Deciding To Renovating Your Home Before You Sell It Or NotShare
When you are selling your home, you may be faced with a decision to either renovate the house and potentially get more from the sale, or sell it as-is and get out of the home quickly. There are good reasons to consider both, but you will need to work with your real estate agent to determine if renovation makes sense for you.
What Needs Renovation
When you are looking at your options, you will need to determine what needs to be renovated in your home, so you can decide if it is worth the cost before you sell. If you are looking at a quick refresh that involves minor repairs and painting some rooms, the cost will probably be small enough, and the additional selling price may be high enough to make it worth doing.
If, on the other hand, you are not going to gain any additional profit from the sale, you may not want to take the time to do the work. You need to take a close look at the benefits of a seller renovation and how that will affect the final price, or you will not go into the renovation with realistic expectations.
The work will often only increase the sale price by slightly more than the work cost to do, but other times, it can make a real difference if a potential buyer is looking for a move-in-ready home. If that is the case, sometimes fresh paint and a few touchups can make all the difference in how the buyer sees the house.
If your home needs a major renovation, it is critical that you have a contractor look at it and help determine the job's cost. The renovation cost may not net much return or increase the price of the home, and the renovation can drag out the wait before you can sell. If you are trying to get out of the house quickly, selling it as-is may mean a lower price than if you did a seller renovation, but it could also mean a quick sale so you can move on to whatever is next in your life.
If you can afford to carry the mortgage on two properties, you may want to have the renovation done by a general contractor in the area after you have moved out of the house. Once the renovation is complete, you can list the home for a better price and attract buyers that are ready to move in right away.
For more information about real estate, seller renovation, or how renovations contribute to the market price, contact a local real estate agent.