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That is a question that keeps popping up, whenever someone thinks of selling his house: Should I renovate it first? It all depends on what you are thinking of as expectations, in regards to renovations. In the article below, we will try to provide you with a clear picture on the subject.
First: Have your House Value Estimated by a Specialist
Before you start imagining different scenarios in your head, focus on this one: I need to value my house. For that, you need to call upon realtors that will be able to analyze all the elements, inside and outside your house, to determine a sales price that makes sense. Once they do so, you should also ask their opinion on renovating it. They will probably be able to let you know which part of the house you should focus on, if any. However, don’t take one person’s word as the truth. Ask around. People like your neighbours may have had their property estimated as well, with a different result. This information should be a guiding light, but not a rule to follow.
Renovations help to sell the House but not to increase its Price
If your goal was to add a couple of thousands to the profit that you would make, when selling the house, think again. It may raise the price, indeed, but you will rarely be able to recuperate the whole cost of the renovation. Why do people still do it? Because it will help you receive more offers and sell it much quicker. Once you place your house on the market, you don’t want it to remain there too long. Otherwise, some smart buyers will see it and try to negotiate you at a much lower price, after a few months. If you need to sell, for any given reason, you may well end-up going for it. That will hurt your wallet profoundly.
Don’t confuse Improvement and Maintenance
Many people believe that changing the furnace or any actual element that is part of the house, for a new one, can be considered as renovating it. That is not the case. When you remove an old part and replace it with a new one, you are only maintaining the house in proper order. However, if you decide to replace regular windows for double-paned ones, then this is definitely part of renovation. In fact, this may be the smartest move you can make, before selling your house. An energy efficient home will attract many more buyers than one that still needs to go through the process. It is easy to understand, as it saves a lot of money on monthly energy bills.
Conclusion
If you are thinking of selling your house, but not in the immediate future, then it is time to renovate it. This way, you will get to enjoy the advantages you will have brought to your home, before you move away from it. The loss created from the investment will have been compensated by the enjoyment you got out of it.
