SHOULD YOU REN­O­VATE BE­FORE YOU SELL?

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Ren­o­va­tions are often a se­ri­ous con­sid­er­a­tion for home­own­ers plan­ning to sell.

Nick Lima, a Cal­gary REAL­TOR® who spe­cial­izes in mar­ket­ing ren­o­vated homes and those in need of ren­o­va­tions, says reach­ing out to the right ex­pe­ri­enced pro­fes­sional should be the first step.

“There’s al­ways some­thing that can be done to im­prove the mar­ketabil­ity or value of a home,” he said.

A knowl­edge­able Real­tor will visit the prop­erty to do a com­plete walk­through and help put a plan to­gether. With this guid­ance, po­ten­tial sell­ers can de­ter­mine the value of their home in both its un­ren­o­vated and ren­o­vated states, and then cre­ate a bud­get.

It’s im­por­tant to un­der­stand whether the pur­pose of the im­prove­ments is to in­crease the home’s value or its mar­ketabil­ity.

“Some­times sell­ers will ex­pect to get dol­lar-for-dol­lar back in value, but the in­vest­ment ac­tu­ally means the buyer will buy the house where they may not have with­out the ren­o­va­tions,” said Lima.

Lima sug­gests start­ing with any ren­o­va­tions that will bring the house up to the “norm” of the neigh­bour­hood. “If all the homes in the neigh­bour­hood have cer­tain fea­tures, and this one doesn’t but there is a bud­get to do some­thing, they may want to bring it up to that level,” he said.

Sell­ers should also un­der­stand the mar­ket and their tar­get buyer be­fore spend­ing time and money on ren­o­va­tions. “A lot peo­ple have an idea of what they think needs to be done, but then at­ten­tion and money might be fo­cused on the wrong el­e­ments,” said Lima.

Buy­ers often look closely at kitchens and bath­rooms, so these might be ar­eas to fo­cus on with renos or mi­nor fixes. An in­ex­pen­sive al­ter­na­tive is fresh paint, which can re­fresh the home quickly and at a low price.

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