Sellers are always asking me once they know they definitely want to put their home on the market if they should stage it or renovate it first. And let me tell you, when it comes to real estate this debate is definitely up there, and each has its pros and cons. It can be confusing to know which strategy to employ to get the most value out of your home.
We will explore this topic further here covering must-know tips and guidelines, so you can determine which real estate strategy is best for you to help ensure your home yields the most bang for your buck.
Always Consult a Pro
In the case that you feel your home is in need of renovation, you may feel that you should just do the renovation yourself so you can ultimately get more money for your home. But before you dive into renovating, ask a pro first! Consult your real estate agent and ask them whether or not it will be worth it for you to do the renovation. With their industry knowledge and expertise, they will be able to assess your home and help you determine which will be ultimately more cost-efficient for you. And then, if you do decide to proceed with renovations, continue heeding advice from your agent and a designer throughout the process to ensure you are making choices that will help you sell your home successfully and at a desirable listing price.
What is the Problem With Renovating, Exactly?
The issue with renovations of course, is that while you may be able to upgrade and enhance your property to such a degree that you can sell your home for more than prior to renovations, there is no guarantee you will get a return on your investment. Especially, if you make specific renovation and design choices that veer too far away from the mainstream, you reduce the likelihood that you will get your money back. Remember, renovations can cost anywhere from thousands of dollars to tens of thousands of dollars depending on the extensiveness and complexity of the project. Making specific renovation decisions to your home before you sell can result in your unfortunately losing out even more as it can decrease the pool of potential buyers who will be interested in your place. And furthermore, a developer may end up buying your home just to tear it down and rebuild a new property, meaning that you may have invested a ton of money into renovations for the developer to literally just tear it to shreds!
Less is More
Often, homes don’t actually need a significant amount of renovations. Rather, all they may need before they can be successfully sold is some sprucing up before staging This can mean freshening up the walls with a nice coat of paint, conducting a deep clean of the home or patching up small things that need to be fixed. If you go beyond that, again veering too far into the territory of renovation and design decisions that are way too specific, your potential buyers may not even end up wanting that. So many times, it’s safer to waver in the direction of less is more and stick to making small improvements to polish up your home rather than a dramatic renovation.
If you’re on the fence about the decision whether or not to renovate or stage your home, make sure to talk to your real estate agent before jumping into a huge and costly renovation. Many times it’s safer, (not to mention a whole lot easier) just to stage your home, show it off with beautiful, professional photography and let buyers ultimately make their own renovation choices.
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