Survey Shows More Ontario Home Owners Are Renovating Prior To Selling:
Source: REM, November, 2008 Issue #233
A recent survey (first half of 2008) by Re/Max Ontario-Atlantic Canada shows that the increasingly competitive housing market is prompting Ontario home owners to invest in renovations before listing there homes for sale.
The survey found that 79% of sellers had done renovations prior to selling there home and of those surveyed, 39% did so with selling in mind. Approximately 37% of sellers had made upgrades after listing there home for sale.
According to the survey, homes sellers are spending an average of $21,000 in renovations with the wealthiest owners (avg. income of $150,000+) spending an average of $37,663 and those earning under $30,000 were spending the least with an average of $8,263 on renovations.
The most popular renovations were updating kitchens (cabinets, counter tops,) and updating flooring to hardwoods and updating windows.
Buyers will view an average of nine properties before deciding on the one that is right for them. A home that has had recent upgrades and renovations has a definite advantage to a similar property with no upgrades. The survey also showed that homes with updated kitchens, hardwood floors, open concept and finished basements appealed most to the buyers who were surveyed.