Renovate to Sell Your Mississauga Home or Condo
Renovate to Sell Fast & For More
Many home sellers use our services to upgrade their homes before selling. This combined with our home staging services and other value added benefits helps our seller clients pocket maximum Return on Investment (ROI).
The above video is an example of a recent home renovation project that Team Kalia undertook on behalf on their Mississauga Home Seller. The home is a beautiful condo townhouse in Central Erin Mills neighbourhood of Mississauga. The home is about 15 years old and required basic renovations to give the home modern and contemporary looks. The renovation and upgrading project included: floor and carpet change, fresh coat of paint, new baseboards, staircase staining, new spindles, new lighting, new cabinets and backsplash in kitchen, new vanity and fixtures in bathroom as well as tub and tile polishing.
First things first – Insurance is Crucial!
Spring, summer is usually the time when people consider taking on home renovations project whether for their own enjoyment or prior to listing their home for sale on the market. Making sure that you are working with reputed and licensed contractors is of top most importance. Also, ensuring that your own insurance provider is aware of your renovation plans is crucial.
Before you start any renovation work, you must find out about how this might impact your coverage during renovations, and how changes to your home may impact the insurance afterwards. With smaller renovation work, the combination of contractor insurance and homeowner insurance coverage is sufficient in most cases. Larger home renovations could require changes to your insurance policy.
If you are thinking of selling your Mississauga home or condo with Team Kalia and require some renovation work, we will refer you to reputed contractors who we have personally worked with on many home improvement projects. Team Kalia will also conduct a pre-listing inspection and provide you with our opinion on what type of renovation work you should undertake.
Once you are in agreement, you can validate your insurance coverage with your insurance provider. You can then choose to work with one of the contractors based on their credentials. Team Kalia will assist you in the project every step as outlined in the listing agreement.
Are you Fit to sell?
Selling your home in today’s market requires thoughtful planning and expertise. When it comes to selling your home, you need to take an objective look at your house and determine what updates and repairs are needed:
- Create a list and decide what you can do to improve the overall presentation
- Determine your timeline and budget
Most people want to buy ready to move in homes. So when a buyer sees a house that need repairs and maintenance (money to do renos), they think twice before buying. When a buyer needs to invest money in a potential property, they will definitely reduce their offer price.
However, majority of buyers are willing to pay more for a house that has been well looked after/updated.
Essential Updates
What are the updates that need to be done? What is your budget? This will help you determine where to start. If you are not willing to do everything, kitchens and bathrooms will bring you the maximum return on your investment. There are many ways to update these rooms without spending a lot of money.
Are there any repairs you have been putting off? Buyers are always looking for something to reduce their offer price. Completing all repairs reduces any thoughts of a significantly lower offer.
- Are your permanent light fixtures, old, broken or outdated?
- What is the condition of your windows, door trim and baseboards?
- Do you have any cracks or holes in your walls?
When you work with Team Kalia of RE/MAX – you will find out how fit you are to sell – and how much renovation you need to undertake to sell your home or condo.
Is Home Renovation Right for You?
Renovated homes sell quickly and for more. Many times home owners ask us if they will make a lot of profit. This is not always true. Renovating a home can typically make them some profit as potential buyers do not want to spend extra money out of their pocket after buying a home and then renovating. They would rather have this money spent on down payment.
Do Buyers Prefer Renovated Homes or Fixer Upper Homes
There are programs where CMHC can provide a loan for renovations which we always advise our buyers to take. This is a great financial tool available to them. Buyers can avail of this when buying a home that requires renovation after purchase.
However, if buyers have the extra money, it may make sense for them to buy homes that need renovation. They can renovate and update the home to their choice and eventually either flip it for a profit or choose to live in it. Buyers can often get a home that needs renovation at a good price after negotiations.
That is what we do – negotiate for our buyers the best price when they use our services. We also assist with the renovation project.
How does Home Renovation Help
For sellers, renovating a home helps them sell quickly. This is by far the most important reason to undertake renovations before listing a home for sale in the market. Homes that need renovation work sit on the market for longer because there is less number of buyers who have the money to buy such properties and then renovate. A renovated home will have a larger number of interested buyers.
Post renovation home staging also adds dramatically to the appeal of a home for sale. People can feel themselves living in the home on the first showing.
One can spend thousands of dollars on renovating a home. However, when we meet our clients, we recommend the type of renovations that are necessary, based on the condition and age of home and the types of homes selling in the area.
How much to Invest in Home Renovations
Over renovating can sometimes hurt and sellers can end up losing money. When we are selling resale homes for our buyers, we make sure that we take all criteria into consideration and we guide on what materials and items to use or purchase in order to help minimize the cost of renovation so that the sellers can get the maximum bang for their buck.
When doing renovations, one has to make sure that the contractors are reputed, licensed. In condominium renovations one has to be careful about condominium rules etc. As an experienced Realtor team, we can guide you every step of the way. This is an advantage over our competition. With a background in interiors, Amit Kalia uses his skills to help his seller clients.
