Renovating can mean the difference between “for sale” or “sold.” But before you tear your whole house apart, be certain you’re investing in upgrades that will help sell your home as quickly as possible!
Here are 4 factors to keep in mind when deciding whether it’s a good idea to renovate before listing:
Know your Buyer
Is your house a family home or is the space more suitable for a young couple with no children? Some buyers would rather pay a little extra for space they can move into right away. Consider the neighborhood, city development, schools and shops.
Market Value
Is it a seller’s or buyer’s market? I can provide input and will be able to inform you on how the market is performing in your area. If the market is in favor of the buyer, then increasing your home’s value by renovating might be the right move.
What is the Condition of your Home?
Renovating your home isn’t always a sound decision. For example, if you are in a seller’s market, there might not be any benefit sinking money into a renovation as you’re likely to get your asking price anyway. Also consider, if you live in an older home by renovating you might uncover some serious issues you may not want to deal with. The strategy here might be to leave your home as is and just reduce the price based on the need for renovations.
DIY Reno Buyer’s
Depending on your location and demographics some buyers can look at your home and envision how they would change it. Some buyers are hands on and enjoy reno projects. So, it might be that small upgrades are all that’s required to get the job done.
Whether you’re renovating to put your house on the market or increase your house’s property value, it’s important to determine if there is a financial gain. Remember, living through a renovation is a stressful time and I am happy to guide you through the process. While it’s not always an easy decision, I hope this helps you make the right one!
Give me a call today…let’s chat so that we can make stronger financial returns together that benefit your bottom line.
Ben Varughese
Real Estate Agent
647-309-1297