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Should You Remodel Your Home Before Selling?

Debunking The Top Three Myths

 

Myth No. 1:

Homebuyers want to remodel after they purchase the home.

 

Thanks to HGTV and other home makeover television shows, sellers are under the mistaken impression that every buyer is enthusiastic about the prospect of remodeling a home after they buy it. But it's important to keep a few things in mind before expecting that a buyer will be excited about remodeling:

 

• Buyers typically can’t visualize the end result from remodeling. They see what your home is, right here, right now. In most cases, they either want to purchase a fixer-upper home — and pay a fixer-upper price — or buy a house they can move into immediately.

 

• Buyers don’t want to rent another living space while their home is remodeled. Buying a home is a huge financial investment anyway, and rent prices are high. In a lot of cases, people may be purchasing a house specifically to avoid paying rent.

 

• Homebuyers are busy. They have jobs, families, kids and other responsibilities. Not everyone will want to move into a work zone, and most likely don’t have time to do the work.

 

• Inexperienced buyers will get quoted high prices for remodeling. Most buyers have never done a remodel on a house and would have no idea where to start.

 

 

Myth No. 2: Remodeling takes too much time.

 

Another reason people are hesitant to remodel their home before selling is the idea that it’ll take too much time, but this isn’t necessarily the case. Experienced teams can make it an efficient and fast process, especially when multiple projects can be done at the same time.

 

Remodeling can actually be a time-saver when it comes to selling your home. Homes that are freshly remodeled and updated are going to sell much faster than houses that are outdated or in need of repairs. If you spend some time updating major living areas, often times you will receive multiple bids and buyers fighting for your home.

 

Remodeling doesn’t have to be a time-consuming process if you plan ahead. Start your remodeling early so that you’re ready at the peak selling season — late spring and early summer.

 

 

Myth No. 3: Remodeling won’t pay off.

 

There certainly are some things to consider when remodeling your home, but if you’re strategic, it can pay off. For example, remodeling the wrong areas can be a waste. One of the best places to focus your effort is on your kitchen, since that tends to be a selling point.

 

There are a lot of small upgrades you can do that will really raise the value of your home. Things like replacing knobs and handles, updating faucets and lighting fixtures and adding a fresh coat of paint on your front door can all have a huge impact on how buyers see your home.

 

As an example, the San Francisco metro area has the highest returns on investment for updating a home. Buyers in this area want fresh, modern homes. They also tend to have a higher budget and are willing to pay more for a home that is what they want. Remodeling the key rooms of your home — the kitchen and bathrooms being the main areas — can help appeal to buyers and raise the selling price. If your budget is tight, spend on things that will bring the entire house together like paint or flooring, instead of spending it all in one room. The goal is to make the entire house feel new and updated, not just one room.

 

The MLS is the top source for flippers to find homes. They find outdated kitchens and bathrooms, remodel them effectively and resell them at a higher price — so why not go ahead and do the updates yourself and get that higher price?

 

(A portion of this content provided by Trang Dunlap, Forbes Councils Member)

Julie

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