If you are planning on selling your house in the next few years, this article is just for you. We called on two real estate professionals to answer some of your frequently asked questions. Happy reading!
New windows: a possible return on investment?
“Should a couple wishing to sell their home in the coming years think about changing the doors and windows for better performing ones?”
Whether you should invest in new doors and windows is directly linked to their current condition. A property with doors and windows that clearly show signs of wear and tear will certainly sell for less than if they had been replaced beforehand. According to various sources, owners reportedly recoup between 50% and 80% of their investment when the house is sold. I also think that the older the property, the greater the return on investment. That said, an investment just to freshen up appearances may not necessarily be recognized by potential buyers.
“Do houses with recent or energy efficient doors and windows sell faster and/or for higher prices compared with other homes?”
There are no available statistics showing a link between the speed of house sales and the quality of their windows. However, a property with quality features will clearly attract more interest and sell more quickly. Buyers naturally pay more when the desired property has value-added characteristics, but the quality of the materials must be line with the product. For example, a property valued at $200,000 can mean an investment of $10,000 to $15,000 for new windows, but it would not be wise to invest $40,000. Being properly advised really helps you to make decisions that are in your best interest.
Do I have a chance of selling my house with outdated windows? Conversely, does a house with old windows and doors have less chance of finding a buyer?”
Since every product has a market value, a property with outdated doors and windows will be worth less than a property with newer, good quality ones. Each product is intended for a specific buyer, so a property requiring renovations suits someone who wants to pay less but who will eventually need to invest in having items such as new doors and windows installed.
Mr. Martin Desfossés, DuProprio
We would like to extend a special thanks to Mr. Martin Desfossés, Real-Estate Advisor at DuProprio. Mr. Desfossés’ role is to guide owners through the sales process by providing them with advice about putting their home on the market. He has over ten years of experience in the real estate and has helped several hundred owners sell their homes commission-free.
An income property and recent windows
“Will investing in doors and windows automatically be reflected in the value of my income property?”
Unfortunately, there is no simple answer to your question. To give you expert, personalized advice, several factors have to be examined. This type of evaluation is an integral part of the daily services we offer at RCGT. To get a more precise answer, do not hesitate to ask for advice from a specialist before you make your purchase.
Mr Jonathan Boissonneault, RCGT
Thanks to Mr. Jonathan Boissonneault, Chartered Appraiser, Senior Director, Real-Estate Consulting and Appraisals at Raymond Chabot Grant Thornton & Cie in Sherbrooke.