Remodel Your Home Before Selling - Yes or No?
Learn home remodeling strategies for sellers looking to make the most profitable remodeling choices prior to selling a home.
Should you remodel your home before selling? Unfortunately, this isn’t a simple yes or no question. Instead, the answer depends on the types of projects you want to tackle and the local real estate market. Keep reading for more advice on how to weigh your options and wisely invest your time and money in remodeling projects.
Ask Your Listing Agent
One of the best pieces of advice we can give homeowners preparing to sell a home in North Carolina, or anywhere else in the U.S. for that matter, is to ask your listing agent for advice on remodeling. Ask what home improvement projects will deliver the biggest return on investment in terms of monetary value. Also, talk with your listing agent about what projects will make the biggest impression on buyers. You may discover that performing a few, small do-it-yourself projects may help sell your home fast and at the price you desire.
Be Wary of High-End Remodeling Projects
Before embarking on a high-end renovation, do your homework. Homeowners who spend money on high-end home remodeling projects prior to listing their home will most likely not see a dollar for dollar return on investment. If homes are appreciating fast in your local market, you may be lucky enough to get your money back due to appreciation. But even in that scenario, homeowners may have been better off not spending a lot of money on high-end remodeling projects that eat into your final profits.
Inexpensive Remodeling Projects Pack a Big Punch
Instead of focusing on high-end, high-cost projects, why not start small with low-budget remodeling projects that can pack a big punch? For example, adding a new steel entry door to your home is a low-cost project which delivers a significant ROI. As we shared in another Seller’s Guide article the “2015 Remodeling Impact Report” revealed that,”homeowners who replace their older front door with a new steel front entry door will recover 75% of that cost at resale.”
Add Usable Square Footage
Do you have an unfinished basement or attic space which receives heating and cooling? Putting some of your home remodeling budget towards finishing those rooms can be an excellent way to get the most out of your money. Just remember that in order to add real value to your home, and not just additional square footage, you need to make that extra space usable and attractive to buyers.
Bathroom Addition – Maybe Not
You’ve probably heard that bathrooms and kitchens sell a house. Does that mean you should add a bathroom to your home prior to listing it for sale if other comparable homes in your price range offer more bathrooms? According to Bankrate’s article, “6 Worst Home Fixes for the Money”, the answer is most likely “no.” A bathroom addition can be quite an expensive project because it involves extending the foundation and roof and building exterior walls. If, however, you can find space inside your home to create a bathroom, then adding a bathroom could help your home sell faster.
As you can see, there are many variables to consider when trying to decide if remodeling is the smart and profitable choice before selling your home. While making educated choices can help your home sell faster and make you money, the wrong home remodeling choices can easily cut into your profits and hurt your chances for a quick sale.
If you have questions about whether or not to take on a remodeling project before selling your home in Raleigh, Durham, Chapel Hill or the surrounding areas, do not hesitate to contact us at Red Door Company. Our brokers have the experience and expertise to help you make the best choices.