Selling December 29, 2023

Should You Renovate or Sell?

Questions to Ask Yourself Before Deciding

Thinking of making a change in your living situation? Here are some questions to help you decide whether to renovate or sell.

Will renovations increase home value? While a kitchen or bath remodel will usually add property value, many other improvements aren’t worth the investment. What’s more, you won’t know how much remodeling will really cost until you begin the process, especially with older houses. In most instances, the price will be greater than your contractor’s quote. If a remodel won’t bring you long-term Return on Investment, it might be better to sell as is.

Can you live in a construction zone? Home renovations take time and often last longer than expected. Living in a home under construction is less than ideal, and you will probably have to endure loud noises, inconveniences and frustrating lifestyle changes. Be sure to factor this in when weighing whether to renovate or sell.

How does the market look? During times of low inventory and increased buyer demand, you will be able to command a higher asking price for your home. On the other hand, during strong buyer’s markets, your house may sell for less.

Smart Renovations to Maximize Your Home’s Sale Price

If you’re planning to sell, you may be wondering how much time (and money) to spend renovating your property before you put it on the market. Below are a few smart updates that will increase your home’s ​​​​​​​value and make it stand out to potential buyers.

New (or refreshed) flooring. Well-maintained wood flooring instantly ramps up the value of your home. When the time comes to sell, the National Association of Realtors® (NAR) reports that adding wood flooring or refinishing existing hardwood floors can recover cost up to 118% and 147% of your remodeling project, respectively*.

Attic insulation. Many buyers will be willing to pay a little extra for a home with a well-insulated attic, because they know it will save them money on heating and air conditioning in the long term. Make sure your attic is properly insulated – blown or rolled fiberglass insulation is best.

Curb appeal. A little outdoor work can go a long way in terms of enhancing your home’s attractiveness to potential buyers. Freshen up your entrance with a new door or an elegant walkway, and do some light landscaping around the perimeter of your property.

Upgrades to Help Revive a Listing that’s Languishing on the Market

Has your home been on the market longer than expected? By making the following upgrades, you can breathe new life into your listing and increase your chances of a successful sale.

Address any maintenance issues. Repair any leaking faucets, cracked tiles or broken windows. Potential buyers will look for any reason to lower their offers, so it’s important to address problematic issues before they have the chance to ask.

Update the interior. While it always helps to improve curb appeal, the best home upgrades for sellers generally occur inside the property. Consider repainting the interior walls, replacing outdated light fixtures and updating any worn-out carpeting. You can also upgrade the kitchen with new appliances or replace old bathroom fixtures to give your home a modern feel.

Stage your home. If your property is vacant, consider staging it with furniture and decor to make it feel ​​​​​​​more like a home. The right real estate agent can help you create a welcoming environment that will better differentiate your property from similar inventory and make prospective buyers feel more at home.

Talk to an experienced local real estate agent who can help you assess current market conditions and determine if renovating or selling will be in your best interest. At ERA First Advantage Realty, we know experience matters. Connect with a local ERA agent today!