How do you sell your own home? You may have mulled over this question for a while.
When you sell your own home online, the question of whether it’s worth doing a renovation always pops up in a seller’s mind. While it might seem common sense that the answer would be a yes, most people would be hard-pressed to say no, as it makes it easier to not go through a construction project and just let the next owner handle all that messy stuff.
If you’re one of the latter or genuinely admitted that you can’t see any cost-benefit in renovating homes before selling, you may want to continue reading this article. Here are some ideas that could lead you to answers.
- Improving the value of an aged home immensely
Renovate your home to sell, especially if it’s too old. There’s a 50% chance you’re owning one. After all, almost 50% of houses in America were built before 1980. (1)
Renovating an old home with classic architecture greatly raises its value. As a homeowner, you should also know that you won’t buy an old house that looks decrepit at a high price.
However, it’s also worth considering if the renovation will be worth it, given that there’ll be a lot to fix.
2. Renovation can improve the perceived living standards of buyers
Renovate to sell your home to give you more room to bargain for a better price. One of the most effective ways to appreciate the value of your home is to focus on amenities and areas that can improve the living standards of the potential buyer of the property.
You can apply some frosting on your windows if you live in a sun-heavy area. Other renovations can greatly improve curb appeal, potentially add more square footage, and improve a buyer’s perception of the property. Take note that most buyers tend to spend 7% more on a house when they’re smitten by a property’s curb appeal. (2)
3. Reduce the chance of buyers reducing the price of your home
How to renovate your home to sell? Renovate it with haggling prevention in mind. Aside from raising the value of your home, you should also make sure that the buyers won’t find anything that they can use to lower the value of your property. A few everyday things that they use are messy electric wirings, leaky pipes, and dirty air vents.
4. Prevent buyers from getting put off
One of the unspoken benefits of renovation is its bonus effect of eliminating vermin and other pests like termites. It’s a bonus everyone can appreciate. Knowing the property that you’re selling is pest-free, you can effectively prevent anyone from changing their minds.
5. Appreciate your home while you still own it
You’re not just going to renovate just for the next family who’ll live in your house. You should also renovate for yourself. After all, selling a property can take a long time. You may need to wait for a few months or even a year to get someone interested. While you’re waiting, you may want to enjoy your remaining days at your home.
If ever you change your mind, you can still have a great house to live in. So, if you’re still a bit on the fence, you may want to be careful with your renovation spending. Currently, American homeowners spend USD$5,000 up to USD$15,000 on renovation projects. But, all’s well as it’ll ultimately benefit your house. (3)
6. It can become your perfect vacation home
Of course, don’t deny the possibility that no one may buy your home. If that happens, you may want to ensure that you can still utilize your property. Once you renovate the house, you can use it as a vacation home.
7. You can rent it out
Another reason you may want to renovate your home is to make it ready for lease. Unlike home or property buyers, renters aren’t always fine with rundown houses, and they’re not willing to spend anything to renovate a property.
If ever you can even make someone rent a rundown property, you know very well that they’ll drive a hard bargain. You may put your property at considerable risk of getting worn and torn further. After all, who would put any care into an old and worn-down house?
8. Keeping the house safe while it’s being sold off
The last thing you want to do is get your house sold, and then the eaves fall off when you’re ready to hand in the keys. You want to make sure nothing will happen as much as possible. Aside from losing a buyer, it can also ruin your reputation. Not to mention that your finances will take a huge hit, especially if you cancel your insurance too early.
Conclusion
To summarize, renovating your home before selling it will mainly benefit you. The renovation can make it easier for you to secure buyers, avoid potential hassles in the future, and give you an excellent place to live or vacation while the house is still in the process of being sold.
References:
“Half of US Homes Built before 1980”, Source: https://eyeonhousing.org/2018/08/half-of-us-homes-built-before-1980/
“Top Agent Insights for New Year 2022”, Source: https://3xlsey17pnzh3nf35w1wwnug-wpengine.netdna-ssl.com/wp-content/uploads/2022/01/real-estate-top-agent-insights-new-year-2022-report.pdf
“Top Marketing Trends in the Hardware Retail Industry”, Source: https://mountainmojogroup.com/top-marketing-trends-in-the-hardware-retail-industry/
