Three Reasons Not To Renovate Your Home Before Placing It On The Market
The home-selling process can be exciting, but it can also make you feel as if your home is inadequate. After all, you'll have strangers walking through your home and looking into every nook and cranny. One way to ease their feelings is to perform renovations, but it's not always the best option. Below are three reasons you should consider not renovating your home prior to placing it on the market.
1. The Majority of Renovations Will Not Net You a Higher Profit
If you ask the majority of would-be sellers who are hoping to renovate their home before putting it on the market, their number one reason for doing so is clear: they want to make a higher profit. The truth is, the majority of renovations will not net you a higher profit. If it does, it's also likely not as high of a gain as you'd hoped.
So, what should you focus on? Some of the highest profits will come from the cheaper and easier-to-do projects. These include repainting your home neutral colors and performing a bit of yard cleanup and landscaping.
2. Many Buyers Would Prefer to Renovate the Home Themselves
There's no doubt that renovations are a matter of personal taste. As such, there are many buyers who would prefer to renovate the home themselves than pay a higher price for a renovated home which they didn't have a say in.
With unemployment rates at just 4.0 percent, and with house buying power steadily increasing, there are more buyers on the market who have the flexibility to buy a fixer upper and put their own money into renovations.
3. Repairs As Opposed to Renovations Are More Important to Home Buyers
While renovations can increase the aesthetic appeal of a home, they can also be used to cover up structural issues. This may make buyers wary of newly-renovated basements and kitchens where issues, such as water damage and mold, are more common and quite easy to hide in the short term. Repairs, then, are really the way to your buyer's heart.
Roof and water heater replacements, electrical rewiring, and water damage and mold remediation will significantly increase the value of your home while also improving a potential home buyer's trust. This can help you to get more bang for your buck while also making the home inspection process a breeze.
If you're just getting started on the home selling process, you may be in need of some guidance. That's where a knowledgeable real estate agent can help! If you're ready to get serious about selling your home, make an appointment with a local real estate agent today.