If you are interested in increasing the property value of your home ahead of a sale or closing, there may be a chance of remodeling or renovating in your future. Renovating could potentially mean finding a contractor, mitigating costs to fit your budget, and making your Pinterest dreams become reality. If you are thinking about selling, homeowners often feel the need to remodel or renovate their home to attract more buyers. Luckily, with so many buyers already competing for homes in the market, renovations might not be as vital as they would in a neutral market. Here are some considerations if you are thinking of selling your home and the upgrades you might potentially need.
According to the National Association of Realtors (NAR), there is a 1.9 month supply of homes available for sale, with houses only remaining on the market for 21 days. With buyers scooping up homes as quickly as possible, seller’s who are renovating could prove to miss their window of opportunity. As a seller, you must determine which improvements are essential to potential buyers, so that money or time is not wasted in the process.
Buyers are more than willing to make improvements to their home that they are after. Home Advisor explains below how buyers are putting in extra work:
“Compared to 2019, millennials are spending 60% more on home improvement and doing on average 30% more projects.”
Given the strong seller’s market we are currently encountering, it may be in your best interest to let the future homeowners make their own decision to remodel to fit their specific lifestyle. As a seller, you have the opportunity to spend your time making smaller cosmetic improvements such as refreshing paint or power washing the exterior of your home. You can work with a trusted Seven Gables Advisor to guide you through the process and help determine the key upgrades to enhance your listing.
When considering which projects to work on, you must know which projects are worth the cost and your potential return on investment. Some homes will definitely need renovations or roof repairs before the sale, but most houses will not need these massive enhancements in today’s sellers market. Homeowners who are wishing to sell should avoid spending large amounts of money on renovations if they aren’t promised the return on their investment when they do end up selling.
In this sellers’ market, you have more leverage while selling your home, so renovations may not be necessary. Before you renovate your home, connect with a real estate professional to find the best possible option to ensure your future success.