Should You Renovate Before Selling Your Home?

If you are deciding whether to list your home in the Charleston real estate markets, you may also be wondering if you need to undergo any renovations or repairs beforehand. If so, you will want to consider several factors that may influence your decision. Knowing your timeline, the characteristics of the current market, as well as your ability to recoup your investment are important considerations. Once you know the answers to the following questions, you will be better informed as to whether to pursue a renovation, undergo repairs, or complete simple updates instead.

 

If you are planning to list your home quickly, then you will want to reconsider any extensive renovations. There is an ongoing impact of shipping delays that may create material shortages for your project. You will also need to have some degree of patience with a renovation project, as many often take longer or cost more than expected. If you do have a lengthier timeline in mind, then ensure the project is completed before listing your home. Potential buyers would prefer to see something that still needs to be done rather than a half-finished project that they would then need to complete on their own.

 

The type of market that you will be listing in will have a substantial impact on whether you should undertake a renovation. In a buyer’s market, home sales usually take more time, and the impact of a renovation could positively affect your listing price. In a seller’s market, however, buyers tend to act quickly and are therefore not inclined to be particular about necessary updates. It will be important to contact a reputable real estate agent who is not only knowledgeable about the current market but also understands the local area and what buyers will be expecting.

 

Renovations can run the gamut regarding both the expense and extent of the project. If you are considering a major renovation, run the numbers. Determine what you will be paying for the renovation, adjust for any modifications along the way, and then compare that to what you can expect to recover from the sale of your home. Again, talking with your real estate agent about what buyers are looking for and what they will expect with their purchase will guide you toward determining whether a renovation is worth your time and money to complete.

 

Maybe you have determined that a home renovation is in line with your timeline, the current market, and your expected ROI. If that is the case, there are some areas to consider that would offer you the most return on your investment. Here are some thoughtful renovations that increase home value to keep in mind.

 

 

Potential buyers are increasingly drawn to modern kitchens with all the amenities. If you are planning to budget more for this renovation, then updating your kitchen with classic and modern features will attract more buyers. High-end appliances that offer energy efficiency are attractive to buyers, along with quality, sustainable quartz countertops. Extra details that luxury buyers love also include an accessible wine or beverage refrigerator located next to all the corresponding accessories. If you are looking for a less intensive update of your kitchen, consider refreshing the cabinets with a new coat of paint or stain. Covering the walls in warm, neutral colors will also appeal to potential buyers.

 

 

The addition of a home office is still of importance to many buyers. If you already have a dedicated home office, then thoughtful and deliberate staging will be enough to highlight this space. If your home does not currently have an office, consider how you could transform an existing space or create one to appeal to the most potential buyers. Thoughtfully incorporating this space will show buyers how they may be able to continue to work from home in their new location.

 

 

Like the addition of a home office, potential buyers are looking for all the square footage they can find in today’s market. Consider how your outdoor living space will appeal to buyers looking for those extra spaces to unwind or entertain. If your budget and timeline allow, decide whether to add an outdoor kitchen to an already luxurious patio space. Adding a detached building, perfect for staff or out-of-town visitors, will also draw in buyers looking for extra privacy as well as the ability to host comfortably.

 

If your home is not in need of renovation, there may still be some minor things to consider before you list your home in the current market. Consider how the following home repairs and updates could potentially increase your home’s value.

 

Although there are numerous projects that sellers may be willing to undertake, be sure to consider your own time and energy before starting. Some things may be outsourced to a professional; contact your real estate agent for recommendations if you decide to go this route. Your real estate agent will also be an important resource as to the type and scope of the updates needed. Depending on the market, your real estate agent may advise you to limit the DIY projects you undertake as they may not bring you a significant return on your investment.

 

A coat of fresh paint may be all you really need to make your home ready to list. Potential buyers are increasingly drawn to warm, comforting neutrals. These colors will give your home a boost and attract buyers with their ability to see themselves adding their own personal touches. Taking a careful look at your hardware may also be in your best interest. Updating drawer handles, replacing light fixtures, and adding soft-close hinges, especially in the kitchen and bathrooms, is a relatively easy way to give your home a little update here and there.

 

 

The rule of thumb before you list your home is to ignore basic wear and tear issues. Buyers are not put off by the little things, and many may not even consider them when they make an offer. You will want to address any safety concerns, including leaks, electrical issues, and inoperable features. Do not worry about cracks in sidewalks, walkways, or patios. Do dress up the landscaping with a new layer of bark, pruning of trees and shrubs, and an infusion of flower baskets. Updating the exterior with these little details will go a long way in impressing potential buyers before they even head inside.

 

Selling a home requires careful consideration of its strengths and weaknesses before you list it. Considering your timeline, the current market and the return on investment will go a long way toward informing you if a renovation will be worth it. You will also benefit from the knowledge of a real estate agent who is well-versed in your area and knows what luxury buyers will be expecting with their purchase. When you are ready to talk about listing your home, contact Shawn Kemp for more information.