If you own a turnkey or a move-in ready home, there’s little to no need to renovate anything and you can just leave it to the buyers to do what they want once they move. But if it’s in dire need of repairs, you may have to do your part to make it more livable. Consider the current condition of your home before planning any renovation work because you might be surprised by how well your house could fare in your local real estate market.
A pre-listing home inspection done by a professional is a good idea so you can be aware of any potential issues, especially structural or electrical problems, pests, and even mold. The home inspector will take a thorough look at the property, and their findings or report will show the significant repairs that need to be done.
If you’re in a buyer’s market where inventory is high or there are plenty of homes for sale but not enough buyers’ interest, you might want to consider taking some time to do the repairs before listing your home for sale.
But if you’re in a seller’s market where there are many interested buyers but real estate inventory is low, buyer competition is high so you don’t want to miss the opportunity to sell. Your best move is to just determine which upgrades are truly necessary and will maximize your listing. You can do this with the help of a local real estate agent who can give you a good idea of current market conditions so you’ll figure out if you have the upper hand.
This is why you also have to take into account if the proposed improvements are worth it against your home’s market value once the repairs are completed. Many sellers think that they’re guaranteed a return on investment and they’ll be able to recoup the costs of such upgrades when they add it to their home’s selling price, but that isn’t always the case. In reality, many remodeling projects hardly ever have an equal ROI.
Likewise, remember that renovation takes time. So if you’re in a hurry to move because of a new job or any other reasons, renovations may not be right for you and it might be wiser to sell as-is or just do some minor touch-ups that won’t cost a lot of money but will still improve your home’s aesthetic appeal.
Because oftentimes, your home will still sell great even if you don’t do any major renovations, especially if there aren’t enough homes for sale in the market. In this case, your agent will just advise you to conduct deep cleaning and some cosmetic repairs to make the home more appealing to potential buyers, instead of spending a lot of money that might not yield a good return on investment. You can count on your realtor’s expertise to determine which improvements are truly necessary, and which ones are not likely to be deal-breakers for buyers, especially for those that are specifically looking for fixer-uppers.
