Renovate it. Sell it
You’ve decided to sell your home! Congratulations! Motivated, you begin to peruse the web searching what buyers want to see in a potential home so you can prepare to get top dollar. In 2019, the National Association of Realtors (NAR) published research on the behavior of a home buyer, and found that a significant percentage—greater than 50 percent—of buyers wanted, and bought, a home that required no renovation on their part, suggesting home renovation sits near, if not at, the top a buyer’s preference list when buying a home. But where to begin? Obviously, home renovation can be extremely expensive, so you want to target only renovations that mean the most to the most people. We’ll talk about a few here, as well as a few suggested trains of thought that can be useful when deciding what to renovate in the home you’re selling.
A Good Starting Place
Let’s take a step back. Okay, sure home renovations have been deemed ‘super important,’ but is that the case for everyone? I entirely ignored the motivation behind the sale of your home, and for good reason. The best place to start is to determine why you started. Do you need to get out quick? Does your home maybe require a little TLC? Would renovations cost more than the house is worth? Are you selling a rental property with a less-than-ideal tenant? Selling the house as-is may be the better option. You can learn much more about this process HERE . Are you in no rush to sell? Is your home in a demanded area, one that would demand a higher price with an updated home? Renovating is probably the way to go—and you may be able to offset that cost by not hiring a realtor…read more HERE.
The Buyer's Perspective
Okay, you decide that you want to proceed with home renovation because it will demand a higher dollar from your buyer. What should you start with? Sure, you could use complex measures of cost-benefit-analysis, but we feel common sense works wonders here. Take a giant leap and put yourself in the buyer’s shoes—after all, you’ll be buying a new home soon! Suppose you’re touring a home. Think about the things you’d want to see. Think about the biggest ‘selling-points’ of a home. Immediately, I think of the kitchen, master-bathroom, and primary living room. These are super subjective and shift with consumer preferences, but in general, these points in a home are the ones that buyers will pay attention to the most. Would you want granite countertops in a new home? Maybe consider finding a cost-effective option to put into your own home. This perspective will work wonders in not only targeting the most essential renovations, but with understanding your buyers.
Renovations not your thing? We’ve got you. See how we can help.
Targeting the Undesirable
What if you decide your home does need a little TLC, but feel that you could still demand market price, or even better, with just a few upgrades here or there? This is the case for a substantial number of sellers looking to get top dollar for their home. These parts should be taken care of before any unnecessary renovations are done. Is your home failing radon inspection? That needs to be taken care of if you decide to sell on the market. Are there holes in some walls? These should be patched and fixed. There is substantially higher attention paid to things that are wrong than those that are good. Think about your bosses, teachers, etc. When something goes wrong, you can bet your bottom dollar that they will pay more attention to that than the numerous things you got right. The same thing applies to the housing market. Again, put yourself in the buyer’s shoes. When you’re touring a home and you find holes in the wall, stains all over the carpet, and a third arm growing out of your chest from the high amounts of radon in the house, you’re likely to be immediately turned off. If you wish to sell your house on the market, you should fix the major issues in lieu of any cosmetic renovations.
The 'Outdoorsy' Type
With the weather warming up (slowly but surely), more and more people are wanting to spend time outside. What about this type of renovation? It is remarkably easy to make the outside living areas of a home more appealing to buyers. Removing clutter is king here. Is your patio full of old, maybe decrepit, outdoor furniture? Maybe consider donating it or hiding it in the meantime. Buyers want to be able to see the house in either its best, or not its worst state. Unless your home has this extravagant outdoor kitchen, luxury pool, and a fancy hot tub, it is a better option to keep it simple. Let the buyer imagine his or her vision with the outdoor space.
Some Final Thoughts
It is extremely important to consider the motivation behind the sale of your home, and we suggest you start there. Renovations may not make sense for your home, and that is okay. There are options for you. Stay tuned for more on that, but for now, see here. If you do decide, however, that you want to renovate some parts of your home, consider these areas first: Kitchen, master-bathroom (and other bathrooms), and main living area. Outside, consider the following: Keep it simple. If you have glamorous amenities, show them off. If not, don’t. Finally, if there are some issues with your house, but you still want top dollar for it, you need to fix those issues before pursuing renovations. It means a lot more to a consumer to not have anything wrong with a purchase than to be lacking a few amenities here or there.
We wish you the best in selling your home! Good Luck!