Walking into the condo, I can feel my heart sinking. The old blue carpet is worn and frayed around the edges. The white walls are scuffed and gouged. Entering the living room, my eyes are immediately drawn to the bright pink flowers covering the circa 80’s blue couch. As I gaze around the room, I quickly note the cheap brass picture frames unevenly doting the walls. The white laminate kitchen table and chairs match the kitchen cupboards. Its hard to focus on the room’s spaciousness and the incredible views when all I can think about is, ‘how could you make this place look better?’

Regardless of whether I am buying a vacation property or a home, I like properties that have been fixed up. The nicer the renovation, the more I like it. According to Glen Mishaw, a real estate agent in Whistler, I’m not alone. He notes that painting the walls and putting down new flooring will show a property better and sell it faster. When I ask him for a dollar figure he declines to comment.

So how much is a renovation worth to a buyer and how much can it increase a property’s value? That’s going to depend on the market and the property. A unit we are currently considering buying, if it was renovated would likely list for $40,000 to $50,000 higher than the current asking price.

Getting a property ready to sell is a time consuming process. Aside from painting and new flooring, here are five easy ways to make your property more saleable:

1. Pictures - take them down or hang them properly, especially if they are uneven and mismatched. It’s better to leave the walls bare.
2. New bedding - most big box stores sell “bed in a bag” combo sets. Get rid of the ratty comforters and go with neutral shades.  Throw cushions are great for adding splashes of colour but use sparingly.
3. Lighting - get rid of those brass lamps from the coffee table and the night table. Ikea is a great place to go for inexpensive modern lights.
4. Clear off your counters - get rid of candles and holders made prior to 2000. Burn any flowers or plants that are synthetic or dried. This includes all swags, silk ivy plants, wreaths. Old wine bottles belong in the recycling bin not on top of kitchen cupboards. Store family photos in a rubber maid container along with the other stuff from your closets.
5. Window treatments - balloon valances, hanging blinds and cheap plastic blinds detract from the view. Ikea, Target, Walmart and even Home Depot, all sell neutral window treatments and wrought iron rods. Curtains can neutralize a room and create a clean modern look.

A lipstick renovation is all about painting the walls, putting down new flooring and following steps one through five. It’s important to remember, most women make the decisions and we love lipstick.

Cheers,

Julie

This entry was posted on Friday, November 9th, 2007 at 11:30 am and is filed under Décor, Fix It, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.