Should you renovate before selling your home?
A large number of homeowners looking to sell their homes will consider undertaking some form of renovations before selling. After all, renovations are essential to improving the state of the property, making it more attractive, and boosting the chances of selling your home. Anything from applying a fresh coat of paint, to installing a new kitchen or bathroom will add to the aesthetics of your home. However, keep in mind that you might not always get the return on your investment. This is more so if the renovations cause you to miss a prime market for real estate sales. That is to say, their certain occasions when it is more beneficial to list your property as it is. So, should you renovate before selling your home? Let us examine when you might be better off selling your home just as it is.
Do you own a property with lots of lands, that are situated in an older suburban area? In recent times we have noticed a new wave of investors primarily interested in acquiring older real estate in prime suburban areas. These investors are not particularly interested in the home itself but rather the overall property size. In most instances, these investors will demolish the buildings on the property so as to put up new and modern structures. This is particularly the case nowadays when prime land in an around the city is becoming more and more scarce. Most investors in Lusaka are buying old homes in good suburbs, demolishing the building and erecting multi-story flats, office blocks, hotels, and shopping malls. With this in mind, if you own an older property in a prime suburb you might consider listing it as it is. This is more so if the ultimate objective of the buyer is to demolish it anyway.
Renovating will not only cost you in a financial sense but it can also cost you ideal timing. As such, another significant consideration when contemplating whether to renovate or not is the timing of your listing. In the event that you decide to renovate it is essential that your timing is such that you do not miss out on the popular periods for homes to sell. You can always undertake some research to have a full grasp of the peak home sales periods in your area. This is vital to ensure that you have your property ready and listed during these periods so as to enhance the chances of selling your home.
There are some renovations that are of a functional nature rather than simply increasing the aesthetics of a home. These renovations could include rectifying some structural issues or fixing some aspects that pose a health risk. Such types of renovations are necessary and will generally improve the state and overall condition of the property. However, in the event that you decide to sell your home as it is and with all the defects then full disclosure is critical. Failure to fully disclose all the aspects that require attention could lead to major legal issues down the line. With this in mind, I always advise sellers to fully disclose any issues whether minor or significant.
Return on investment
The types and nature of the renovations you undertake need careful consideration. This is largely due to the fact that some renovations have a larger return on investment than others. It is therefore important to ensure that you focus on renovations that will increase the property price. Moreover, carefully considered renovations improve the appeal and can lead to faster sales. Usually, kitchen, bathroom, and flooring renovations have been proven to bump up the sale price.