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Your Hamilton Area Real Estate 'Blog By Jeff Bonner, Sales Representative with Jag Realty Inc, Brokerage KIRH Home | JeffSellsHomes.ca
Not everything will be about ROI
Last time, we talked about the Best ROI on Renovations For Real Estate Resale, but some things need to be done even if there is no significant return on investment.General maintenance and repairs are the easiest example. These type of things often do not offer much ROI, if any at all, but are more of a negative if left undone. For example, replacing one broken window may not offer much return, but if left cracked, it's an ugly eyesore that could turn buyers off - particularly if it is in a highly visible location. My advice would be to start with the little things. Oils creaky hinges, replace broken or battered cabinet hardwarde (handles, etc.), tighten loose door knobs. These are small and low-cost repairs that will still help to contribute to the overall impression a buyer gets from a property. Next, look at the more time-consuming or expensive repairs. One example is to replace a garage door if it is in terrible shape. You will almost definitely not recover the cost of replacing it, but if it is falling apart, it will have a detrimental effect on the sale. Not only may it affect the prices that buyers offer, it could prevent many from even looking at the property as they drive buy and get a poor impression of the property's condition. I actually have first-hand experience with this. A client did everything I suggested - except changing the garage door that was falling apart in spots. They even re-painted the interior, moved furniture, cleared out the basement, and put a lot of clutter in storage. But they didn't change the garage door, even though I said that was first-priority. So when I held an agents-only open house, the agents coming through commented more than once that the house was in better shape than they expected. Showings were slow for that property until they did change the door, but they wasted a lot of time in the meantime. So, before you start looking at renovations for resale and thinking about ROI, have a good look at the property through buyers' eyes and ask yourself if there is anything you should do on the repairs & maintenance end of things first. And if you'd like a third-party opinion, I would be happy to have a no-obligation walk through your house with you and give my advice as an experienced professional. If you would like a free no-obligation consultation and suggestions for improvments to your property before listing for sale, please call me at 905-512-4069 or email Jeff@JeffSellsHomes.ca
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