The Best Use of Time (and Money) When It Comes to Renovations
Many homeowners wonder what, if anything, needs to be remodeled before they list their house. That’s where a trusted real estate professional comes in. They can help you think through the current market conditions and how those conditions impact what you should and shouldn’t renovate before selling. Here are some considerations:
When there are supply challenges, buyers may be willing to take on projects of their own. A balanced market typically sees a 6-month supply of homes for sale. Above that means we’re in a buyers’ market. Below that, and we’re in a sellers’ market. So, what’s that mean for you? If you’re a seller trying to decide whether or not to renovate, this is especially important because it’s indicative of buyer behavior. When there aren’t enough homes for sale, buyers may be more willing to purchase a home that doesn’t meet all their needs and renovate it themselves later.
Not all renovation projects are equal. You don’t want to spend time and money on a project that isn’t worth the cost or is too niche design-wise for some home buyers. According to an article by Renofi.com, basing home updates on what’s trendy right now can be a costly mistake: “The last thing you as a homeowner want to do is center your home design around a passing fad."
Before making any decisions, talk to your real estate agent. They have insight into what other sellers are doing before listing their homes and how buyers are reacting to those upgrades. Don’t spend the time and money to be trendy – if your buyer wants to upgrade to the newest fad later, they can.
If you’ve already made upgrades, your agent can help spotlight them. If you have already completed some renovations on your house, let your real estate professional know. They can highlight any recent upgrades you’ve made in your house’s listing.
When it comes to renovations, your ROI should be top of mind. Let us connect you with a local real estate agent who can talk through any upgrades you’ve already made and help you decide what to prioritize before you sell in order to maximize your home's potential.