If you’re selling your home, you may wonder if it’s best to put it on the market as-is or renovate it before listing it. This a common debate for homeowners, especially since 85% of the nation’s homes were built before 1980 and may need updating. Some homeowners may want to invest in whole-home remodeling or tack on a home addition to increase their home’s value, but is that really the best move for them?
There are key ways to determine what to do. Here are five things to consider before deciding to sell your house as-is or renovate it beforehand.
Know That All Renovations Aren’t Created Equal
Before you decide to renovate your house to sell it, remember not all renovations are created equal. Some projects are going to take more time and cost more than others. For example, replacing an old roof can cost a couple of thousand dollars, but you could remodel an older home addition for that same price. Which project is going to help you sell your home quicker and provide a better ROI? You could be better off negotiating these renovations with buyers. Ask yourself these key questions before deciding to renovate or sell as-is.
Know What You Need From Your Home’s Sale
An important thing to know before you go forward with this process is what you need from your home’s sale. Are you looking to profit off of the sale? If so, making necessary renovations may be the best thing for your situation. However, if you don’t necessarily need a large check from the sale and you simply want to move to a new home, you could get away with making few (or perhaps no) renovations.
Either way, looking into renovations that can have a high payoff is an essential step. You can look into kitchen remodeling and home addition renovations (like updating a mudroom or game room) to see if they can provide the return on investment you need.
Decide If You Want Your Home To Be Move-In Ready
Many buyers love a home that’s move-in ready. They’re anxious to get into their home right away and don’t necessarily want to think about any renovations they would have to do. If you want to attract buyers who will pay top of the market for your home, it’s best to make your home move-in ready. That means you may need to fix up the bathroom or repaint your home addition before they buy.
Some buyers like the challenge of fixing up a home. However, they may put in a lower offer to offset the costs of those renovations. Sure, you’d get less money, but you wouldn’t have to make your home absolutely perfect for them. Determine the kind of buyers you want to attract before making this decision.
Know Which Projects Have The Most Payoff
Some projects can boost your home’s value more than others, so if you have to make renovations, you could prioritize these first. These projects include putting in a home addition, remodeling the bathroom, and replacing your home’s siding. If you do decide to do renovations, you can get the most payoff for your efforts.
At the end of the day, it’s up to you to decide if you should make renovations to your home or sell it as-is. Some factors to consider which renovations are most worthwhile, what you need from the home’s sale, and the kind of buyer you’re looking to attract. Do what’s best for your situation and helps you get through the selling process smoothly.