Should You Renovate Before You Sell?
In a normal market renovating your home before putting it up for sale was a great way to make it more appealing to buyers. However, this is not a normal market and with so many buyers competing for homes renovations may not be as important, which as a seller is great news because it will save you time and money!
If you are selling, there are two big things to keep in mind:
- There are not enough homes for sale right now and as a result buyer competition is extremely high with homes only staying on the market for about 21 days or less, during which sellers can expect to see multiple offers. In a competitive market the faster you can list your home the better so taking time to do costly lengthy renovations is not going to be in your best interest. Today buyers are willing to overlook homes that need a little TLC. We have also seen outside of this crazy market that future homeowners tend to want to make a home their own specific to their taste and lifestyle.
- If you are going to do a renovation focus on getting the best return you can on your investment. First step is meet with your agent to discuss which potential renovations will give you the biggest return on your investment and if they are indeed worth the cost. Some homes issues can’t be overlooked and may benefit from a kitchen or bathroom reno, a new roof or other major work. That’s why it’s important to put your trust in the professionals (your realtor.)
Good news, with such a strong sellers’ market, that means you have the leverage to sell your house on your own terms!