Repair vs Renovation

Be mindful of turning a repair job into renovation job. While renovations help to increase the value of your house, in most cases, however, you will not be able to recoup the associated costs. Looking at a recent survey done by the Appraisal Institute of Canada, it suggests many renovations are frivolous and harmful to your pocket book.

Buyers love upgraded bathrooms and kitchens, but you need to be realistic about it. It’s high risk to spend thousands of dollars renovating these areas expecting a high return on investment. Our Revitalizing section will show you how to spruce up your kitchen and bathrooms on a dime, and the importance of a new coat of paint.

The numbers are not encouraging. Buyers expect that your house comes equipped with roof, furnace, flooring, windows, yard and fences. Fix or replace these items for salability but don’t count on the buyer to bail you out one hundred percent. Unless the houses in your area have been upgraded and you’re playing catch up, be wary of new upgrades like installing a fireplace and building a deck. You are predisposed to lose money.

So what to do? Keep in mind you’re trying to sell your house and will not be living there for long.

• If it isn’t broken, don’t fix it.
• Plan to spend as little as possible.
• Check out open houses in your area. Do a slightly better job than your competitors.

More tips from 'Prepare Your House For Sale'