Let’s face it, remodeling can be an expensive endeavor. When you’re looking to put your home up for sale, putting a ton of money into a remodel or renovation may at first seem like a bad idea, but depending on what you are working with there may be some advantages to doing a remodel or renovation. Let’s discuss the pros and cons of remodeling to sell.
There is an assumption out there that buyers are wanting to purchase homes with good bones that they can make their own. However, not all buyers are willing or able to take on a new home and the time that it will take to bring that dream to reality. Not all buyers are HGTV-ready to dive into a project. So if your home is dated, in particular in the areas of curb appeal and the kitchen, it might be a good idea to consider updating those areas to attract buyers to have a more turnkey home purchase. You don’t want to go too trendy, but just enough of a refresh that a buyer can feel comfortable knowing they are not going to be buying a money pit that is going to have a ton of repairs once escrow closes.
What about the time that it takes to do a remodel? Yes, remodels and renovations take time. Depending on how in-depth your project needs to be it can take up to a few months to complete. If you are doing minor updates, refreshing the cabinets, or even refacing them, you can add value in a short period of time. Some of the fastest ways to update, say a kitchen, is to reface cabinet doors, paint the walls, change out fixtures, and update the lighting. These projects can be done for a fraction of the cost of a full remodel project and can help you turn your kitchen into a modern marvel. But will these projects delay you putting the house on the market? Not necessarily. Yes, all projects should be planned, and you’ll want to make sure you get on a contractor’s schedule as soon as possible, so you can hit the peak selling times for the Real Estate market, late spring to early Summer. With certain updates to the home, you might even find that doing these updates helps your home sell faster!
Will you get a return on your investment? This is a good question. The answer depends on how hot the market is and on how much your investment is. As mentioned in the beginning, putting a ton of money into selling your home might not make sense. So working with professionals, who know and understand how the real estate market is working at the time you’re putting your home up for sale will be an invaluable asset. Making sure your Realtor and Contractor work as a team to prepare, market, and sell your home will be key. The areas that have the biggest bang for the investment are 1) Curb Appeal (exterior siding, painting, and landscaping. 2) Kitchens, and 3) Bathrooms. Some of the key things to consider, keep things fairly neutral, although having a bold accent wall can work in your favor, thinking about the type of buyer you’re trying to attract, and considering what other homes in your neighborhood have sold recently have looked like. When considering the type of buyer, make a few minor changes that might attract them to your property. For example, a young family might need at least one bathtub, whereas an older couple may be more concerned with access and safety to the shower. A curb-less shower with grab bars would be more appealing to the older couple looking to downsize.
There are plenty of reasons to freshen up your home before putting it on the market, the key is to know how much really makes financial sense. Time is money too, so if you can speed up the time it takes to get your home sold by making minor improvements to certain areas of your home then it could make sense to invest in those areas. Buyers are more likely these days to want turn-key homes so they can move in and get on with their lives. Planning will be important. Work with professionals who can help you find the key locations of your home that will help you get it on and off the market quickly.