To Renovate or Not to Renovate?!
September 22, 2021
Thinking about selling AND wondering if it’s worth it to renovate? You have come to the right place. An inside perspective from the people who have skin in the game.
- There are not enough homes on the market right now. Statistically speaking, we are sitting at 1.9 month supply of homes available vs the market normal of 6 months supply. Additionally, houses are, on average, only on the market for 21 days while getting slammed with multiple offers. It is simple—people are happy to take what they can get.
- I know your house is a home, but importantly, it is an investment. Maximizing the return on your investment should be a high topic of conversation when preparing to list. Question to ask yourself—will this help me sell my house for more money than it cost me to install? If the answer is no, don’t bother.
- Time is money, and the best time to list is right now! If your proposed renovations are going to put you off a significant amount of time, evaluate the chance of losing money during time lost.
- Lastly, but most importantly, appeal to the masses. Buyers immediately see things they would change when searching for their home. In order to envision themselves in the property, they need a clean slate. Fresh paint is always helpful in a neutral color. Kitchens and bathrooms cleaned and freshened up always make a statement when selling.
Ultimately, every home is different, and a conversation with your agent is mission-critical to make sure you make the right choice when selling!