, ensure that the essential functions of your home are functioning properly. These are things that buyers notice and take very seriously. Examples of these are:
- Roof
- Furnace and hot water tank
- Windows and insulation
- Electrical and plumbing works
Items that would be found during a home inspection will be addressed regardless, it’s a matter of taking responsibility early and avoiding issues that could be deal-breakers at the eleventh hour.
- Staging and Presentation Still Matter Most
Even with beautiful remodels, it all comes back to presentation. After your remodel is complete, staging and photography are important to showcase your property and attract serious buyers.
Staged homes sell not only at a rate of 5-10 percent, but also much faster than unstaged homes, according to the data within the industry.
Final Thoughts
Consequently, the answer to whether you should renovate before you sell a house would be yes, but not necessarily because of the reasons you might think.
If you are not sure where to begin, the wise course of action is to seek the advice of a qualified expert. At Team Sethi, we advise Edmonton home owners on home renovations that are worth doing and which ones are not worth pursuing.
Contact us today to get a free home evaluation and pre-listing consultation. We, at Team Sethi, will help make your home shine and sell for the price it’s worth!
