Is House Remodeling Worth It Before You Sell?
When you have to sell your home, hopefully, it’s for good reasons. Positive circumstances would include moving to a new city or state where you’d rather be, as well as the chance to move into a newer home that’s bigger, better, or just a good fit for where you’re at in life now, such as possibly downsizing after the kids are off to college or their own adult lives.
Even as you say goodbye to your old home though, you don’t lose it entirely. As you sell it, you’ll get money for it, and you might be looking to get as much as you can. That leaves many homeowners wondering if house remodeling is worth it before they list their homes to sell?
Remodel And Raise The Value
The idea is simple enough. You spend a certain amount of money on house remodeling, which hopefully boosts the home or property value by more than you spend, leaving you a profit after the sale goes through. For instance, you might drop $10,000 on new kitchen cabinets and hopefully boost the property value by $20,000.
Find Out What Buyers Are Looking For
The concept seems like a winner, but the math doesn’t always add up if the property value doesn’t go up. Consult a realtor or property professional before you do anything to find out what buyers in your market are looking for specifically.
While certain house remodeling ideas are good ones in general, it’s very possible you overdo it and it backfires.
For instance, you might get overly motivated by shows on HGTV and spend a hundred thousand dollars on house remodeling only to discover that you’ve created a premium luxury home in a neighborhood where premium and luxury home buyers aren’t looking.
Market Demands And Limits
You have to honor the market demands and limits. Your property professional might advise you that many home buyers plan on personalizing their kitchens after they buy, which means you wasted $10,000 on kitchen cabinets they’re going to take out.
Tip: It might well be worth it to invest $1,000 or even less just to get the cabinets resurfaced or refinished to make the room pop during walk throughs and visits.
Another thing that can help you get the most bang for your buck in house remodeling is using the right contractors.
Get multiple bids on any project, and while you only want to choose someone reputable that you find good reviews and references on and your instincts feel right about, going for low prices can yield more return on your investment.