Should You Remodel Your Home Before You Sell It?
Pros of Renovating
When you bought your home, it was everything you wanted. But it been a few years and your needs and tastes have changed. Maybe it's time to update the kitchen, redo the bathroom or finally get that addition going. Regardless of your tastes, maybe it's time to have a renovation or update the interior design.Remodeling increases the value of your home and makes it more livable. It allows your home to “grow” with your family and needs. According to the Rasmussen Reports, 52 percent of Americans believe their home is their best investment. You want to make your home more livable, more valuable, and better investment. Renovations are one way you can accomplish that goal.
Cons of Remodeling
One of the biggest misconceptions involving renovations is that people think they will recoup the cost if they sell right at the conclusion of the renovation – that isn’t true. Renovations bring real value to your property. However, it increases the value exponentially over time, not at once. Renovating, as discussed above, is best executed as part of a plan to both increase livability and long-term value. Don’t conduct a renovation or remodel if you want to sell within the next few years. Remodeling is a long-term investment that brings in value.Renovation Ideas
Renovations break down into three general categories: improvements for efficiency, repairs, and remodeling for taste. Some projects, like a kitchen remodel, fit in the "nice to have" column, while other types of renovation are absolutely critical if you want to sell your home.
For efficiency, you might consider investing in energy saver windows, doors, insulation, water fixtures, and other improvements to make your home more efficient overall. An efficient home saves your money on your electric, water, and gas bills. Moreover, “efficient” or “green” homes are big in the real estate market now which makes for a good selling point.
The second category is addressing existing issues that you have always meant to do. For instance, repairing or replacing your front or backyard irrigation systems (which frequently break down), repairing your roof, or fixing the garage door. These are issues that, while not immediately important, increase the value of your home by correcting problems before you try and sell. A classic example is making a plan to repair your car before you sell it to increase its marketability.
Finally, you can engage in renovations to update the design of your home. These renovations are things like redoing your backyard, remodeling the kitchen and bathroom, putting on an addition or deck, and other improvements that may not necessarily improve efficiency or correct prior issues but they increase the curb appeal and "livability" of the home. “Taste” renovations are less immediate or necessary compared to efficiency or repairs. Therefore, you can take the time to plan and ensure that you find the right contractor and that you have fully explored your options. These renovations can substantially increase the value of your home, but more importantly, they may make you fall in love with your house all over again.
How an agent can help you plan your home remodel
If you eventually want to sell your house, you may want to consider working with an agent to discuss the best remodeling project for increasing the value of your home. We cannot emphasize this enough; you should have a plan before you renovate your home. Speaking to an agent from Steele San Diego Homes can help you identify the market needs and what will increase the value of your home in the quickest amount of time for your budget.
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