You are now ready to list your house, and then you decide to look around. Perhaps you have spent a lot of money updating the exterior of your home, but its interior is in desperate need of your attention. Maybe it is outdated, or there is dry rot. What should you do? Spend more resources to make the property look better or sell it the way it is?
At a Crossroads?
Most property sellers often wonder whether or not they should remodel their homes before selling. The response to this concern depends on many factors. You may want to ask yourself the following questions to be sure if you should update your house before selling.
- What is the condition of the other competing properties on sale?
- Are you selling your property in a cold, neutral, or hot real estate market?
- What is the probability of getting a good return on your remodeling investment?
Most sellers spend a lot of resources fixing up their houses before putting them up for sale. Sometimes, they repair flaws that potential buyers may not notice or even won’t pay an additional amount for. Gloria Nilson & Co Real Estate asserts that you should talk to an experienced real estate agent to weigh the benefits and limitations of fixing your property before putting it up for sale.
Selling a property ‘as is.’
Let’s assume that the home in question requires a lot of repairs. Perhaps it has holes on the wall and urine-soaked wooden floors. The entire electric system isn’t functional, and the bathtub has fallen through the joints. And all the faucets are leaky.
This isn’t a property that can be economically fixed. A new coat of paint will not help either. In such a case it makes more sense to sell the house at a lower price to attract many offers. It is also expected that only flippers and contractors are likely to make offers.
Before you fix your property…
Smart property sellers should weigh the expenses associated with the proposed home improvements against the property’s market value after upgrades or repairs have been completed. If they realize that the update will not bring a good ROI, they opt not to handle the project and sell the house as is. Therefore, before you decide to install skylights in the master suite and replace the roof, determine whether or not that investment is worth it.
It is also good to take an afternoon off to tour other properties in the neighborhood. Take note of the amenities in these properties and compare them with yours. If you realize that most of them have upgraded their living rooms, then you should focus on fixing the same rooms.
That doesn’t mean that you should replace the floor or the windows. However, a simple remodel is a great investment. Probably cleaning and repainting the walls is everything you need to convince potential buyers that your property is worth their attention and money.