Preparing to sell your home can be a big decision. No matter who you are, selling your home can feel like a big shift in your life. Sometimes, this comes with emotions, second thoughts, and even major questions that arise. For instance, you may be questioning whether you should renovate your home before you sell. You want the new owner to honor the space just as much as you have. Additionally, you may be hoping that your property’s value has increased and that a home remodel can help create this desired positive cash flow. If you are contemplating a home renovation, keep reading for more information to help you decide!
Ensure you have the budget for it
It is imperative that you consider whether you are financially prepared to remodel your home. Improvements that will increase the value of your home are going to be the most worthwhile for your money. If you need to take out a loan or dip into your savings, this could be worth it in the long run, as you can typically sell your home for a higher price. However, you want to be sure that this financial decision will not stress you out but instead make you excited about the positive ways it could impact your life.
Look for projects that give you a high ROI
Return on investment, or ROI, is an important indicator of success. If you decide to remodel a certain aspect of your home, you want to be sure there is a high ROI associated with it. According to the National Association of Realtors, some of the projects with the highest cost recovery include new wood flooring, kitchen renovations, and bathroom renovations. Another project that requires less work, such as a hardwood flooring refinish, can also get you a very high return on your investment. The secret is you don’t have to renovate your entire home to expect a good result. Focus on the projects that are known to draw buyers in and wow them. Although you may hate the closet in your primary bedroom, it is not necessarily the area you should focus on. Consider what needs to be upgraded in your kitchen or bathrooms. Luckily, you can almost guarantee these will be renovations that increase your home’s value.
You will save time in the long run
Homeowners often fear their ability to commit to a big project like a home renovation. This common myth can stray people away from renovating. Contrary to popular belief, renovating your home does not take too much time. In fact, renovated homes for sale typically sell faster than ones that aren’t. Homes that are freshly remodeled and updated are going to appeal to a buyer more than homes that need repairs. If you have recently updated major living areas like the kitchen, you can expect to have multiple buyers competing for your home. Renovations do not have to be time-consuming if you plan ahead. Staying organized will allow you to enjoy the process and obtain the perfect results you were hoping for!
You want to make a strong first impression
Once the selling process begins, you will have potential buyers surveying your listing and attending your open houses. Therefore, if you have been asking yourself, “ should I remodel my kitchen before selling?” The answer is most likely yes. Homebuyers are willing to pay a higher price for a property that looks clean, modern, and fresh. Buyers look for houses they can start enjoying right away. Often, the idea of putting in extra labor and money to fix a home can scare a new buyer off. Another point to consider with first impressions is the exterior of your home. The curb appeal is important. The first impression people have, whether they see pictures of your home online or they book a showing, can have a remarkable impact on the way they judge the rest of your home.
What should I not fix when selling?
Although it is apparent that good renovations lead to a high return on investment, there are still some renovations that you should steer clear of. What not to fix when selling a house is equally as important as what to fix! To make a well-informed decision on what renovations are best, consider what other houses look like on the market. You should adhere to the taste of your local housing market when remodeling your home. For instance, you shouldn’t replace the lighting fixtures to fit what’s currently trendy since this will not always appeal to a broad range of homebuyers. Partial room upgrades or painting your bedrooms are also projects you shouldn’t worry about when selling.
Your gut tells you it will be worth it
After living in your home for some time, you may have noticed that certain aspects of the house have stuck out to you. Maybe, it was the outdated flooring or tile in the bathroom. Or, it could have been the old garage door you haven’t replaced since you moved in. Regardless, if you notice something needs a major refresh in your home, chances are you’re right! Obviously, you should factor in market trends and buyer preferences, but most importantly, follow your gut. Don't second guess yourself if it seems like a waste of time. You are the ultimate decision-maker and leader in the renovation process.
You have an experienced agent who you can turn to
Real estate agents are not just there to help you sell your home. They can also be excellent resources for market research and advice. With their experience, they will help you decide what renovations are right for you. Additionally, they can help you present those renovations to the buyers in the best way possible. If you are looking for someone to be on your side throughout the selling process, consider Roger Banning and Jeff Barchi for your real estate needs.
