To remodel or not to remodel… that is the question! If you are getting ready to sell your home, then it is likely that you are asking the same question posted by many other homeowners: should I remodel my home before listing it on the real estate market?
The answer to this question isn’t black-and-white. Instead, there are several factors that need to be considered to determine the right approach for selling your home. Here are a few things to think about:
Timeframe to Sell Your Home
Are you on a tight timeframe to move into a new home? The timeline might be restricted if you have already accepted a new job in a different location or if you want to get settled in before starting the next semester of school.
Renovations will slow down the process of renovating your home. So, if you are in a hurry to sell, then you might skip some of the bigger renovations so that you can quickly get the property on the real estate market.
Increase in Property Value
How much will your property value increase if you choose to remodel before selling? The offers that come in will be directly impacted by the quality of the home. If a property looks old and run down, then it is likely that potential buyers will come in with lower offers. They will see that a lot of time, money, and effort will need to go into improving the property before moving in. These factors can drive down the value of the property.
On the other hand, a few simple tasks can go a long way to set a better impression when someone walks through the door. A fresh coat of paint and new flooring can make a difference to help potential buyers feel comfortable when they are viewing your property.
Return on Your Investment
If you spend money on these remodeling projects, will you be able to get a return on your investment? There are situations where a homeowner can invest money for renovations and then profit even more from the higher selling price of the home.
The only way to measure the potential ROI of these renovations is by looking at other similar homes in the area. Talk with your real estate agent to make a cost comparison so that you can learn more about the price points of other properties in the neighborhood. You might find that a few thousand dollars of home renovations will increase the property value by more than what you invest in the property.
At DUFFY Realty our goal is to help you quickly sell your home and maximize your equity at the same time. If you are getting ready to put your home on the real estate market, then we invite you to contact us as soon as possible for more information. We can make some recommendations about the renovations that should be done before you sell your home: (678) 318-1700