interior of a house that is undergoing renovations

Should I Renovate My Home Before Selling?

You’re looking to cash in on your house but are in a dilemma. It’s the classic question of whether you should renovate before listing it or sell it as is. Many sellers are cautious now especially considering the market we are in. Playing the game strategically will enable you to get a higher price with more favorable conditions.

Well, the truth is renovation can be a smart investment that pays off handsomely or an effort that leaves you wishing you never did it. So should you renovate before selling? It depends. The reason to be wary is that nobody wants to sell at a loss, or at least everyone expects their house to fetch close to its full value. Let’s identify the pros and cons of each.

The Upsides of Renovating

1. Buyer's Want a Move In Ready House

There’s a widespread myth that most buyers will likely renovate a house after buying it and want this option to be available. If this was the case, the need to renovate would be low. However, this is quite far from the truth. While there are definitely buyers who would like a ‘fixer upper’, most buyers are not interested in major renovation projects, nor can they visualize how the house will appear after a renovation. As a result, many are drawn to its aesthetic appeal as it is at the point of sale and will not think of remodeling it. 

Furthermore, most buyers want to settle into the house immediately after buying it. Think of it this way; would you continue paying rent while waiting for your house to be remodeled? Likely, your answer is no.

2. It Will Sell Faster

It is clear that a house in good shape will be more alluring to prospective buyers. Thus, by renovating, you have immediately saved yourself a lot of time waiting for buyers to make a move. Note that you don’t even have to remodel everything. Just a fresh paint coat and fixing a few parts here and there, such as the doorknobs and leaking pipes, will do the trick.

3. it Will Fetch a Higher Price

The greatest fear for remodeling skeptics is that the renovations may cost more than the value they add. In some cases, this might be true. But why do more than necessary when your primary goal is to make a profit?

A remodeling project should only focus on a few critical areas, and that’s all. For instance, fixing kitchen faucets, improving lighting, and plumbing work will greatly increase the home’s value. The good part is that you can do all that on a small budget, and the increase in value will be exponential.

The Downsides of Renovating

1. It Can Take Awhile

If your house is in bad shape, fixing a few things around the property will not be enough. You will probably be required to do more to see a true return on investment, which will require a lot of time and capital. This can be disadvantageous, especially if you need to move quickly or lack financial resources and want to sell your house as soon as possible.

2. It Could Be Expensive

There’s no doubt that renovation can be quite pricey and sometimes more than you can afford. This is commonplace with houses that are in much disrepair and require quite an immense investment to restore to good condition. After a remodel, there’s the risk of pricing out your prospective buyers. When you spend too much on renovation, the house becomes a bit more expensive than before. If you’re the most expensive house on the block, you have to prove its worth its price tag.

Should You Renovate Before Selling?

The question remains. Should I renovate before selling?

Here’s my opinion; renovate your house before selling.

Renovating your home makes it stand out more, and can make a difference when on the market. It is worth the effort, but ensure you don’t underdo or overdo it. Remember, the key to all this is to improve its value with as little investment as possible.

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