Upgrading your home before listing it can be a rewarding and enjoyable experience. On the other hand, it can be a nightmare, with a list of expenses that seems to go on and on the more time you spend improving your home.
Part of this is due to how many homeowners underestimate just how expensive home upgrades/improvements can be. Sure, a remodel of your kitchen and bathroom is likely to increase your home’s value, but whether it’s enough to cover the cost of the improvement and still turn a profit is another story.
Of course, you can always just sell your home as-is. But this is easier said than done. And more often than not, you may end up having to accept an offer lower than your listing price. So, which one’s for you?
Improving Your Home
The key to improving your home before putting it on the market is to be selective with your repairs. For starters, you want to conduct an audit of the fixes your home needs and narrow them down to a list of items that will add value to your home.
For example, if your home needs a new roof, it’ll be hard to convince prospects to buy the property at your asking price with that problem hanging over their heads.
The good news is that when it comes to serious issues, most buyers tend to overestimate the cost of repairs—to them, a $10,000 roof job might as well cost $20,000. What this means is that you can be more confident in your listing price if you make crucial repairs/upgrades to your home prior to selling. Examples include:
- Mending holes in the walls and ceilings
- Fixing leaky plumbing
- Installing a new HVAC system
- Getting your electrical system up to code
- Overhauling old carpet
- Applying a new coat of paint
Expensive improvements like a new kitchen island or a new tub may seem attractive on paper, but they’re also a gamble as not all buyers may be willing to pay for them.
Selling Your Home As-Is
Contrary to what you might think, there’s actually a big market for selling homes as-is. Your city or state may have individuals or companies that invest in different properties that need repairs and flip them for a profit. If your home is a bit of a fixer-upper, you may be able to find an investor willing to give you a fair price for it.
One advantage of selling as-is is that some buyers are more willing to buy a house with “good bones” that’s under their budget, using the savings for improvements to make the property their own. By knocking down a few walls, remodeling the kitchen, and applying a new coat of paint, buyers will be happy to live in the home for the next few decades.
Not sure where to start selling your property as-is? Get in touch with Blue Hen Homebuyers to discuss your options. As a property investor, we buy all kinds of homes in any kind of shape. Call our offices today at 910-802-2222 to learn more about how we can help you.