The first step in solving the renovation dilemma is knowing your home type.
When making a decision as to whether to make renovations on your home, I’d like you to consider which home you have in the marketplace. Generally, there are three types of homes that are selling in today’s market:
- The first type of home is the brand-new home. Perhaps it’s a new build, or it recently underwent a complete overhaul renovation to thoroughly modernize it. This home will appeal to 99% of buyers in our marketplace.
- The second type of home is the one that’s in clean, move-in condition. It may need a few renovations to suit individual buyers’ tastes, but the basics are all up to par.
- The third type of home is the one that needs repair. It could sell as is, but whoever purchases it does so knowing that it will need some serious work.
Selling the first home is fairly straightforward: I have my professional photographer come out to snap some stellar pictures, we get it on the market, and we get it sold. These types of homes usually sell quickly with little to no hassle.
The second type of home is just as desirable as the first in today’s market. Buyers may want to renovate a few areas upon moving in, but theoretically, a buyer could move in and not need to do any no serious work. For selling this type of home, I would just make sure that we have fresh coats of paint on the walls, and clean, new carpet or flooring. Also, check your home’s curb appeal; trim the shrubs, get some flowers in the garden, and put down some fresh mulch. Once you tackle these relatively easy improvements, you’ll already be in the best position on the market. Simply painting and updating flooring can add anywhere from 10% to 15% to your home’s value.
For the third type of home, you have to anticipate making some hard choices. If you choose to do nothing to it, it will likely sell 20% to 30% below what Type 1 and Type 2 homes sell for. So, if you’re the owner of Type 3 and need to make some renovations, we have some amazing, fully vetted professionals that we’d love to connect you with.
If you have any specific questions on this topic, or if you’d like me to show you what your home would likely go for on the market before and after certain renovations, please reach out to me by phone or email. I’m here to be a resource for you.