Many sellers assume they need to renovate before they can list their homes on the market. But is this always the case? Let’s discuss.
Some homeowners assume that they need to fix their home up before they sell, and while sprucing things up is generally a good idea, going overboard with renovations isn’t always necessary. The preparations you make to your home before listing will depend on what kind of property you’re selling. There are three main categories properties tend to fall into:
1. The picture-perfect property. These kinds of listings, which are typically either brand new or close to it, are the ones that attract buyers in droves. These homes have no major mechanical, structural, or safety-related issues to speak of, and typically have plenty of bells and whistles to boot. If your home falls into this category, don’t worry about making any big upgrades or repairs. Cleaning, decluttering, and staging will suffice in your case.
2. The move-in ready home. These kinds of homes, like those in the first category, aren’t in need of any major repairs, but they may come with certain cosmetic features that buyers will want to renovate to suit their tastes. Sellers who have this kind of property should focus on adding fresh paint, fixing up flooring (if necessary), and amping up their curb appeal as they prepare to go live on the market.
3. The fixer-upper. Given that they are in ill repair, these homes will typically require some renovations before they can be sold to a buyer. Some flippers might jump at the opportunity to buy this kind of property for cheap, but your average buyer will not be so eager. Without repairs and upgrades, homes in this category usually sell for between 20% and 40% less than homes in the first two categories. After renovations, however, sellers can expect to earn a much better deal. If you are interested in upgrading your fixer-upper before you sell, our team would be happy to put you in touch with our trusted network of contractors. We can also help guide you as to which repairs will bring the most bang for your buck, to make sure you see the highest possible return when you do ultimately sell.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.