7 Home Selling Myths Debunked: Part 3

Myth #3: Major Renovations Guarantee a Return on Investment

You may be thinking to yourself, "I am ready to list my home and now I need to prepare it for sale." You know the kitchen is probably outdated, so you convince yourself to spend $25,000 to remodel thinking you're going to get more for your home and it will end up selling much faster. 

Wait! Before you do anything… Remember every buyer has their own taste and won’t always appreciate what you've done if it's not their style.

Homeowners often underestimate the cost of projects. Or the biggest mistake we see is homeowners trying to tackle projects that they just don’t have the skills to do, or hiring shoddy contractors, resulting in a messy reno. The most common one we see is DIY vinyl flooring - where every room the flooring is going in a different direction, or using 2 or 3 different types of flooring because it was on sale, or not leveling out uneven floors before installing... and so on.

Back to that kitchen project idea. The reality is that most renovation projects won’t give you 100% return on your investment, the vast majority of renovations give you less return than what it cost you to do. Unfortunately, you’re just giving yourself a headache in most cases.

Home renovation may seem easy based on Pinterest and IG reels. And while knocking down a wall to open up a space may look simple, a lot of things can go wrong if you don't fully understand the scope of the project. Is there electrical, plumbing or heating inside the wall, and if so, where are you going to move it? Or can it even be moved? Do you have replacement flooring and paint to match, will the ceiling texture be obvious from one room to another and stand out like a sore thumb, is the wall supporting other walls or floors in the home?

However, there are a few exceptions. If done properly and cost effectively, paint and flooring can get you a greater return on your investment and really change the look for a home. But I would like you to think small, change out a bathroom vanity, tile, replacing light fixtures, updating hardware, handles and electrical plugs. These smaller projects usually make more sense, you get more bang for your buck and have less chance of messing it up.

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