If you are a seller, it might have crossed your mind to renovate your property before selling. But is it worth it to renovate your property for sale, or should you sell it in the state that it’s in?
Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty, offers valuable tips for sellers who are thinking of renovating their for-sale homes.
Here are 3 things you should consider before renovating your home for sale.
1. The Right Property List Price May Be Enough to Sell Your Home
As we head to the summer season, there may be less time to fully get a renovation in place. But you should consider that currently, there are not enough homes for sale, thus supply is very low. This means that even an unrenovated property can get a lot of attention.
The key is the pricing. As long as your property is priced in line or just above the market price for properties of the same condition, you may be better off just getting it on the market, as opposed to spending the time and money to renovate the property.
2. Address Renovation Items With Largest Return on Investment
You need to take into consideration the renovations you want to do, making sure that you are addressing items that will give you the biggest return on investment. Sometimes, just simple paint or flooring updates can go a long way.
If you are looking to do something major, kitchen and bathroom renovations provide the biggest WOW factor, but these upgrades also typically have the highest cost. So, it is important to think about what you want to do and maximize on the return on investment.
3. Bottomline and Time
When it comes to renovation projects for for-sale properties, it really comes down to your bottomline and good timing.
How much time do you want to take to renovate the property? How much money do you want to put into the renovation?
Ryan Haley would be happy to take a look at your property in a case-to-case situation and give you the best advice for your unique situation. If you are still confused as to whether you should renovate or not, Ryan will help you make the best decision to best sell your property.
For the best real estate advice when selling or buying in the Ocean City, Maryland, or Delaware market, please call us at 410.524.0919.