This week, on Oranges Presses on CIBL, we will discuss ways to refresh your property before putting it up for sale. How far should we go with renovations? When selling a property, the seller rightly wants to put every chance on their side. While some are willing to go overboard with certain rooms with double bites, it is wise to seek the advice of a broker before starting costly and labor-intensive renovations!
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A question often asked by brokers is whether to renovate an old kitchen. Is it advisable or not to start renovating your kitchen? The expertise of a broker will suggest that you first compare your property with the surrounding market. In other words, how does your home stack up against your neighbors? Do you have all the fully renovated kitchens that could interfere with the sale of your home? Buyers will indeed compare properties for sale with existing ones. Your expectations regarding the price and quality of the home will depend on the outcome of the comparison.
The seller has two options. They can lower the price of their property without renovating first, allowing the new buyer to transform the kitchen to their liking. Otherwise, they can, for example, renovate the kitchen to make it more modern and competitive in the market. However, this latter option is generally not recommended, mainly because it carries too many risks that could affect sales. Renovating a kitchen is a costly investment that does not guarantee it will suit the style and taste of future homeowners. The seller has then spent a significant amount, which they are not even sure will increase the selling price.
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An alternative to complete renovation, which brokers suggest instead, is to stage the home, that is, to enhance the existing space, beautify areas or elements in an old-fashioned way without spending a fortune. In particular, it is recommended to clean, declutter, tidy up, and repaint the walls in neutral colors, so as not to clash with buyers’ tastes. The same goes for the bathroom, an essential space in the home. If minimal work is needed, it is advisable to do it to give a fresh impression that will make the buyer want to use that bathroom.
These are small improvements, ranging from minor changes to lower-cost investments, that make a difference and whose expenses can be recouped at the time of sale. Use the resources of a broker who recognizes the neglected areas of your property that you may not see, as you are constantly exposed to it!
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