Don’t Renovate Before You Sell!
Selling a house is a major event that involves many decisions. Preserving as much equity in your home before selling is one of the most important financial decisions a homeowner can make. Unfortunately, sellers often end up being lured into the financial trap of paying for renovations they will never take advantage of.
There are four key reasons why you should sell As-Is and avoid the renovation process completely:
Time, Effort, Convenience:
Renovating takes a lot of time and effort. Choosing between paint swatches and installing new floors is time consuming. On top of that, it can cause a lot of disruptions to your daily routine. It’s best to avoid the stress and leave the repairs for the Buy My House Now team. We never require homeowners to make repairs before they sell to us. We take care of the entire repair process ourselves!
Lack of Financial Benefit:
Many potential sellers expect multiplied returns on their renovations. This often does not occur – instead, sellers face difficulties recouping the original costs of the renovation. This means that the house may still sell for the same price as it would have without the costly improvements, and on top of that, several weeks (or months) of work and inconvenience may be lost for no monetary return. That’s why home renovations are not as cost effective as many assume, especially when they involve technical upgrades.
Unique Tastes:
Homes are often viewed for their potential and are usually not expected to be picture perfect upon purchase. When the new owners get the key to their purchased home, they will insert the specific features and fixtures they’re looking for. Completing these improvements before you sell involves a tricky guessing game in an effort to tailor the decor to suit all potential buyers. Many of the renovations you perform before listing your home for sale will be ripped out to make way for the new buyers’ preferences anyway.
DIY Is Not For Everyone:
Many homeowners are enticed by the idea of doing money-saving do it yourself (DIY) projects to increase the value of their home. These can seem like a cheap way to improve the selling features of your home, thus increasing the potential listing value. Unfortunately, DIY is not as easy as it looks. Most people are not nearly as talented as they think they are, which can result in shabby-looking “upgrades”. These lackluster projects will work against your listing price, and could easily drive it down. In the end, by opting for DIY, you are likely doing yourself – and your home equity – a disservice.
Skip the Fixer Upper, Sell As-Is Today
It’s important to remember that pouring money into your home before you sell it does not directly translate into financial benefit. It’s a gamble that many engage in, and it often results in disappointing financial losses. In fact, most remodeling projects do not recover the full expense of the renovation when the home is sold. Additionally, it’s not possible to determine which projects will net the most amount of return – if you obtain any returns at all. This is another risk that you will encounter when making this decision.
While it might be tempting to spend money on costly repairs and upgrades in an effort to maximize the sale price of your home, it’s more advantageous to keep the equity in your home and leave the repairs for the buyers. At Buy My House Now we recommend contacting out team to see what services are available to you. We buy homes As-Is, in cash. So not only do you get to save on costly repairs, but the entire transaction can be finalized within a week.
