If you’re thinking about remodeling your house before you list it, take a look at these three tips to help you decide if you really need to fix it up before you sell. The answer may surprise you.
For many families, children are growing up and moving out of the house, maybe leaving for college or taking a jump into the working world. Parents are finding themselves as empty nesters for the first time. The question inevitably arises: is it finally time to downsize?
Many families are the opposite and may have the need to upgrade to a larger home. A growing family with a child on the way, a child getting married and living in your home or in-laws coming to live with you can have a big impact on having to sell.
If you’re pondering these thoughts, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market as-is, allowing a potential buyer to do the updates and remodeling. If you’re one of the many homeowners in this situation, here are a few tips to help you decide.
1. Analyze Your Market
A real estate professional can help you to understand your market and the potential level of buyer interest and demand for your home. Are you in a seller’s market or a buyer’s market? This can change based on the price range of your home, too. A professional can also give you some insight on what you can change or remodel, and how to declutter your house to make it attractive to buyers in your area.
2. Get an Inspector
Right now, the average length of time a family stays in a home is between 9-10 years. That’s a little longer than the historical average, so if you’ve been living in your home for a while, it might be time to make some significant improvements. Think: electrical system, HVAC units, roof, siding, etc. An inspector can give you a better idea of the condition of your home, if it is up to current code standards, and recommendations on how to have your house ready before you put it on the market.
3. Decide If You Need to Remodel
You may also be thinking about driving buyer appeal with something like a new kitchen or a bathroom remodel. If so, first dig into the market value of your home, and compare it to the actual cost of the remodel. A local real estate professional can help you determine your home’s market value, and you’ll want to get a few quotes from contractors on the potential remodel pricing as well. Once you have those two factors narrowed down, you can decide which type of remodel will give you the best return on your investment when you sell. Oftentimes, it is actually more advantageous to price your house to sell, list it competitively, and then let the buyer pick the colors they want for their bathroom tiles and the type of countertop they prefer. The 2019 Cost vs. Value Report in Remodeling Magazine compares the average cost for remodeling projects with the value those projects typically retain at resale.3.
In case you’re thinking about remodeling, here are 9 Simple changes that can make a huge difference:
- Change your outdated cabinet knobs and pulls for something a little more modern.
- Replace curtains or comforters in the bedroom, change the shower curtain and towels in the bathroom, put out matching curtains and tea towels in the kitchen, and swap out your tablecloth.
- Keep your house clean and organized. Consider getting your home professionally cleaned once; keep the cleaning up to date with a weekly and monthly cleaning schedule. No one wants to walk into a messy home!
- Get hardy, colorful plants and put them in pots on your front porch to bring a little color to your yard.
- Keep your lawn cut and fertilized. If you aren’t home often, consider getting your lawn maintained by a neighbor teen or even getting a professional to help.
- If you aren’t planning to sell for a while, plant greenery that will grow with your home, such as perennial flowers (that come up every year) or shrubs that are natural to your area and easy to maintain.
- Painting is one of the easiest and cheapest ways to take a space from drab to chic.
- Flooring may seem like a huge undertaking, but a correctly placed new area rug, new bathroom mats, or a little floor polish can make old floors shine.
- Bathroom remodels can be costly, but little changes, such as changing a light fixture or adding a decorative mirror instead of the builder grade one you currently have can make a standard space feel luxurious.
Bottom Line
Nationwide, inventory is low, meaning there is less than the 6-month housing supply needed for a normal market. This drives buyer demand, creating a perfect time to sell. If you’re considering selling your house, let’s get together to help you confidently determine what will be the best choice for you and your family.
