Renovating or remodeling your house is an activity that most Americans spend their entire life doing. From painting a new wall paint coat to demolishing that granite kitchen counter so that you could have a marble one. All this happens when you own a house. However, should you plan a home improvement before selling it? This is always the dilemma with many people. Whether they should just sell their house as it or perform renovations.
The Current Real Estate Market
Having improvements done on your house means that you had already checked the selling price of your home as it is and you were not satisfied with its market value. Home improvements should be viewed as an investment. You need to be wise when going about it so that you can get better returns after selling your property. Always make sure that you know the condition and prices of other local listings in your area. Calculate how much improvements you should do to your home and compare with the value of the other properties on sale. The investment value should be profitable to you. You would not want to be the homeowner who invested too much on a house that doesn’t sell more than what you invested in.
House Condition
Some houses are completely run down. For example, houses with holes in the walls into or have damaged roof. Such houses are better off being sold in the condition they are in. investing in home improvements in a house that is too damaged is not a wise financial decision. You will end up spending so much on the renovations and may end up selling the house at a lower price. Selling these homes in their original condition may not fetch much in the market, but you will save a lot. Such houses should be sold to contractors who will invest and sell at a higher price.
Type of Renovations Available
The type of repairs available will influence the value of renovations you will do. There is no need to import foreign materials for a house that will sell less. No need to importing oak wooden pillars for that garden entrance if the market price won’t be able to cover your selling price. There are better renovation ideas such as replacing worn or stained carpeting or repainting marred walls with a better neutral paint.
Also visit nearby competing homes so that you will have an idea of what improvements do to. This will keep you from under doing or over doing your home improvements. Keep in mind that houses with good furniture sell better and faster compared to those with none or broken ones.
What Do Buyers Want?
Most buyers say they want a fixer upper home, but they mean homes that only need minimum or light renovations. Majority of them are buyers who do not qualify to buy fully furnished homes so, fixer uppers are attractive to them. These people do not mind doing a little painting or bulb replacement and facet fixing. They will however ask you for discount on the house price. In this case you should consider having improvements done on the damages so that discounting will not be on the table.
Get Professional Advice
Before selling your home, it is advisable to talk to an experienced realtor. The realtor will assess the condition of your house and make suggestions on what to do when it comes to home improvement. You will also get an estimate value of your property before and after renovations. This will allow you to make an informed choice on whether to renovate your home or sell it in its current condition.
