There is no doubt that renovated homes typically sell quicker and for top dollar as compared to homes that are in need of a lot of updating. With this said, there are many factors to consider when deciding whether or not to renovate your home prior to listing it for sale. Like most things in life, your budget and timing will certainly factor into this equation. Below we highlight some things to consider when deciding whether or not to renovate.
Factors to consider
- Budget: As with any renovation project, your budget will greatly dictate how feasible it will be. In some cases, you may have budget money to allocate towards a home renovation that will result in a quicker sale for a much higher price. In other cases, you may find yourself financially stretched to be able to afford your new home as it is.
- Time: As with most things in life, timing is everything. With this said, we all know that renovation projects always take longer than we may think. If you have the time, energy, and money to renovate your home prior to listing it for sale, this could result in greater returns. In other circumstances, such as moving for a new job, you may not have the luxury of time on your side.
- Location: We all know that real estate is all about location, location, location. With this said, it is important to take your property’s location into consideration when deciding whether or not to renovate. For example, if your home sits on a lot that will attract many investors that will likely rebuild a new home on it, it does not make sense to spend the money on renovations. This is often seen with older and smaller waterfront properties in South Florida that are surrounded by large, newer construction homes. In this scenarios, the property is mainly worth it’s lot value anyways.
- Inventory of homes for sale: As is the case when you are considering listing any home for sale, the local market inventory and recently closed sales should be taken into consideration. Although you never want to overdevelop your property, you also want it to be competitive in your local market.
Summary
Selling any property requires a sophisticated analysis to ensure that your home will sell quickly and for top dollar. For this reason, it is critically important to have a local, knowledgeable, and responsive real estate agent assisting you. Are you in the South Florida market? We can help! Our Live South Florida Realty, Inc. team has consistently sold our listings quicker and for more money than the averages seen in our market. Contact Natasha at Live South Florida Realty, Inc. for your free consultation today! Also, be sure to download the free Florida Home Search App for your mobile device too.
