If you are considering starting a remodel project before listing your property, here are a couple of tips to make sure you are getting the most for your money.
Fixing Things First
Concentrate on areas of your home that need repair rather than remodeling. Likely a home inspector hired by the Buyer will discover any problem areas i.e. leaks, peeling siding, windows not closing, etc. If repairs are necessary, Buyers are given the opportunity to renegotiate the price. Sometimes these even scare the Buyer away! The best case scenario is to ensure that the home is in proper working order.
Don't Remodel Pieces
If you are considering remodeling a piece of your home, this can draw attention to the other parts of your home that may need some attention. Frankly. It is best to do all or nothing. Most Buyers will want to come in and add their own personal touches. The price should reflect whether updating is needed.
Presenting a clean and pleasing environment will sell even an older home! Buyers want to see the space and picture themselves living there. Tuck away all of the extras and let your homes sell itself.
How should the Market influence my decision?
There is no hard and fast rule on whether or not to remodel your home or renovate your kitchen. However, looking at the statistics can help you decide whether or not you will get a return on your investment. If it is a Buyers market, homes will not be appreciating as quickly, so Buyers will not want to put money into their new purchase immediately making the condition of the home more critical. When there is plenty of competition, consider making your home stand out from the rest by renovating. In a Sellers market, you may not want to take on the risk of doing anything to your home. Buyers are simply anxious to get into the market, they may prefer to pay less and do their own renovations. There also are many other factors, especially what the standard is for other properties in your immediate area.
Consult a Realtor
Contact your Broker/Partner at Breckenridge Associates Real Estate to understand the current marketplace. With our experience and expertise we can help you sort through all the factors and achieve the right balance between the value of your home and renovation costs. We are here to help, give us a call!