03/02/2021
Want to make more money selling an old home? Don't Renovate!!!
We all heard this before: You have to spend money to make money.
That doesn't work when you're selling an old house. Here is why!
To sell a house for a better price, it needs to show well.
It's true; cosmetic Renovation and staging are relatively inexpensive ways to raise home value. However, this works well for newer homes in good condition.
For older, outdated homes, cosmetic Renovation is money thrown away.
Unless you're a professional flipper with a trusted crew of contractors, a solid plan and a supply of cheaper materials, you're going to lose money.
Experts at remodelling magazine agree homeowners rarely make their investment back after the sale. A recent 2020 report shows that homeowners are likely to only make 54% to 70% of their money back on most popular renovation projects.
Many home sellers do not have money for a premium renovation. They have to borrow money to renovate. Usually, that means they get the cheapest labour and materials or try to do the Renovation by themselves. The last thing people want to do is live with the design choices and renovation defects sellers made.
A year ago, my friend Michael had to sell his mom's old home. Despite poor health, his mother had insisted on renovating the house before the sale. Her old realtor friend told her that she would double her money that way.
She borrowed 50k from the bank to update the bathrooms, kitchen and replace carpets. It took two months for renovations to finish.
My friend had a heart attack dealing with contractors. He spent many weekends fixing the little things around the house to cut the cost. Michael had to take time off work to keep tabs on contractors to speed up the Renovation.
Finally, the house got listed with a friend-realtor and sat on the market for several months.
Three months later, it sold for 20k under the asking price.
That's after 50k borrowed and spent on the Renovation!
Worst yet, the new owners ripped out the 'new' carpets and kitchen as soon as they got the keys. What a waste!
During 14 years in the real estate business, we have seen a myriad of such stories.
That's why we created WOWZLER, a stress-free, smarter way of selling old homes.
There are two things you need to sell an old house: A great agent and an excellent presentation.
We provide our clients with Top-Producing Agents and a gorgeous Virtual Renovation for the property.
WOWZLER Virtual Renovation shows the current condition and a preview completely renovated and staged house.
We showcase the true potential of the property, attracting buyers who might not otherwise consider purchasing it.
WOWZLER Virtual Renovation is a custom design prepared by our talented team of interior designers and stagers. It's also a ready-to-go renovation project that comes complete with quotes from top local contractors.
WOWZLER gets your house sold fast for more money without you spending a dime.
To learn more about how WOWZLER gets old homes sold fast for more money, without reno. Please book a consultation with our friendly staff.
Click the link below.
https://gowowzler.com