Putting a home up for sale can be challenging. But not if you’re offering a stunning home in a strategic location. As a seller, you want to make the best out of your home sale. But it can be challenging if it’s not in the best condition.
Grooming your home is the best way to attract more buyers. This article explores why you must move to renovate your home before listing it on the market:
- A Renovated Home Is Valued
Sellers and buyers are on the opposite side of the spectrum. An owner’s idea of a successful transaction is to sell the home at the highest price, while buyers want to purchase it at the lowest amount possible. The latter will look for flaws to reduce the offer price.
While you can make minor repairs, a house in a lousy state will require a professional contractor. If you can’t afford to spend a few thousand to have your property in tiptop shape, consider offering it to home cash buyers, who’ll buy your home without questions. Just look for these firms in your area to get started. If you’re located in Minnesota, check out Mill City Home Buyers Maple Grove cash home buyers.
2. An Aesthetically-Pleasing Home Attracts More Buyers
The internet and its related technologies have completely revolutionized the real estate sector, including how home selling is done. Instead of printing out flyers, you can list your home for sale on various platforms to reach potential buyers.
Creating a positive impression on your prospects in photos and real life is key to attracting the most buyers possible, increasing your chances of a successful transaction. To get the boost your home deserves, renovation works are imperative.
3. A Makeover Increases Home Value
Some real estate investors purchase homes that need renovation to sell them for higher prices. They make a profit by mastering the art of cost-effective renovation strategies. They’re assured of hitting it big by performing value-adding home restoration works once they put the property up for sale.
These makeovers can be anywhere from adding an extra room or upgrading the bathroom and kitchen. No matter the type of renovation, buyers will be willing to pay more for a home where they can move in immediately without having to spend time and money fixing it.
Low-Cost Renovations That Attract More Buyers
An average property restoration can cost anywhere from USD$18,015 to USD$76,428, according to Home Advisor. This price range can be too high for most homeowners. If you can’t afford to pay this much, go for minor repairs such as:
- Sanding and plastering cracked walls
- Upgrading windows and doors
- Fixing and changing taps
- Re-painting indoor and outdoor areas
- Re-grouting bathroom tiles
- Re-attaching loose floor tiles
- Mid- to High-Cost Remodeling Options That Yield Good Returns
If you’ve got a few thousand dollars to spare, consider the following renovations to get the most out of your investment. According to Remodeling.net, these are the percentage returns for home improvement projects worth doing:
- Garage door replacement -94%
- Manufactured stone veneer installation- 92%
- Minor kitchen renovation- 72%
- Fiber cement siding replacement- 69%
- Vinyl window replacement- 69%
- Wood window replacement- 67%
- Wood deck installation- 66%
Landscaping can also enhance curb appeal, making your property look better from the outside. So, it’s power washing your patio. While you’re at it, consider deep cleaning your indoor living space, too.
4. Homebuyers Want Move-in Ready Homes
Not all homebuyers are looking for properties that need fixing. Based on the 2020 Profile of Home Buyers and Sellers released by the National Association of Realtors, most prefer to purchase residences that they can move into without requiring some work. In a separate survey done by a New Jersey-based real estate company, most buyers said they’d go for a move-in-ready property instead of one that needs rehabilitation.
5. Home Upgrades Sell Like Hotcakes
There’s a housing deficit in the real estate sector, fueled by high demand and low inventory. An ideal market supply should last for six months, but the number of available properties can only fulfill a two-month need. In the year 2021, the US market has a standing deficit of about five million houses. As such, housing prices have soared as buyers are scrambling to get their own homes.
Wrap Up
Because of the current housing market conditions, sellers must seize the opportunity to list their houses when prices are high. The deficit continues to drive market competitiveness as buyers seek to get the most out of their investment. Homeowners must ensure that their homes are in good condition to increase the chances of closing a sale. Before spending for anything, though, a homeowner must know which improvements are vital.
