How to Renovate to Maximize Returns When You Sell

Abde Adas

Abde Adas

If you want to maximize your returns when you sell your home, especially in the Greater Toronto Area, a great idea is to renovate it. However, this can also easily backfire. There are many different ways to renovate your home, as always some of them can be quite expensive. To maximize your returns, it’s all a matter of narrowing down the renovations that matter and which ones aren’t really going to help (or you may lose money on).

 

Avoid Fads & Quirks

 

Fads fade, and could actually cost you more money than they’re worth. Sticking with the classic options and sometimes even going with trends can be a much better idea. The reality is that you don’t want to impose a specific style on the buyer. A better strategy is to give them a blank slate so that they can impose their own vision on the place. If they want to avoid the extra work, offering a classic renovation without many major changes is the best option. Buying into fads, and imperious ideas could actually lower the price of your home when you sell.

 

Keep everything airy and light

 

The truth is that you do want to keep everything on the lighter side within your home. Avoid over encumbering the design as it can make the place feel smaller and less impressive to perspective buyers. Keep the colors light, any builds unsophisticated, furniture to a minimum. You want to go for stuff that’s actually simple, convenient and easy adaptable to everyone’s needs.

 

Try to not include eccentric home décor

 

As we said earlier, going on a certain niche with your renovation can backfire. You want to keep it simple. Eccentric home décor can be great, but it’s definitely not for anyone. Instead of making your home easier to sell, it might actually have the opposite effect.

 

Stay away from custom items

 

The same thing can be said about custom items. Having items built on purpose, like a piano room, a gym, all these things can actually end up being a problem. Some people don’t like, nor want custom items. That’s why it makes a lot of sense to keep clear of these things, buyers could demand a price reduction in order to then demolish and remove these unneeded items.

 

Do some basic landscaping

 

Yes, basic landscaping can drastically improve your home, and raise its listing price. Remove weeds and ensure that you have an overall presentable on all external areas, as it might just be that point that helps you sell your property.

 

Do minimal kitchen and bathroom renovations

 

Moving things around and making some minor changes can help quite a bit. Repainting, refacing, changing lighting and knobs can be a great starting point. Again, the focus is to not go overboard, as its often not necessary and can result in lost when you do sell. Remember, buyers may care if you put in new appliances, but they certainly won’t pay you full price for them – especially if they’re not exactly what they’re after.

 

Conclusion

 

As you can see, renovating your home can be great, and sometimes it might actually increase the value of your home. At the same time, if your renovations are too niche, or poorly planned – you could actually end up losing money. Make very small changes that have big affects.

Share on facebook
Share on twitter
Share on linkedin

Looking for a new home?

Get newsletters & market reports to your inbox!

Get newsletters & market
reports to your inbox!

Sign In

Why do I have to sign up?

Registering allows you to save searches, favorite listings, and follow local property laws to view sold information.

• Access sold property information
• Save searches and get notifications
• Keep track of your favourite listings