When you’re preparing to sell your Halifax home, you face a dilemma. How much remodeling and renovation should do you do before putting it on the market? This question is usually tied in with the question of how much of your improvements you expect to recoup when you sell. The reality is, you will not get 100% value for your investment.
You will have to write off the difference as one of the costs of living in the home. This is why smart homeowners assess how long they expect to be in the home, make as many major renovations as they can when they move in, and do some repair and renovations to the home each year they are there. If you do this, you and your family can enjoy the upgrades for the time you live in the house.
What Should You Consider Before Listing Your Halifax Home?
Since this is not a “woulda, shoulda, coulda” kind of world, many potential sellers scramble to make their home more marketable before the real estate sign goes up on the lawn. Here are a few tips for maximizing your renovation dollar.
1. Renovations are not repairs that will yield selling dollars. You are expected to make repairs to keep your property in good condition, and you may have to do them before you move. If you rewire your house or upgrade the plumbing, a buyer might see these things as assets, but not be willing to pay more for them. However, if a home inspector uncovered serious plumbing or electrical issues, you might have to pay at least part of the cost to upgrade or risk losing your deal.
2. Special features are not good selling features. Features such as swimming pools can be great to have – in someone else’s home, where you don’t have to do the upkeep. Many potential buyers feel the same way and don’t want the hassle, the costs of upkeep, the hazards, or the lost yard space. Though this might be different in Los Angeles or Miami, in Nova Scotia, a pool can be a deterrent to a quick sale. If you have a pool, you and your real estate agent will have to deal with it, but don’t add one in hopes of increasing the value of your home.
3. Personalize at your own risk. While you and many other homebuyers purchase property so you can do what you want to it, painting the walls orange, decorating with a Gothic theme, or adding a large permanent fountain to the entryway might turn off the mainstream buyer. Neutralize these personal touches as you prepare to sell and add nothing new that emphasize your personal style. If you have adapted the home to your family by adding a second story in neighborhood of low-priced ranches or converted your garage into an office or family room, you may find it harder to sell your home at the price you want.
4. Consider the neighborhood. Buyers love amenities, but don’t overdo it, especially in a community of starter homes. Regardless of what you see on TV, most of the world lives quite happily without granite counter tops, stainless steel appliances, and open concept layouts. When trying to spruce up your Halifax home for sale, don’t out price your home with top-of-the-line finishes if you want to see a good return. If most homes in your neighborhood have upscale upgrades, you’ll have to bite the bullet and do the renovations most of your neighbors did in the past if you want to get a good selling price. Your real estate agent can show you neighborhood comparables that show what buyers might expect at different price points.
5. Handling the carpeting dilemma. If you have old, worn out carpeting, you need to do something before you put your home on the market. If you have hardwood floors under your old carpet, you are in luck. Buyers love hardwood floors these days, so rather than replacing with new carpet that may not have the color or style new buyers want, consider refinishing the floors. If you just have plywood subfloors, you may have to add neutral replacement carpeting, laminate, or some other flooring choice, depending on your budget and what’s trendy in your neighborhood.
Get Advice From Your Real Estate Agent Before You Do Pre-sale Renovations
Before making a major pre-sale renovations on your home, ask your real estate agent what the Halifax real estate market will support. If you ask me, I will offer you an opinion based on years of experience and the comparable selling prices of homes in your neighborhood. To get a better idea of upgrades that will pay off when you sell, order a copy of my e-book called “How to Properly Prepare Your House for Sale” by clicking here.
If you are looking to buy or sell a house with a space that can be an income unit or separate space for parents or children, call me today. If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
Roy Thomas SRES is a Senior’s Real Estate Specialist and a REALTOR® with Sutton Group-Professional Realty. Licensed since 1991, much of Roy’s practice is helping retirees with their later in life moves. Roy can be reached at 902-497-3031, by email: RoyThomas@RoyThomas.ca or read other articles online at www.HalifaxSeniorLiving.ca
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|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.|