Renovating a house you are about to sell may seem like a lot of unnecessary work. Yes, you’re going to raise the value of your home but is it really worth it? It’s a tough question to answer, and depends on the property, the needs it has, what you want to get for the property as well as the market. The market sets the tone in many ways. For example, five years ago, in a sellers market, you could list your property as is, for top asking price, and get legit offers within a week.
Now, if you did the same thing, you would probably wait months before getting an offer and it would not be near asking. If you want to get the value for your property, and have it sell quickly, you need to make necessary renovations that expand your buyer list.
Top Areas To Renovate
If you are selling a house that needs a lot of work you are immediately eliminating all potential buyers who cannot cover the costs after purchasing your home. If you want to expand your buyer field, focus on these areas:
- Front yard: The front lawn has to be simple, clean and pretty. Too much means maintenance and cost, but a poor lawn sets a bad tone for the rest of the property.
- Paint: If your home is painted an exotic or outdated color you may want to go with something more neutral. Most of the people looking for a house will not want a pink one, so if your house is pink you’re already hurting yourself.
- Backyard: The backyard can have far more features including a pool, fountains, gardens, a patio and more. Throw whatever you want back here but make sure it looks clean and organized.
- Appliances: If someone walks into the house and sees outdated appliances, they will immediately start looking at how to get the price down on the property because they will immediately want to update those.
- Roof and windows: Insurance companies may not allow new buyers to take on your property if the roof or windows are outdated. Because of that, you are severely limiting who can buy your home.
- Kitchen: An outdated kitchen may not be a deal breaker, but if it needs major work you are going to ask the new owners to take on a $50,000 or more project. Not exactly something you want to pitch to a buyer.
- Bathrooms: Functionality is the most important thing in a bathroom if you want it to sell. Does the water go where it needs to go? Does everything work? Now, if you want to sell for top dollar, make it look nice as well.
You may not have the time or money to cover these renovations. That’s understandable but that needs to be reflected in your initial asking price. Be prepared to move your price down if your property needs a lot of work.
