If you’ve decided to sell your home, you might be wondering if you need to invest in renovations before selling. You’re not alone – according to the Joint Center for Housing Studies of Harvard University, Americans spend more than $400 billion a year on home renovations and repairs.
But how much money do you really need to put into your house to sell it for a good price? Are certain renovations better investments than others? Here are some tips to help determine which repairs are worth doing and how much you should spend.
Should I Renovate Before Selling My Home?
So, is it worth it to renovate your home before selling? Unfortunately, it’s not a clear-cut answer. Here are a few things to consider before making your decision.
- The housing market: When deciding whether to renovate, consider the market in your area. Is it a seller’s market? Are homes being sold within days for over the asking price? If so, you may be able to sell your home without doing any repairs. You don’t want to invest a ton of money into renovations if your house would easily sell in its current condition.
- Timeline: Are you in a rush to sell your home? If so, you don’t want to start major repairs that could take weeks, if not months, to finish. In this case, focus on cosmetic repairs that can increase your home’s value – such as painting and landscaping.
- Affordability: Can you afford to renovate your home? The type of renovations you do may come down to finances. For example, if your budget is tight, you may have to focus on minor repairs and hope it’s enough to attract buyers.
What Not To Fix When Selling a House
If you’ve decided to renovate your home, it’s important to be strategic with the repairs – to ensure you don’t spend more than is necessary. So, how do you decide which improvements are worth it? Here are a few tips to keep in mind.
Don’t Bother With Minor Issues
Don’t get hung up on minor flaws such as chipped paint or a crack in the driveway. When potential buyers check out your house, they aren’t expecting perfection. Do the necessary repairs and don’t worry about the rest.
Only Repaint in Neutral Colors
If you’ve decided to paint your house before selling, it isn’t the time to go with bold color choices. Stick with neutral colors to be safe. The new owners will probably end up repainting anyway.
Talk To Your Real Estate Agent
It’s a good idea to check with your listing agent before doing any renovations. They will help you decide which repairs are necessary and which repairs you can avoid.
What Renovations Are Worth Doing?
Some renovations provide a greater return on investment than others. According to real estate professionals surveyed by CNBC, investing in your home’s curb appeal offers one of the best returns on investment (ROI). Things like landscaping and a freshly painted front door can go a long way in boosting the value of your home.
Here are some other examples of repairs that may provide a good return on investment when it’s time to sell:
- Kitchen or bathroom renovations
- Fresh paint job (interior or exterior)
- Updated flooring
- Finishing the basement
Be aware that you may need to address major repairs such as a leaky roof or foundation issues before receiving much buyer interest. One way to avoid making these repairs is by selling your house as is to a real estate investor.
How Much Should I Spend on Home Renovations Before Selling?
When deciding what to budget for renovations, keeping costs to a minimum is essential. A guideline to keep in mind is to keep repair costs to 1-5% of your home’s listing price. Essentially, you want to do the least amount of work for the highest potential return. Focus on repairs with a high return on investment, such as those mentioned above.
What if I Don’t Want To Renovate My House?
If you don’t have the time, energy, or funds to renovate your home, your other option is to sell as is. When you sell your house as is, the buyer agrees to purchase the home in its current condition – typically with no repairs required.
Here are a few instances where selling your house as is might be the best option:
- When you can’t afford the repairs: A common reason for selling in as is condition is if you can’t afford to repair your home before selling. Maybe your house is in forbearance, and you need to sell it ASAP. Whatever the case is, selling as is can be a fast and simple solution.
- When you have to pay for care: If you are a senior who needs to sell your home to pay for nursing home care, selling as is might be the right option for you – especially if extensive repairs are required.
- When you have to move out of state fast: Selling as is might be your best option if you need to move to a different state or country for an exciting new job opportunity.
- When you don’t want to deal with a complicated sales process: It seems like there is an endless to-do list when selling a home. If you want to avoid the stress of a traditional sale, consider selling as is instead.
When getting your house ready for sale, it’s crucial to be strategic and think about which repairs will have the best return on investment. Cosmetic enhancements such as a fresh paint job and improving curb appeal may offer the most bang for your buck.
How Can I Sell My House As Is Fast?
Do you want to avoid renovations altogether and sell your home for cash fast? Consider selling your home to a reputable cash home buyer instead. We are fully licensed and accredited house flippers in Massachusetts and buy homes in any condition without fees.
We’ve helped many homeowners avoid costly and time-consuming repair work – and we can help you do the same.
Give us a call at 781-309-7085 or apply for your cash offer right away on our website.