Should you renovate before selling your DMV home? Perhaps the best way to answer that question is to put yourself in a buyer’s shoes. After all, a home is one of the most significant purchases any of us will make, so it’s only natural to want the best possible deal.
If you’re considering whether or not to renovate your home before putting it on the market, here are six key factors you may want to consider.
Should You Renovate Before Selling Your Home? 5 Factors to Consider
1. How Much Would it Cost to Renovate Your Home?
The first thing you need to consider is the cost. If the renovation costs more than it would add value, then skip it. Although you might like the idea of an ensuite bathroom, could it impact your sale price enough to warrant the expense?
If your home is a fixer-upper and needs a lot of work, you have to weigh the cost of the work against what you might make on the sale. Unless your home is very valuable, it may not make financial sense to do a major renovation before selling.
2. What Do Buyers Want?
If potential buyers are looking for a home in move-in condition, then it may be worth your while to do some renovations first. If they’re looking for something they can customize themselves, you won’t want to spend the money on renovations.
The easiest way to figure out what buyers are looking for is by asking a real estate agent in your area who knows your market well. They’ll be able to tell you if renovating will help sell your home faster or if it will be a waste of money.
3. What Else Could Be Affecting Your Homes Value?
Value killers like a high-voltage power station on the doorstep or an abandoned factory in the neighborhood could negatively affect the value of a home. If anything would affect how much buyers are willing to pay for homes in your area, this may also affect whether or not you should renovate before selling.
4. What Are the Comparable Sales in Your Neighborhood?
It’s important to know what similar homes in your area are currently selling for and how long they have been on the market. You won’t necessarily have to renovate if you’re selling in a strong market. An excellent real estate agent will be able to tell you if your house should be renovated or not based on the prices of other homes in the area that are selling quickly.
5. Is There Time for a Renovation?
Suppose you need to move quickly; renovating before selling is not for you. If you’re not in a rush, taking the time to complete renovations can increase the value of your home and help it sell more quickly.
If your home has major problems like plumbing or electrical issues, you must fix them as soon as possible so that they do not cause any potential buyers to back out of the deal. In this case, it would be more prudent to repair the issues than spend money on costly improvements.
The Bottom Line
Of course, each situation is different, and there is no definitive answer. The examples above are just a few of the many scenarios where home renovations can help you achieve your objective—finding the ideal buyer.
If you’re planning to sell your home in Virginia, Maryland, or DC, it’s time for you to speak with our team at Three Stones Residential. Not only are we the experts in the DMV area, but we also have an incredible team that can assist you throughout the home-selling process.
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