Selling a home can be an exciting and stressful experience, especially when it comes to deciding how much renovation to do before putting your home on the market. On one hand, you want to ensure that your home looks its best and attracts potential buyers. On the other hand, you don’t want to spend too much on renovations that may not provide a good return on investment (ROI). 

So, how much renovation is really necessary before selling your home?

The truth is, there’s no easy answer. The amount you need to do depends on various factors, like the current state of your home, the local real estate market, your budget, or the competition.

Let’s take a closer look to help you figure out how much you might need to do before putting your home on the market:

It’s Current State

Is it in good condition, or does it need major repairs? 

If your home is in good condition, you might only need a few minor repairs and a fresh coat of paint to get it market-ready. However, if it requires significant work, like a new roof or HVAC system, you’ll need to invest more time and money into renovations before putting it up for sale—that is, if you want it to bring in a higher sale price. 

You might also want to consider updating the aesthetics, such as the flooring, lighting fixtures, and countertops. Keep in mind that while these updates can make your home more attractive to potential buyers, they may not necessarily increase the value of your home by the same amount as the cost of a more thorough renovation.

 

The Market

The local real estate market is another thing to consider. In a hot seller’s market with high demand and low inventory, you wouldn’t need to do as much renovation, but in a buyer’s market, you might need to make your home more attractive to potential buyers.

To get an idea of the local real estate market, look at recent home sales in your area. How long did it take for homes to sell, and at what price point? By doing research, you can get an idea of what people are looking for and determine what renovations, if any, you need to do to make your home stand out.

Your Budget

Renovations can be expensive, so you need to make sure that the cost is worth the potential increase in value to your home. Consider creating a budget and sticking to it, and look at the ROI. Renovations like kitchen remodels or bathroom renovations can typically have a high ROI, while adding features like a swimming pool may not be worth the cost. 

Your time is important, too, so don’t forget to add that to your calculations!

 

The Competition

Take a look at the homes in your neighborhood that are currently on the market or have sold recently. What kinds of renovations have these homes undergone? Do they have features that your home doesn’t? This is the time to really one-up the neighbors.

If your competition has undergone major renovations, you just might need to do the same. Alternatively, if other homes in your area have not undergone major renovations, you may be able to get away with minor updates.

Deciding how much to do before listing your home can be a challenging decision. Consider the condition of your home, your budget, the local real estate market, and the competition. By taking these factors into account and prioritizing high-ROI renovations, you can increase the chances of selling your home more quickly and for a higher price.

But remember, not all renovations are equal in terms of ROI. Be sure to research the potential increase in value for each renovation and weigh the cost against the potential payoff. 

And don’t forget to clean up! Declutter, deep clean, and stage your home to show off its best features.

 

And finally, working with a trusted real estate agent, such as Isatou, can help you make informed decisions about what renovations, if any, to do before putting your home on the market. With a little bit of effort and planning, you can maximize the value of your home and attract the right buyers to make a successful sale.