If you're planning to sell your home, just thinking about the preparations you need for your property can easily become overwhelming. Because of this, many sellers tend to overspend on repairs and updates that won’t help sell their homes for more. They feel like they have to fix everything and over-improve, to the point of losing money if the return doesn’t match the investment.
So before you hit the hardware stores or call your trusted contractor, let's look at these three crucial things that will help you determine how to approach repairs as you plan to list your home.
With an experienced real estate agent by your side, you don't have to figure it out alone. Since they are knowledgeable about the neighborhood and the market conditions, they should be able to provide insight into which repairs and upgrades are necessary. Likewise, they can advise if some projects should be left undone to save money, especially those that won’t make a difference to your home’s value or won’t be a deal-breaker to potential buyers.
So make sure you hire a trusted listing agent who will keep your best interests in mind. Allowing them to do a quick walkthrough before you put your home on the market will save you from undertaking any project that will only waste your time and money.
Further, you can determine what repairs, renovations, or improvements will add value and bring a good return on investment (ROI) with the help of your agent. Sometimes a major renovation makes sense, and sometimes it does not. It depends on the market, neighborhood, and your time and budget. Your real estate agent can help you by doing a comparative market analysis, which is an in-depth report on your home's current value and how it compares to other homes. It will help you calculate the ROI to see if updating makes financial sense.
Remember that in the end, any cosmetic repairs or projects you complete should ultimately be to your benefit. If sizable ticket upgrades are impossible and won’t recoup their cost, consider other things that will help improve your home. It’s usually the small things, such as deep cleaning, decluttering, and enhancing your curb appeal, that has a significant impact on your home’s sale.
Lastly, it is not advisable to begin an upgrade or start a remodel that you can't finish in time before you sell. Home repairs are usually expensive and time-consuming, so carefully consider the time and your budget before committing. Some buyers will also find it hard to visualize the final effect of such partial fixes, which could be a considerable disadvantage on your end.
Once you have decided to renovate an area in your home that has the potential of yielding the best ROI, go all the way and make it shine. For example, there’s no point in replacing your worn-out countertops in your kitchen and making it look brand new if you’ll simply leave the old kitchen cabinets and hardware the way they are.