If you’re selling your home in a hurry and circumstances demand that you move quickly, you’re not going to spend valuable time renovating your home to help you sell it, that’s a given. But if you want to sell up and move and don’t have a specific deadline in place, renovating your home could help you make the property more appealing to buyers, and certainly help you sell it for more.
Here are a few reasons that make a pre-sell home renovation, worth the investment:
It can increase your home’s value
The average value of a renovated property increases by as much as 20% according to the National Association of Realtors, little surprise when you consider that most buyers want to move into a modern home that doesn’t require any upgrades or costly modifications. But the quality of the renovation can make a big difference to the final selling price, and in some cases, a low quality renovation from an in experienced construction company, can even lower the value of a home.
It can attract more potential buyers
By making your home look more appealing, both inside and out (exterior renovations are sometimes just as important in terms of helping sell a property), you can attract potential buyers who might otherwise not have considered your property, and make your home stand out over similar homes in your area.
A family of five, for example, might have overlooked your home because it didn’t have an all-important fourth bedroom. But, if you’ve renovated your home and turned an attic space into a comfortable kids bedroom (which can be converted into an office as/if and when needed), you can attract bigger families and compete with bigger homes in the area.
It can improve your quality of life
Even if you renovate your home with the sole purpose of making it more appealing to buyers and being able to sell it at a higher price, you can still enjoy the benefits of your newly renovated home while you wait for a deal to go through. Renovating might also help you decide what you want from your new home, and after completing a successful renovation on your existing home, you might feel more confident tackling a similar project in another property that you buy. Once you’re a renovation pro, there might be no stopping you!
Or, who knows, with such a wonderful new home, you might just decide to stay in it and enjoy all of the new features and additions yourself!
While it might seem counterintuitive to renovate a property you no longer want to live in, as you have read, doing so can provide you with significant advantages. From increasing its value and enabling you to sell it for more, to providing potential buyers with a more functional and attractive home than others on the market in your area, pre-sale renovations can be lucrative, giving you a great return on your investment. Just be sure to renovate your home in a way that is likely to be appealing to buyers, and if you don’t plan to live in it yourself, consider their potential circumstances instead of your own.