Many homeowners renovate their homes to benefit their lifestyles or to enhance property value. While improvement projects can increase the resale price of a property, it is possible that not all the costs can be recovered upon selling. If you plan to stay in your home for a long time, make any necessary upgrades that you can afford to create a more comfortable place to live. But if you plan to sell your house in the near future, consider making smart pre-sale improvements to ensure your home is marketable and appealing to potential buyers. Here are some key points to consider if you are thinking of renovating to sell:
Be familiar with the local real estate market condition before remodeling your home. In a soft market an upgraded home may have a competitive advantage over one that isn’t, which can result in a quicker sale. Visit open houses in your area or tour newly constructed homes to research the features that are included in their homes.
Focus on key areas of improvement that are important to most prospective buyers like the exterior, the kitchen and the bathrooms. Be conservative in your remodeling and spend wisely. Not all upgrades need to have a high cost to have a high impact.
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