To renovate or not to renovate?… That is the question for every Vancouver luxury property seller in this real estate market.
And the answer?
A definitive “It depends”!
So let’s go through the reasons for renovating and for not renovating before you sell your luxury home or condo.
Reasons to renovate your Vancouver luxury property before putting it on the market
The biggest reason why sellers may wish to renovate their Vancouver luxury property is to raise the property value in order to generate higher offers from buyers. And truth is, a renovation will generally do so. The trick is making sure that you spend your renovations dollars the right way. If you are renovating, upgrade the bathroom and kitchen. Renovations in those two rooms make the most significant impact on your resale value.
Reasons not to renovate your Vancouver luxury property before putting it on the market
Let’s face it, the Vancouver luxury real estate market is hot, hot, hot, so you don’t NEED to renovate to sell. This is especially true if you have a condo. Right now, Vancouver luxury condos are basically selling themselves.
Buyers also may not want to pay for your style of renovation. Instead, they may rather do their own renovation, allowing them to put their stamp on the property and incorporating their style into the home, so they can enjoy it for years to come.
So the renovation issue really comes down to this: if there are issues with the property, absolutely renovate to resolve them. If there aren’t issues, though, a renovation is really up to you.
Still not sure whether or not you should do a renovation before putting your Vancouver luxury property on the market? Get in touch and I’ll help you make the decision!