Should I Renovate Before I Sell?
It’s an age-old question, riddled with apprehension about dumping money into that ugly 70’s style kitchen. Someone will love it, right? Right? Likely not, but that doesn’t mean someone won’t buy the house, anyways. When thinking about selling, homeowners often feel they need to get their home ready with some remodeling to make it more appealing to buyers.
Here are two things to keep in mind if you’re thinking of a reno.
Return on Investment
If you intend to tackle big projects, you’ll want to discuss the potential return on investment with your real estate agent to decide if those projects are even worth the cost. Some homes do need a kitchen or bathroom renovation, roof repairs, or other major work, but definitely not all of them.
You might even find out that putting your house on the market in all her imperfect glory will help you sell quickly, resulting in a better return on investment than the whole nine yards of a reno. Turns out a lot of buyers love an eclectic look.
Every home is different, but a conversation with your agent is mission-critical to make sure you make the right moves when selling this season.
Supply and Demand is in The Sellers Favor
Today, buyers are more willing to take on home improvement projects themselves in order to get the home they’re after, even if it means putting in a little extra work. In this market, it may be wise to let future homeowners remodel the bathroom or the kitchen to make design decisions that are best for their specific taste and lifestyle.
Instead of over-investing in your home with upgrades that the buyers may change anyway, work with a real estate professional to determine the key projects that will maximize your listing, without overdoing it.
What You Need to Know
In a strong sellers’ market, you have the leverage to sell your house on your terms. And if you’re looking to buy a home in return, you might want that extra cash to go towards your down payment or renovations on your new home. Talk with a Green Mortgage Team member today to determine the best way to spend your time and money before you sell.
-Kyle Green
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