Prepping to sell your older home in Ottawa? Be aware that we’re currently experiencing a crazy sellers’ market. So before you call a contractor, learn what home improvements do not add value.
Painting and performing essential repairs to help your property ace a home inspection are smart moves. However, old ideas like “a house for sale needs a nice kitchen” or “buyers want a place that’s move-in ready” don’t apply to today’s real estate market.
There’s so little housing inventory on the 2021 real estate market that most of those pricey improvements you’re considering just aren’t worth it.
Consider this list of home seller renovation mistakes.
You may love the idea of repurposing your dining room as a home office or converting a basement family room into the deluxe wine cellar of your dreams. Homebuyers, not so much. Most people looking to purchase actually prefer a home with a fairly traditional layout, which will be more adaptable to their family’s needs and interests.
Carpeting has a bad rap among house hunters. They fear that it’s a dust magnet, hard to clean, and allergy-producing. What’s more, carpet colour or texture tends to be the kind of personal touch that we recommend sellers avoid.
If your existing flooring is in seriously rough shape, avoid covering it with carpet; your money will be better spent on refinishing hardwood floors (a home buyer favourite!) or installing a popular new material like rigid-core vinyl. And if your home is already fitted with wall-to-wall, make sure you keep it squeaky clean.
Combining two bedrooms to make a large master suite or creating a kitchen bump-out for more space sounds great – in theory. But expenses for these types of “minor” extension tend to mount up fast, and they won’t add much curb appeal. Plus if you don’t pull any necessary permits, potential buyers will be motivated … to run away.
Add a room (or more ) to your home only if you are planning to stay there for 5 years or more. But when you feel now’s the time to sell your home, room additions are not worth the amount of money — or the hassle — that construction will cause you. Even worse, if an addition will make your house bigger and higher-priced than others in your neighbourhood, that may be a major buyer turnoff.
Landscaping is another of those very personal upgrades. You may love a sprawling English garden but home viewers might prefer a more manicured look, or they might be turned off altogether by the thought of keeping up an ornate landscape. Instead of making major changes, just mow the lawn, trim any shrubs, and declutter your yard before showing your house.
New HVAC Systems
Practical as it may seem, an expensive new HVAC system will not reap a higher selling price. Would-be buyers just don’t like paying for home improvements they can’t see. Instead, put a little cash where it counts — into tuneup and repair of your current heating and cooling system to make sure it is in peak form.
High-end appliances can set you back tens of thousands but are unlikely to produce much of a return on that investment. Are your existing appliances in decent shape? If so, just give them a good scrub inside and out (and be sure to wipe off fingerprints before every showing!). If not, replacing them with mid-range appliances will be fine.
Be An Informed Home Seller
Don’t miss out. Get what your home is worth in today’s market and don’t waste your money on needless renovations.
Have you been thinking of selling your home privately? Here’s a great reason to work with one of the experienced, informed real estate agents on our team instead: We have the networks and the marketing channels to sell your home fast for the best possible price.