Zoocasa
Sold Prices
Mortgage Calculator
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
Home Home Improvement

Over-Renovating for the Area

Zoocasa by Zoocasa
June 28, 2011
in Home Improvement
3 min read
Share
Tweet
Share
0 Shares

by Kelley Skar

I have seen this time and time again throughout my career in real estate, a vendor has decided to renovate a home and flip it without having done their due diligence first.

Renovating is ok, I mean it is better than ok, the more fresh and new you can make your home the better off you will be. What I am talking about is “Over Renovating” for your neighborhood.
Here is a hypothetical, and please know I am not knocking any neighborhoods in this post, you have a home in Forest Lawn in the Southeast of Calgary and you have decided you are going to do some renos before you sell. What do you do? Do you go and price out the biggest and best of everything? The most expensive carpet? The highest end hardwood floors? Granite? My advice…NO! Here is where I would start:

  • My first step would be to contact my REALTOR®, let them in on what it is I am planning to do and then ask them to take me on a tour of some of the homes that are for sale in the area. Maybe pull up some comparable properties that have sold recently so that you have an idea of the renos that have been done that have resulted in a successful sale.
  • I would then begin pricing out materials that are going to fit with the neighborhood. If the comps don’t have Granite, Hardwood or high end carpet then you don’t need all these expensive materials.
  • Does the home need a new roof or siding? Some of these will NEED to be done or you can expect to take them off the sale price of the home.

My point is this…if you over spend and over renovate for the area that you bought in, you will never see the return that you are expecting. If the comps have regular finishings, Arborite countertops, carpet and lino instead of tile and hardwood, then renovate along the same lines as the comps.

One last tip…if you are NOT handy…HIRE the work out to professionals that know their job and have experience. There is nothing worse than walking into a “Renovated” home and you can tell the “Handy” homeowner did all the work.

Want to know what your potential return on investment would be for your renovations? Here is a wonderful resource for you to get an idea as to what each renovation will net you at the end…go ahead and CLICK HERE.

—

About the Contributor

Kelley has consistently been in the top 5% in sales since he started full time in the real estate industry in 2008. He went through a major shift in his marketing plan at the end of 2009, recognizing the trend, and making the move towards digital marketing including websites, video, blogging and social media. Kelley is incredibly passionate about the use of technology and social media in his business and is often sought out for advice from other Agents from across North America. Kelley’s primary websites are: http://nwcalgaryliving.com and http://kelleyskar.com. 

To connect with Kelley through Social Media follow him on twitter.com/kelleyskar and on Facebook.com/kelleyskar. If you have questions or comments you can reach Kelley direct at [email protected].

Previous Post

Have you tried Google Voice?

Next Post

Hidden Fees in Real Estate

Zoocasa

Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. View real estate listings on zoocasa.com or download our free iOS app.

Related Posts

Exterior of a red train caboose
Home Improvement

The Ups and Downs of Alternative Housing: An Update on the GTA’s Cheapest Home

April 20, 2023
The outside of a semi-detached house.
Ask the Pros

5 Ways to Improve Your Home’s Curb Appeal on a Budget

April 18, 2023
Blueprints laid out on a table with a ruler
Home Improvement

Home Renovations That Will Give You The Best Return on Investment

March 24, 2023

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

Skyscrapers

GTA Sales Up Annually for First Time Since 2021: TRREB

June 2, 2023
A view of downtown Calgary from above.

Discover the Top 10 Activities to Do in Calgary, Alberta in Spring/Summer 2023

June 2, 2023
A row of different colored houses

Mastering the Peak Buying Season: Key Strategies for Success

June 1, 2023

Detached Home Prices Soar in the Greater Toronto Area (GTA) During Q1

May 31, 2023

Featured Listings (Updated Weekly)

A small lighthouse in Nova Scotia

Luxury Real Estate in Halifax, NS: 7 Listings You Can’t Miss

May 12, 2023

Updated: 7 Houses Currently For Sale in Toronto Under $699,900

May 2, 2023
A detached house on a sunny day.

Updated: 7 Houses Under $900,000 For Sale in Mississauga

April 27, 2023
The outside of a detached home.

Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

April 26, 2023
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Terms of Use | Privacy Policy | Careers | Sitemap | About Us

 

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.

Stay Connected

1-844-683-4663 | [email protected] 

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.