Renovate Before Selling? What You Need To Know
Listing your home for sale involves some elbow grease. Everything needs to be repaired, clean, organized, and de-cluttered. Whether or not you need to do any renovations, however, depends on several key issues.
Should I remodel before selling my home?
Most renovations do not recoup 100 percent of the investment. In fact, the amount of money you will recoup varies greatly. A new front door will net you 97 percent of your investment while a back patio will only return 47 percent. It is important to keep your competition in mind when deciding whether or not to do anyreal estate seller renovations. If every home in your area has a back deck and you just have a sliding glass door leading to a patch of dirt, adding a deck helps you remain competitive with the other homes on the market for sale.
Is it worth it to update my kitchen before selling?
Kitchens and bathrooms sell homes. While potential buyers may be able to overlook outdated family rooms and bedrooms, figuring that they are easy fixes, they do not want to deal with a whole kitchen remodel right after moving in. If your kitchen is outdated, you could completely gut it before selling -- at a 60 percent return on your investment -- but a better choice would be to lightly update it. If the cabinetry is in good shape, switch out the doorknobs and drawer pulls for something more modern and replace the countertops and kitchen sink faucet. These simple changes will give your kitchen a fresh, new look without breaking the bank.
What adds the most value to a house?
There is no one renovation that adds the most value to your home. Instead, focus on replacing anything that is broken and keeping up with current housing standards. When you meet with your real estate agent and run the comps -- that's real estate lingo for looking at comparably priced homes for sale in your area -- look at what they have that you don't. What would make a buyer choose their home over yours? You can even ask to preview several homes with your agent to get an idea of what they look like inside.
What home improvements should be done before selling?
There are plenty of simple, quick fixes that do not require heavy seller renovations. Removing wallpaper, neutralizing paint colors, and just packing away knick-knacks and clutter can go a long way to improving the overall aesthetic of your home for buyers.
Prepping a home for sale requires a lot of hard work. Talk to your real estate agent to see if renovation work would help you sell faster or for more money before making any drastic decisions.