Posted 9.7.12 @ 8:30
One of the most natural things to do when you’re trying to sell your Oakville real estate is to renovate… but will you make the money back when your home comes up for sale on the market? Increasing property values isn’t just about getting a better bathroom or installing hardwood flooring, and it’s important to put renovations in perspective before you sink too much of your hopes and dreams into it! Here we’re going to talk about the real cost of renovating; by using a multi-faceted strategy you can increase the sale price of your property. It’s all about not putting your eggs in one basket.
Know the Two Rooms that Make Money
Kitchens and bathrooms are the two rooms in any home that can help boost the sale price and property value. If you want to be able to make some back 75% to 100% of your investment, these are the two rooms to renovate. If these two rooms are out dated (energy efficiency of aesthetic issues are great examples of reasons you should renovate or remodel) it can seriously hamper your efforts to sell your property. By sprucing up even the most luxurious Oakville real estate, you’ll be able to get a much higher rate of return on your investment.
When renovating, consider the overall price of the home. If you upgrade a kitchen in a house for $150,000 (let’s go crazy for a moment!) but the house is only worth about 2.5x that, you’re probably not going to see much of a return on your investment. It’s important to remember that renovations should reflect the home, the neighbourhood and what is expected. In Oakville, it’s great to keep up with the Joneses but you never want to go past them. You need to keep renos in check so you don’t go overboard and invest more money than you can get back when the house comes up for sale.
Landscaping Doesn’t Pay
Landscaping is one of those things that just doesn’t seem to pay off; you’ll wind up with about 25% to 50% of the amount that you put into it coming back to you. Homes with mature trees do bring a better price on the market, so if you’re buying Oakville real estate make sure you plant when you move in! For staging purposes, filling flower boxes and keeping up with trends like vertical gardening to create green spaces in non-traditional areas can help you go a long way.
It’s great to renovate and get people’s interest up, but if you don’t market your home in the right way to the right buyers nothing will help you sell your home… that’s where we come in! We’re experienced Oakville real estate agents and realtors who know the market and how to move your house from selling to sold. Why do it on your own when you can have the benefit of our experience? If you’d like to know what we can do for your Oakville real estate, contact us today!