Everyone knows the saying in real estate, “location, location!” But what happens if you don’t have that advantage when selling your Kingston home?
This is one of the toughest situations any homeowner might face in any city or town. Tired-looking paint and old backsplash are easy to fix. Sadly, there is no renovating away a neighbourhood that is not exactly sought after.
How do we overcome what seems to be an insurmountable obstacle? In this post, we’ll take a look at all of the ways you can maximize your selling experience regardless of where your home shows up on Google Maps.
Whatever your situation, a successful sale begins with an accurate assessment of what your house is worth in the current market. To find out, book your complimentary home evaluation with our team.
Control What You Can
You can’t control the street name, but you’ll be surprised at how well your house can impress with a little thoughtful preparation. The goal is to present your space so beautifully that a buyer walks in and instantly forgets about any imperfections.
When hosting open houses or booking showings, remember that your house can never be too clean or too well-organized. A gorgeous interior and exterior doesn’t entirely negate a bad location, but it will certainly help. There are also other tools at your disposal that can potentially lead to offers on your home.
Presentation is even more essential in less popular areas. The posts below can help:
- Unique or Just Plain Weird? Our Thoughts on Home Design
- Repair It or Leave It: Most Worthy Upgrades Before Selling a House
- What Is Home Staging?
Be Realistic and Don’t Panic
At even the slightest perception of being in an undesirable area, some homeowners will go overboard and invest in substantial upgrades that actually don’t help. That’s a mistake you’ll want to avoid if you want a chance at recouping your investment. Starting with the basics can go a long way with minimal cost.
- Spruce up the yard.
- Roll up your sleeves for a deep clean and declutter.
- Invest in some neutral coloured paint.
- Make those minor repairs to elevate the appearance of your home.
Unless your Realtor® suggests otherwise (or you’re doing it for your own benefit), avoid expensive remodels of your home. Revamping the kitchen or installing genuine hardwood floors throughout can cost tens of thousands of dollars.
We are aiming for a very delicate balance here. You want your house to stand out enough so that you receive a healthy return on investment (ROI). That said, over-improving too much for the neighbourhood rarely pays off.
A buyer may love living in the biggest, most modern home on the block, but there is just one problem: they will not necessarily offer more for the privilege.
Are you searching for a listing agent to support you while leading you to the best possible outcome? Here’s why Caldwell + Co is the Right Choice When Selling Your House.
Understand Your ROI Potential
You might be hoping to sell your house for $1 million, thanks to the beautiful new addition you added. If you’re also in the north end by the 401 (where nearby listings tend to max out at $500,000), you could be setting yourself up for disappointment.
It’s not just the north end. Nearly every house in any neighbourhood has a cap on how much you can recoup on your home renovations. A possible exception is in Reddindale in Kingston, where buyers have expansive budgets and there are almost no limits. Keep in mind, though, we don’t get many multi-million dollar buyers here, which is why over-improving on a house is one of the biggest mistakes when getting ready to sell.
Regular Maintenance Becomes Even More Critical
Massive additions and high-end finishings aren’t always the best idea for a house in a slower locale. However, never discount the value of simple maintenance performed regularly, year in and year out.
Take care of your property as though you live in a million-dollar neighbourhood, and you can maximize the value of your transaction. Cutting the grass, weeding the garden, weekly cleaning, and regularly changing out the furnace filter may not be glamorous, but they result in a home that feels loved and cared for – because it is.
Those are the types of homes every buyer wants in every area of every city, from the small bungalows near the downtown core to the million-dollar postal codes by the waterfront. Whatever you do, think big, bright, and clean. While true anywhere, it’s especially valuable when you don’t have the location advantage.
It’s All in the Price
When all else fails, selling in a low-demand neighbourhood will typically come down to price. If you could pick up the exact same house and move it somewhere else, it might earn $700,000. As it is, you might need to list for $650,000 to attract the attention of serious buyers.
Even this is not the disadvantage it may seem to be. Real estate values rise at almost the same rate everywhere, not just in good neighbourhoods. You are just at a different starting point than the buyer who initially paid three times as much.
If you were smart and purchased the home at market value at the time, your equity has grown. Selling at a compound 10% increase generally means earning a profit, no matter where the house is located.
Do you need to troubleshoot your transaction? Start with a review of the home selling process below:
- How to Sell a House in Kingston
- Myth Vs. Fact: What to Know Before Selling Your Home
- What Can You Do if Your House Won’t Sell?
Target a Different Demographic
The best way to sell a house in a bad spot could be a simple pivot in your marketing strategy. Pick a different audience, and the results could change. The reason is that one homebuyer’s idea of a “terrible” location is another’s “trendy.”
A lifelong Kingston resident searching for a family-friendly area might be put off by the noise near the downtown core, while someone relocating from Toronto will think the exact same location is serene and picturesque.
Some buyers feel unsafe when there is a lot of hustle and bustle in the neighbourhood, while others love its convenience and walkability. Most of all, they can’t get enough of the artsy vibe and the friendliness of the neighbours.
If there’s one thing we have learned after decades in real estate, it’s that there is an upside to nearly every house and every address. When targeting the right demographic with stunning presentation and a well-researched price point, a “bad” location could suddenly become very desirable.
Are you ready to buy or sell a house? Our Kingston real estate agents are happy to help and guide you through each step. Reach out to us at caldwellco@royallepage.ca or call 613.449.6588 today.
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Caldwell & co. is your all-in-one resource for everything real estate related in Kingston, from community highlights to market-shifting trends and hands-on transaction guidance.
