If you’re about to put your home on the market, no one needs to tell you that getting it into pristine condition is one of your top priorities. It’s important to have your property looking its best because impressing potential buyers is the key to earning the highest possible amount from your sale. 

Often, subtle improvements and upgrades can add a substantial amount to your bottom line once your transaction is finalized. However, the extent of your home preparations can open up a long list of questions, including what repairs need to be done and what should be left to the new owner. 

When you think of how much everything costs in both materials and labour, it can be tempting to look for shortcuts. DIY (do-it-yourself) upgrades can help save and make money on your sale, at least in theory. Since this is a topic on nearly every homeowner’s mind, it’s worth a deeper exploration.

Knowing all about your buyer and what they are looking for is essential for getting the best results from your transaction. The related reading below will help:

• Why Home Sellers Need to Think More Like Buyers
• Why Did My Neighbour’s House Sell but Mine Didn’t?
• What’s Your House Really Worth?

How Much Money Can DIY Save?

Renovations can seem prohibitively expensive when you start thinking about all of the small repairs you’ve put off over the years. Inflation and high gas prices have driven up the costs of tools and materials significantly. However, these pale compared to the cost of labour when using professional contractors to perform the work for you. 

If you’re handy and can handle the repairs yourself, the savings can add up very quickly. That said, there are several considerations to keep in mind before mapping out a renovation schedule. You need to be careful not to overestimate your ability to perform the renovations to a high standard. Otherwise, you may end up paying even more for a professional tradesperson to redo the project or lose out on the full potential of the sale.

It’s often better to do nothing at all than invest in unprofessional-looking renovations that can actually detract from the perceived value of your home. When deciding whether or not to handle a project yourself, first think of the time and effort it will take you and how that might affect your sale.

• You may have to take time off from work, which could result in a loss of income.
• You might have to delay putting your home on the market. If you’re up against a deadline, performing any upgrades yourself may not be possible.

Remember the Intangible Costs

Getting your home ready to sell isn’t just expensive and time-consuming, but it can also be stressful. Even without renovations, your to-do list is long and there never seems to be enough hours in the day.

Before committing to massive home improvement projects, ask yourself what the total price of all of your upgrades will be. Keep in mind that many of these costs are intangible. 

• You might save money on paper, but later realize that it wasn’t worth the time or the stress. Bringing in professional tradespeople is worth it if living the next few months in a construction zone is more than you can bear.
• As critical as it is for your home to present well, current market conditions can also impact how much you earn from your transaction. You want to strike when the iron is hot, especially if houses are selling for over their asking prices. It’s worth paying for extra help to prepare for a fast sale. Otherwise, it’s possible for the market to fall out of your favour because you waited too long. 

Focus on Value, Not Cost

Upgrading your home before selling is about more than adding cosmetic appeal at the lowest possible cost. Your primary focus should always be on how much more your sale will earn versus the investment of your time and money.

• For example, you might save $10,000 in labour costs by fixing up your kitchen by yourself. On the other hand, getting it done professionally could add much more than that to your final selling price. It’s all about creating tangible value in the eyes of your potential buyer.
• Not every renovation is necessary. Potential buyers nearly always have their own ideas of what their house should look like. 
• Buyers will also have a budget in mind to customize the house to their liking. 

You might think that your $10,000 project adds value. In the meantime, your buyer plans to tear it all down and redo it according to their own specifications.

Keep It Simple With High Value Upgrades

An experienced real estate agent can give you excellent guidance as to what renovations you should and shouldn’t make to get your home ready for buyers to walk through. For the most part, it’s best to keep things simple:

• Focus on deep cleaning and decluttering so buyers have a blank canvas to imagine what their life would be like in your home.
• Perform any minor repairs that would otherwise be distracting, such as filling in nail holes from pictures and a fresh coat of paint.
• Expert staging can help your listing stand out even with minimal upgrades. Since this so often results in a faster sale and a higher return, Woolcott Real Estate provides complimentary staging services to all clients. 
• Kitchen and bathroom upgrades tend to be the most expensive, but also the most worthwhile. Still, the scope of your project will depend on the age and condition of your home. A relatively new build or recently updated room will likely only need a few minor touches. 

Generally speaking, you’ll want to focus your efforts on inexpensive repairs that are proven to have a high payoff. Extensive renovations might allow you to sell your home for more, but only you can decide if they are worth the time and effort.

Are you still looking for ideas to make your home look spectacular? The resources below will give you some inspiration:

• Worth It or Not? What Renovations Really Help When Selling Your Home
• The Power of Staging When Selling Your Home
• Does Curb Appeal Still Matter When Selling A House Today?

A Combination Approach

For the best possible results with the least amount of investment, you can always consider a multi-tiered strategy for getting your home ready. This means doing some of the work yourself, such as cleaning and decluttering your home. You may also take on minor projects such as painting and replacing outdated lighting fixtures.

If your Realtor® determines that more substantial upgrades will be worth your while, hiring reputable contractors assures that the work will be completed to the highest quality standards. With the right connections, you can get your home prepared for the market quickly and begin generating excitement about your listing. 

Knowing what to do yourself and when to ask for help allows you to experience the best of all worlds, making the most of your transaction with the least amount of investment and stress on your part. 

Whether you’re ready to get your home on the market or just need some advice to get started, Woolcott Real Estate is here for you. Connect with us right here or call 905-332-9223 to reach one of our experts today.