27 Jul RENOVATING YOUR HOME TO SELL
Renovating Your Home to Sell – Do You, Don’t You?
You’re ready to list your home for sale…then you look around. Maybe you’ve spent time and money updating the exterior of the house but the interior is still in serious need of attention. Maybe there’s chipped paint, maybe it’s just outdated.
What do you do? Should you spend more time and money on fixing it up or is it better to just try to sell it as is?
This is one of those questions where the answer just depends on the circumstances.
What’s the condition of comparable homes to yours? What’s the property market like? Do the costs outweigh the potential return? How quickly do you need to sell your home?
Many of our sellers put too much time and money into fixing up their homes before listing them for sale. They repair flaws that a buyer might never notice or just won’t pay extra for. Talk to your agent before making any repairs to weigh the pros and cons with your particular home and your personal situation.
Let’s say that your property needs a lot of work done. It has plaster missing, the wall is damp and the 1950’s wallpaper is peeling, there is mould on the ceilings and holes in the walls. The boiler needs replacing and the electrics in the house are beyond repair. All the taps leak.
Put simply, this is not a home that can be easily or economically fixed. A coat of paint won’t help. In this case, you might want to just price the house low enough to attract multiple offers. Expect to receive offers from builders and renovators.
Do Homebuyers Want Fixer-Uppers or Fixed Up Homes?
Some homebuyers say they want to buy fixer-upper homes but they’re generally looking for those that require only light cosmetic repairs, painting, carpets, a bit of filler. Buyers who gravitate toward fixer-uppers are those who either don’t qualify to buy a more expensive home or they want to make a profit by fixing up the home themselves.
Keep in mind that many buyers will not buy a home that needs major work like a new roof for example. They worry that the work involved will cost more than what they anticipate.
Most buyers want a home that’s in move-in condition so, you could limit the number of buyers who might be attracted by not making repairs.
Before Fixing Up Your Home
Smart sellers will weigh the cost of the proposed improvements against the home’s market value after the repairs or upgrades are completed.
Such an improvement might not be warranted if an upgrade won’t return the investment. Before you decide to do something drastic remember that kitchens and bathrooms carry the highest return.
Where to Start
Make a list of everything that’s defective, broken, or just worn out.
Buyers might wonder what else in the home has been neglected if they spot problems or malfunctioning systems as they look over your home.
Minimum improvements you might want to consider making before selling include patching holes and cracks in the walls and ceilings and fixing any external issues such as broken window glass or roof tiles. Change any dated light fixtures. Fix anything a surveyor is likely to highlight as an issue – any serious buyer is going to have the home checked over.
Cosmetic Touches
Replace worn or stained carpeting. Repaint dark or marred walls with neutral paint – not white. Replace old curtains and window coverings.
Keep in mind that empty homes don’t show as well as furnished rooms, but battered furniture can detract from your home’s appeal. Consider upgrading your furniture if it’s in bad shape. Put a bed in the spare bedroom. You can always take it with you when you go.
The Effect of the Market
If the property market is a seller’s market – you can usually get away with fewer jobs before selling. But a home that needs repairs will still deliver a lower price in any market. Buyers might not even bother to look at a home that needs work in slow buyer’s markets.