Should You Renovate Before Selling?
Home preparation is important during any market when it comes time to list your home for sale. Some basics will never change such as the important decluttering, cleaning and staging. However, should you renovate that kitchen or bathroom before listing right now? In this market things could be different and here are some things to consider.
Lack of Competition
When we are amidst a “normal” real estate market then we should have about 6 months of inventory of available homes. These days per a recent report from The National Association of Realtors (NAR) there is only a 1.9 month supply so buyer competition is very high.
While some dire repairs may be best to make, not all improvements may be worth your while in this market. The best way to decide what should be done is to do a home tour with your Realtor to get the best advice. Nowadays many buyers are willing to do some work just to be able to get the home they are after. Letting the future buyers renovate a bathroom may be best as many more are prepared to do so. Spend your time and energy making sure that your bathroom is fresh and clean instead by maybe painting, getting a new shower curtain and adding some colorful hand towels. Dated can be acceptable but clean is a must.
Focus on ROI Dollars
A home tour with your real estate agent is always best to decide on which updates need to be done for your particular home during the current market. You may be surprised how well your home could be perceived in today’s seller’s market. A recent statement from Hanley Wood Remodelers said “The 2020 Cost vs. Value report shows a predictable increase in costs for all 22 remodeling projects but a consistent dip in the perceived value of those projects at the time of home sale, as estimated by real-estate professionals in more than 100 metro areas across the U.S. This results in a slight downturn on the return on investment for nearly all projects relative to the trends we saw in last year’s report.”
With this news, you should definitely scrutinize your home to see what is absolutely essential. Contact me today if you would like me to visit your Fort Lauderdale area home to discuss your home selling plans.