Spend More, Make More?

Spend More, Make More?

Planning to put your home on the market? Congratulations! It’s time to start on a whole bunch of renovations to make it the most modern, desirable place on the street, right? Stop right there.

Before doing any kind of home improvement, consult with us to get a feel for your local real estate environment and to get advice on which projects are worth your time and money. Is it a hot market or a cold one? What’s the condition of similar properties for sale in the area? What’s the likelihood of a positive return on your renovation investment? Who’s the demographic expected to be attracted to your finished product?

Keep in mind that your property is only worth what neighborhood homes of the same size and structure are appraised at, and that what you spend on renovations isn’t a guarantee of what you’ll receive back.

While kitchens and bathrooms typically produce the best return on your renovation dollar, recognize that, according to the 2018 Cost vs. Value Report*, homeowners typically make back about half of what they spend when they add a brand new bathroom to their home, while an owner could typically expect to recoup about 70 percent of what they spend on a minor bathroom remodel. When it comes to kitchens, a minor kitchen remodel is shown to recoup about 81 percent of its cost while mid range major kitchen remodel recouped 59 percent and an upscale major kitchen remodel recouped 53.5 percent of the cost.

That being said, an attractive bathroom and kitchen can tip the scales in your direction should a buyer be comparing two otherwise-similar properties, so at the very least, after thoroughly cleaning and de-cluttering those rooms, fix any drips in the plumbing, replace faucets and hardware if the existing ones are old/worn, and wash and paint the walls and even have the cabinets professionally painted if necessary before putting your home on the market.

Projects to avoid right before you sell? High-end purchases such as new, state-of-the-art major appliances for your kitchen, luxury upgrades (depending on the price point of the home) such as expensive counter tops or imported tiles, and the installation of extreme, built-in “smart home” features that may not appeal to all potential buyers.

Work with what you have if possible. For example, if you have stained wall-to-wall carpeting or scuffed wooden floors, see if you can deep-clean the existing carpeting instead of putting down new carpeting, and sand and re-finish the old floors instead of replacing them.

It’s crucial to avoid over-improving — and therefore over-spending — to add home features that are not common in the region, especially if they result in a bump in sales price to well over the average.

The Mash Team has seen enough properties to recognize what you need to improve before putting yours on the market, and what is likely to be a waste of your renovation dollars. You can ask us to take you on a tour of other, similar properties for sale in your area — aka “the competition” — so you can compare the condition and amenities in those homes versus your own!

* https://www.remodeling.hw.net/cost-vs-value/2018/key-trends-in-the-2018-cost-vs-value-report

Corinne Mash

Being a full-time working Mother of 2 lovely little girls, I really get the value in multi tasking. And that is exactly what comes into play in most real estate transactions. Being able to keep all of the moving parts in order, to ensure that my clients are comfortable, calm and happy with the outcome. I have striven to build my business on the basic and time proven principles of truth, integrity and the highest possible level of professionalism. Those foundations are what drive me and my business. I am a Member of the Durham Region Association of Realtors - DRAR Member of the Real Estate Council of Ontario- RECO Member of the Canadian Real Estate Association - CREA Member of the Ontario Real Estate Association - OREA Member of the Institute of Law Clerks of Ontario – ILCO. As a Law Clerk, I have a strong foundation of legal concepts and applications relevant to residential real estate including: land division in Ontario, the many faceted land registration system, surveys, title insurance, ownership, the agreement of purchase and sale, the numerous applicable statutes, purchasing, selling, and closing the transaction. I am Smart Certified and have kept up to date on all the latest advancements in the Smart Housing sector. I love working with first time buyers or clients with families. I have high regard for attention to detail, because, ultimately, that will guide a smooth transaction and make the experience a pleasant one for my clients. If they are happy, then I certainly am too. On a personal side, I am involved in numerous Charitable Foundations. I have always felt strongly about giving back to the community and love paying it forward. At CB RMR I am on the Community Committee that is charged with creating fun outings for our large client base. That’s just one more way of giving back to both the community and our clients.