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Do This BEFORE You Renovate!

Do This BEFORE You Renovate!

If you want to sell your home, chances are that you’re looking into how you can maximize the profit you make from the sale.

It's not uncommon for sellers to dive into a whirlwind of renovations, wanting to overhaul every aspect of their home before putting it on the market. Their idea is that doing all the renovations will get the most profit when selling the home. While this seems like a proactive approach, it can actually net a low return on investment (ROI) at the end of the day. 

Instead of just blindly making renovations and hoping for the best, smart sellers will focus on understanding the market dynamics of their specific neighbourhoods. By analyzing recent sales data and trends in your neighbourhood before you renovate your home, you’ll be able to make informed decisions on renovations that resonate with potential buyers and get a high ROI!

When considering renovations, focus on these three things. 

Maximizing ROI: Not all renovations will have the same impact. By understanding what has been selling and at what price point in your area, you can identify the renovations that provide the highest ROI. This strategic focus ensures that you optimize your spending on renovations for maximum financial gain.

Market Alignment: Sellers often end up upgrading their homes based on their personal tastes rather than aligning with what buyers are looking for. While you might love a dark, dramatic kitchen, the local market might be favouring something more light and bright. To get a good ROI and attract the right buyers, make sure to consider the preferences of potential buyers to attract the right audience.

Tailored Guidance: Understanding the nuances of your local market can be overwhelming, but you don't have to navigate it alone. If you're curious about what's selling in our market and the improvements that could enhance your home's appeal, just reach out to your real estate agent! They’ll get you the latest stats and provide personalized guidance for your home’s renovations. 

Don't let uninformed decisions cost you thousands of dollars. Instead, make the right renovations that attract motivated buyers and net you the biggest profit possible! For more information, let’s start the conversation.

Harpreet Christie
REMAX Lloydminster

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.