The time has come where you have decided it’s time to move. It’s time to upgrade to your dream home or find a more manageable home. It’s time to sell your home, wait you are about to face the most common seller issue, what is my home even worth. That why we are here if you are wondering what your home is worth request a free home evaluation from us by clicking here. Now there is another question many home sellers ask, should I do any renovations or repairs to increase my home value. Our Real Estate Experts and Jacky Man always say… YES! There are so many benefits to doing renovations, repairs, or even touch-ups to keep your property value as high as possible.
Every home seller wants to get the best value, and as a smart seller, repairing the most important things in your home will ensure you get the most money. How would you feel as a buyer knowing that the kitchen sink doesn’t work properly? Leaving any repairs for the buyer is not the smartest move, especially since some buyers will make offers that are lower because of certain repairs that need to be done. The last thing you would want is for your sale to fall through because of a minor repair issue. We know not everyone has a ton of money to spend on repairs but it is crucial to focus on the most important repairs before selling.
Don’t overspend, remember before doing any repairs or renovations try to see if it will actually increase your home value, the right realtors can really help you decide what will increase the home value. Remember, you won’t be around your home to enjoy those new toilets or new patio deck once you sell, so be smart when making choices for what to fix up. Factoring in the return on investment is important since some repairs are very expensive, but ultimately useless because they will add little to the sale price of the home. A prime example of a great addition is a patio as it can raise a house value of upwards of $10,000, verse a minor change to the bathroom cabinets.
Do you know your Neighborhood? Are people looking for pools, a big backyard, basements that are made? This will help you understand the competition in your area. Usually, people decide on an area before even looking at the home they will live in. Redoing your basement might be a complete waste of time if people who are moving in your area are not looking for a completed basement. Make sure you ask your realtor what renovations or repairs will increase your home value for your specific area, as every area is different.
Weigh the costs of your improvements against your home market value before jumping into repairs and renovations. This way you will be able to manage expectations on the return on investment. Homes and areas are different and it is a good idea to understand one shoe does not fit all in this situation. Have reasonable expectations, speak with your realtor, and create a plan to really help increase your property value.