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Morgan: Renovations may assist in selling your home
With a saturated real estate market and fewer buyers out shopping as the summer months come to an end, homeowners wanting to sell have to look at every chance to one-up the competition, so perhaps looking into some cost-friendly renovations is the way to go.
The idea to ‘go green’ with energy efficient appliances, windows, doors and more will help you get more bang for your buck.
Today, with the cost of living so high, homeowners are looking for every opportunity to save money.
If you’re planning on selling, perhaps doing your due diligence on green products is in fact the way to go.
It has been said that the two most popular rooms to renovate in a home are the kitchen and the bathrooms.
While buyers are often drawn to these renovations, it’s easy to get carried away and over budget too quickly.
“People buying a house look first at kitchens and (bathrooms),” says Kermit Baker, director of the remodeling futures program at the Joint Center for Housing Studies at Harvard University.
Keep in mind if you put $20,000 into your kitchen renovations, as a seller you shouldn’t assume that you will receive that full amount to return to your pockets upon selling your home.
While renovations can add value to a property, keep in mind that we are still in an unsure economy with high inventory and competitive property comparables.
It’s easy to get financially carried away when doing renovations on your home, but don’t forget about repairing the small stuff.
The smaller items that have been overlooked can go a long way in attracting a buyer and facilitating a sale with greater value in a timely matter, such as repairing that broken tile in the kitchen or fixing the leaky faucet.
Even the smallest of repairs can increase your home value. Selling your home can be a stressful process and there are many things to consider, what to repair, where to spend your money. Utilize your dollar and maximize your home renovations cost efficiently.
Ceinwen Morgan has worked in the Kelowna real estate industry for the past five years.