One of the most common questions we receive from homeowners is “what renovations should I make before listing my home?” The question homeowners should be asking is “does renovating my home make financial sense in my market?”
The answer is “it depends”.
Do You Want To List In The Near Future?
If your timeline for listing your property is short, you will not have a lot of time to undertake major renovations like a kitchen remodel, finishing a basement or renovating bathrooms. Quicker fixes such as painting, updating light fixtures, staining your deck, and refreshing your kitchen cabinets are a better option if you have limited time.
Do Renovations Make Sense In Your Market?
Different buyers are looking for different things. Some buyers are looking for a move-in ready home; others are looking for a discounted home they can renovate and flip for a profit. Buyers looking for a move-in ready home will appreciate the added value of large-scale renovations like a kitchen remodel, while flippers would rather have a lower price and take care of the work themselves.
If houses are flying off the market in your area, renovations may not be necessary in order to get your ideal asking price. If you are located in a less active market or are competing with new construction, the costs of renovations could help you home stand out or compete.
Let Your Realtor Be Your Guide
No one knows the intricacies of your market like a local real estate agent. At Gail Rutkowski & Associates, we can walk you through your options and provide you with a customized plan for getting the most out of your home sale. We encourage you to read our book, "Home Improvements That Improve Values." Contact us today for your free copy.