If you watch any of the home shows on television, it’d be easy to think that every house sale involves a full-scale renovation. In reality, renovations are sometimes helpful – but sometimes, they don’t pay off. Before you start calling contractors, take some time to think about the ideas presented below. If you can’t answer these questions, then it might not be a good idea for you to renovate. Whatever the answer, though, you’ll be in a better position for having considered renovations carefully.
How Realistic are Your Ideas?
When you’re looking at doing a remodel, stop and think about how realistic your ideas might be. If you’re putting your home up for sale, it’s probably not a good idea to add a new room to the house or build an entire garage. Keep the ideas for renovation to what’s necessary, not what you wish you would have had when you were living in the home. It’s always a good idea to learn more about renovations before you really get into your project – there are great online sources that will teach you more about your ideas and the materials you use, which will in turn tell you if your renovation ideas are realistic.
What’s the Timeline for Renovating?
How long is it going to take you to renovate? The longer the job takes, the higher the holding costs you’ll incur. Even a simple renovation will probably keep your home off the market for at least a month, so try to decide if the timing is really right for you to do this job. Sometimes, it’s better to take a lower price in a hot market than to renovate your home and deal with a market that’s far less friendly to sellers. Talk to a contractor, learn more about how renovations work from online courses like Rules of Renovation, and figure out if the timeline really fits your needs.
Is it Cost Effective?
There are some renovations that just don’t bring you a return on your investment. While you might think that anything that looks good will help to improve the odds of selling your home, the truth is that some renovations really don’t make a difference. If your renovation will add value to your home, it stands a good chance of being worth your time. If the cost of the renovation is more than what it will add to the value of your home, leave it alone. Unless the matter is pressing, it’s certainly not a good idea to pour more money into your home than it will bring back to you after the sale.
Will it Matter?
Finally, stop for a moment and consider why you’re going through the process of renovations at all. Will you actually increase the value of your house by doing so? Will you increase the value of your home enough to justify keeping it on the market longer, or will you end up losing money if something goes wrong? Look around at homes in your area and see if you really need to renovate to compete. You might find that it’s better to drop your house price by a few thousand dollars than to spend much more than that in an attempt to bring your home up to date.
There are many situations in which it might make sense to renovate your home before selling. Don’t fool yourself into thinking that all renovations are helpful, nor that your situation is one that requires a great deal of work. Always make sure to ask the questions above and to use your own best judgment. Sometimes, it’s better to leave your home as it is.