Is it Worth Renovating Your Home to Sell?
Category Advice
Answering this question requires intentional thinking about the potential ROI (return on investment) and the marketability of your property in terms of its neighbourhood, structure and face value.
Our first piece of advice with regards to renovating to sell, would be to have a home inspection before anything else. Imagine wasting your whole budget on cosmetic touch-ups only to find out later that your property has some major structural issues that will significantly decrease its value.
Let's find out whether renovating and remodeling is the answer to your property needs:
When should you sell your home 'as is'?
When there's no time to waste
While some homeowners intend to get as much profit out of their property as possible so that they can upgrade to their next dream home, other owners have a time crunch to pick up and move to their new job in another city. In this case, give your home a good deep-clean and get it sold!
When you can't pay the bills
There's no point in starting renovations that you can't realistically finish. Oftentimes you have to spend a little to make a lot on property, but the truth is that not everybody is in a situation where they can afford that 'little'. Don't break the bank by taking a risk. If you aren't certain you can finish the renovations, it's better to skip them altogether.
When the area wouldn't match the renovation value
Your home might have the potential for a good upgrade, but if it's situated in an area with low-value properties, you are not going to get ROI. It's unlikely that you will find a buyer willing to invest in an upmarket property that's located in a subpar area, so be smart about how much you put into renovations.
Which renovations could be worth the investment?
The kitchen is a safe place to start
Kitchens are the heart of a home. Once you've taken care of the basic repairs and a good power-wash, the next smart place to put your money is in the kitchen. Buyers almost always look for a modern kitchen before anything else. An out-of-date kitchen can set the tone for your entire property.
Level up your landscaping
If you don't have a big budget, but still want to dress your house to impress, start with its shell. According to research, 90% of a potential buyer's initial interest comes from an eye-catching curb appeal. Once you've made a good first impression, buyers tend to go into your home with a more optimistic approach than if they were immediately unimpressed when they pulled up.
Remodeling an old house in a desirable area
This is a smart investment! The best ROI comes from flipping around an outdated house that's located in a popular and trendy neighbourhood. People will pay big bucks for property in a high-demand area, so if you have the funds and you see promising potential, go ahead and give that property the makeover of its life!
If your property is ready to sell, give us the reins so we can find you the best buyer for your home!
Author: SAproperty.com
