Does It Make Sense to Remodel My House or Sell It As Is?
home remodel

Does It Make Sense to Remodel My House or Sell It As Is?

December 12, 2018

If you’re getting ready to put your home up for sale, you might be wondering if it’s worthwhile for you to do any large-scale remodels before you officially list it. This really depends on a variety of factors, including the state of the market and the cost of the remodel you’re looking to do (as well as the potential return on investment). You also need to consider the condition of competing homes for sale in your market.

We often see buyers putting far too much money into fixing up their homes before they list them. However, there are some circumstances in which doing some fix-ups can make a big difference.

If you have real estate for sale in Scottsdale, AZ that needs a lot of work, buyers might be scared off. If you have walls and floors in bad condition, problems with an electrical system or plumbing or anything else that indicates problems with the structure and skeleton of the house, these are going to be scary issues, which will likely lead to your only interested buyers being flippers or contractors.

Sure, there are some people who are interested in purchasing fixer-uppers, but these people are most likely looking for homes that really just need some cosmetic touches done.

Making the decision to fix up your home

Before you decide to fix up your home, you should balance the cost of the improvements with the market value of the home after you complete those improvements. If you aren’t going to get a good return on the investment, the improvement might not be warranted. It can also help to tour other homes in the area to get a sense of what you’re up against.

A good place to start is by making a list of everything in your home that is broken or defective. There are some items that you absolutely should fix up before a sale, no matter what. These include holes and cracks in walls and ceilings, broken appliances or HVAC systems, plumbing issues, broken windows and roof problems. If you have dated fixtures, those are good items to swap out and replace. Make sure your entire property is up to code as well. Code violations will stand out like a sore thumb during a home inspection.

If you have simple cosmetic issues, fix those up as well before the sale. Replace any stained or worn carpeting, and put a new coat of a neutral paint color on the walls. Replace old window coverings and drapes.

With regard to large-scale remodels, this really depends on the state of your local market. Upgrades to kitchens and bathrooms tend to get the best ROI, but if you don’t think you can get back a significant amount of money in the sale, then it might not be the best decision to perform the remodel.

For more information about placing real estate for sale in Scottsdale, AZ, or to arrange a consultation prior to selling or buying, reach out to Deanna Peters, REALTOR today.

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Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2018 Cromford Associates LLC and Tamboer Consulting LLC Provided by FollowUpResults