I recently talked to a client who wanted to sell his family home. He had owned it since the 1970’s and it had not had many upgrades in years. He wanted to know what he should do to obtain the highest possible selling price. He was also wondering if it was worth his while to do the necessary work.
My client was thinking about painting the house and replacing the flooring and was wondering how much this would increase his selling price.
Typically in a situation like this my advice to the seller is: Do everything or do nothing.
Let me explain why. If you are selling a house that hasn’t been updated in many years simply painting and replacing flooring isn’t going to maximize the selling price.
To maximize the selling price it is usually necessary to re-do the house so it is modernized and will appeal to today’s buyers.
The reality is the buyer is likely to do major upgrades or renovations to the property. Those upgrades or renos could include any or all of the following:
□ New kitchen
□ New bathroom(s)
□ New flooring
□ Adding or removing walls
□ Electrical updates
□ Plumbing updates
□ New light fixtures
□ New deck(s)
□ New trim
□ Adding insulation
□ New windows & doors
If you want to maximize your selling price, you should plan to do a major update or reno. It likely will also be worthwhile hiring an interior decorator to ensure the finished product will appeal to buyers.
However a reno to this extent is a big project and in many cases it is more than the home seller wants to do. That’s why I say, do everything or do nothing. Replacing the flooring and painting will make your house show better. However if the buyer is planning a major reno they may simply rip up your new flooring and remove walls. Buyers won’t place much value on new flooring if they need to remove it to complete their planned reno’s.
Homes can be sold in any condition. Granted it will affect the price. Completely updated homes will sell for more but if the renos will cost between $50,000 – $100,000 or more and take 6 months you may not be willing to go thru the stress and aggravation to sell.
In many cases it is easier to simply sell your home in it’s existing condition and let the buyers do the renovations the way they want.
If you are considering selling and would like to get more info on what upgrades may be needed you can order a copy of my eBook entitled: “How to Properly Prepare Your House For Sale”. This information can help you decide what things if any you should do. To order your free copy click here
You may be interested in these posts also:
- Why You Need A Well-Crafted Will Prepared By An Attorney
- Six Things To Consider Before Listing Your Halifax Home
- Cleaning Out The Family Home
|Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991 Roy specializes in helping retirees with their later in life real estate transactions. If you are contemplating a move and would like a complimentary copy of Roy’s guide to downsizing entitled “Preparing to Downsize” please click here.|