Home Remodeling: Benefits Before Selling
January 29, 2020
If it’s been years since you made any improvements to your home, you may want to consider a little remodel before selling. Even if selling may not be in the near future keeping your home up-to-date will increase its market value. It's also nice to enjoy your home investments. Let’s take a look at some of the benefits of remodeling before you list.
Gage the market
Before you begin making plans to renovate, take a look at the state of the local real estate market. If you’re in an area with low inventory in a high-demand area or simply selling during a seller’s market, you may not need to do a large-scale remodel. While it’s never good to let home improvements go untended, you may not need to do lots to your home to increase value.
“As is” isn’t always the way
While it may be a seller’s market, you certainly shouldn’t rest on your laurels when it comes to your home. Many people are tempted to sell their home “as is” because they haven't budgeted on home improvement projects. Once a home is listed ”as is,” its buyer pool diminishes dramatically. It often leaves limited buyers who want to pay pennies on the dollar for your home. Contract a real estate agent who will help improve your home for cheap while making major increases in home value.
There are budget-friendly options
Don’t despair if you don’t have extra money for a bathroom or kitchen remodel. There are slews of cheap ways to increase home value that don’t involve major renovations. Consider giving your home a fresh look with a new coat of paint. Maybe tackle your flooring by repairing damaged hardwood or simply new wood laminate. Even just a deep clean can make a difference in adding value to your home.
One of the biggest benefits from remodeling your home is increasing marketability and selling price. What are the two areas real estate agents are going to push for? Kitchens and bathrooms. Updated kitchens are a huge selling point. But you can make an impact without gutting one of the most used areas in the house.
Instead of a complete kitchen remodel, consider updating your backsplash. You’d be amazed how much brick can transform the look and feel of a kitchen. Add a bit of paint to the cabinets, change the hardware, and you’ve managed to update and transform your kitchen without any major projects
The same principle can be applied to overhauling bathrooms. Embrace an industrial look by adding a brick accent wall in your bathroom or changing some fixtures. While you may not have the time to completely renovate and re-plumb your bathroom, a new sink, some paint, and updated light fixtures creates a completely different feel.
Keep in mind that every situation isn’t ideal for remodeling, especially when you stand to lose money on your home. There are many websites that value specific remodeling projects and then compares it to the cost to complete the improvements. If you think you will lose money on your investment, even if it raises the odds of your home selling quickly, a full remodel may not be for you.