This question is perhaps the trickiest for most home sellers. They want to sell their property at a price higher than the price they paid for it. However, not all types of renovations can raise the value of your home.
There are two kinds of buyers you’re likely to encounter when selling your residential property: those in need of a move-in-ready home and those searching for a house to fix or flip. These individuals look for different things when deciding to purchase a home. Home flippers are focused on saving money, while those on the hunt for their next home are avoiding the hassle associated with renovations.
Therefore, if you plan to revamp your property prior to listing it, be mindful of the type of buyer you want to attract. Also, plan for the sale with the following in mind:
- Price to sell your home
- Budget for renovations
You can sell your house either to an individual or a home buying company like Cash Quick Buyers Salt Lake City. Such establishments can purchase your home in any condition: renovated or as is.
Factors To Consider Before Home Renovation
There are two critical things you should look into before going ahead with the renovation of your home:
- Renovations that are attractive: Giving the walls a fresh coat of paint, upgrading the bathrooms, fixing up the landscape, and improving the look of your kitchen will help catch the attention of buyers.
- Renovations with the highest returns on investment: Not all renovations are worth spending on if you’re trying to maximize the amount you’ll get for your home. Some of the best areas to invest in are the home’s exteriors, flooring, kitchen, and energy efficiency.
Timeline Before Listing Your Property
The amount of time left before you put your property on the market would influence the scale of your home renovation. If the time you have before moving out of your home is limited, consider doing short-term remodeling projects. These are renovations that perhaps can be done during the weekend such as painting rooms, brightening your deck, adding interior shutters, painting your kitchen cabinets, adding crown molding, and rewiring your entry lights.
However, if you have the time for them, long-term renovations with the help of a contractor may be best. You may ask your contractor to install custom cabinets, work on the roofing, remodel the kitchen and bathrooms, and rebuild the deck.
Assess The Prevailing Market And Location
You need to perform a comparative market analysis before undertaking a home renovation. Comparative market analysis is used by real estate agents to approximate the values of real estate property. They evaluate properties that have been sold in your area.
In case your property is in an area that isn’t popular with home buyers, renovating it might help increase people’s interest in it. However, if you think you can get a buyer within a month, you may do minor renovations and quickly sell your home. In other circumstances, you may have to spend good money to make your property more appealing than the rest, particularly if a lot of people want to move to your location.
Work With A Listing Agent
Listing agents can give you excellent selling and renovation tips that can make your home highly marketable. For instance, an agent can tell you how much you should sell your home after remodeling your kitchen coupled with other pertinent areas.
They’ll compare costs not just within your neighborhood but beyond. They’ll also access your property’s condition, features, age, and lot size. The asking price might be affected by local and national markets, which your real estate agent can easily advise you on.
Money-Saving DIY Renovations
Taking on do-it-yourself (DIY) projects can reduce the cost of labor. You can choose to do small- to medium-scale tasks without the need for professional assistance like:
- Painting: This gives your home the appearance of a well-maintained property. You may paint using neutral hues like greige and gray, which are the best exterior colors for selling homes.
- Installing Lighting: This is meant to make your house brighter and more inviting. Exterior lighting can help boost the security on the property, too.
Deep Clean Your Home
After renovating your home, it’s advisable to tidy it up and further increase its appeal by deep cleaning it. To accomplish this, you should:
- Wash the interior walls
- Clear out debris in the gutters
- Mow your lawn, prune bushes, and get rid of weeds
- Clean the pool
- Repair and repaint the fence
Your decision to renovate or not renovate your home depends on factors like the current market, your selling timeline, the price you want to set, and your budget. Thus, there’s no right or wrong answer to the question posed in the title of this article. However, if you choose to renovate your home before selling it, consult your real estate agent to guide you on the best presale renovations to make.