So, the time has come to put up your home for sale. Suburban life is shouting out your name and it would be a shame to say no. You have more space to spread out, not to mention that there’s more privacy as compared to city living. Before listing your property on the real estate market, there’s one thing you need to do: decide if you want to fix it up a little bit. Yes, you’ll have to pay for everything out of your pocket, but you can recoup it all when selling the place. The buyer will appreciate the changes you’ve made, don’t worry about that. If you’re willing to put in a little bit of effort, you should renovate the house. However, the decision is up to you. To be more precise, you do what you consider is best for your situation.
Homebuyers don’t want fixer-upper homes
Shows such as HGTV present awe-inspiring home makeovers. It’s tempting to think that buyers simply can’t wait to remodel a house immediately after the purchase, completing extensive transformations. The truth is that remodelling is the last thing on their minds. All those buyers want is to be able to set into their homes as fast as possible. They've very busy people in the sense that buyers have families, children, in addition to other responsibilities. Even if they wanted to make a considerable financial investment and do the work, they wouldn’t have the time to complete the project.
The one thing you have to understand is that homebuyers don’t want fixer-upper homes. A fixer-upper can be defined as a house that requires maintenance work. It’s not the home that everyone wants in the future. Buyers won’t invest in a house that needs a new roof, deck or septic system. Millennials, in particular, dislike fixer-uppers. They’re forced to repay student loans and their wages aren’t exactly rising. The biggest mistake that you can make is to assume that your home will attract lots and lots of buyers. Or that it will sell faster.
What to consider when deciding whether or not to renovate
In case you didn’t already know, homebuyers aren’t willing to pay a price based on the assumption that everything is fine. They need guarantee that they’ve found the right home. Sprucing up can bring a big return on your investment, even if you can afford to buy a replacement home. There are some factors worth taking into consideration when determining whether or not it’s worth fixing up the home. Read on carefully.
The home’s condition
Maybe the property doesn’t necessitate extensive renovation. Perhaps you can get away with a few cosmetic changes. First thing’s first, evaluate the condition of your home. Is the place ready for a new owner to move in without having to do any renovation work? If the property isn’t in tip-top condition, it will be difficult if not impossible to sell it for a top price. Does the house have major problems? If the answer is yes, don’t waste any more time and contact a contractor. The home’s condition might worsen.
The real estate market
Find out for sure if there’s someone interested in your home. What kind of real estate market are you dealing with? Take a comprehensive look at the prospects for the realty market. Finer points to consider are the economic backdrop, investment outlook, and the prospects for each real estate sector. Pay attention to home sales and homebuilding activity, besides improvement projects. If more people are looking for a home that’s ready to go, you have no choice but to make updates.
What improvements should you make before putting your home up for sale?
If you believe that it’s the case to spruce up the home, do it. According to realtors, renovations have the power to increase home value. By home value, it’s understood the amount for which a property can be sold, i.e. its current market value. Sometimes, it takes money to make money. That’s how things are. If the added value following improvement is negative, the remodelling is not worth it. This translates into the fact that you can’t make just any upgrade. In what follows, we’ll present some renovations that are always a good idea. They are the ones that bring the greatest profit.
Upgrade the piping
The reason why people buy brand-new homes is that they don’t want to ever have to deal with plumbing issues. If you haven’t upgraded your plumbing system in a while, there’s no better time than now to do it. This way, you’ll increase the overall efficiency of the plumbing fixtures. Update important appliances in your bathroom, have the drains inspected and replaced, and have a new water heater installed. It’s a good idea to update old plumbing, there’s no doubt about that. Don’t hire just anyone to get the job done.
Add simple landscaping
First impressions are everything when it comes down to real estate. Homebuyers make up their minds within the first few seconds of looking at your property. Use your landscape to create a strong impact on buyers. Eliminate high maintenance plants or trees and make sure to add a splash of colour. You can create an inviting entry with the help of small plants like Angelita daisy, Blue Elf aloe, and golden barrel cactus. If you’re overcome by the situation, reach out to a landscape architect.
Give your kitchen a makeover
If you resort to updating every room in the house, tidy up the kitchen with low-cost cosmetic upgrades. Bold flooring will make the room seem even bigger than it is in reality. Colourful, patterned, stencilled, this will help you make a marvellous impression. Another thing you can do is replace the antiquated appliances. Kitchen appliances aren’t simple necessities. They’re individual design elements and should be treated as such.
All in all, it’s not such a great idea to sell your home as it is. You won’t make enough money to buy another property or apply for retirement. You should skip renovations only if you can’t afford to make a financial investment. Spend time and money on fixing up the home, but make sure you don’t go overboard.