You raised your first child there. You hosted a Thanksgiving Day meal for the first time there. And you completed your first home renovation there.
But now, as bittersweet as it may be, you’re ready to move on.
You’re not the only person who feels this way. Research shows that more than five million people in the United States sold their existing homes in 2018.
The question is, should you sell your home as is, or should you fix up your home before putting it on the market?
Fixing up your home may attract more home buyers in pueblo from the start. At the same time, it can be costly both money wise and time wise, and it’s not always necessary.
Here’s a rundown on whether homeowners should sell homes as is or fix up their homes this summer.
Let’s jump in!
What Do Buyers Want?
As a general rule of thumb, the majority of home buyers prefer houses that are ready to move into.
In fact, a study showed that more than half of individuals who had bought homes during the past 12 months initially planned to purchase homes requiring no huge renovations.
This doesn’t necessarily mean that home buyers aren’t willing to tackle renovation projects in their new homes. After all, in the same study, around 80% of the respondents said they completed remodeling projects after moving into their homes. The median amount spent on these projects was $4,000.
Also, some buyers actually embrace remodeling. They look for reduced-priced homes that they can remodel to their liking.
So, should you sell your home now or spruce it up first? Here’s a look at when it’s a wise move to take each route.
Sell Homes As Is
For homeowners who are eager to get rid of their properties as soon as possible, selling their homes as is may be the best move, so to speak.
As an example, maybe you are being transferred to another job in another state within the next few weeks. In this situation, you don’t have time to do a lot of renovations.
You could still do a few basic tasks, like pressure washing your home’s exterior or painting a wall. But it’s probably best for you to simply reduce your price rather than taking on a lot of updating projects.
Dropping the price will likely make it easier for you to sell your property more quickly. And you’ll give the buyer the opportunity to make their own desired changes to the home.
Selling your home as is may also be best if you simply can’t afford the cost of renovations. Or maybe you simply don’t want to spend additional money on the home.
Again, in these scenarios, some people who are shopping for homes — including families and even real estate investors — won’t have a problem with renovating your home if they end up purchasing it.
Fixing Up Your Home
Sellers who are interested in getting the most out of their homes financially may benefit from taking on home renovations.
These individuals may want to buy larger homes in the future or use some of the proceeds of their home sales to save for retirement, for example.
Note, though, that the amount of money being recouped for remodeling projects is on the decline.
Of course, some projects do provide nice returns on your investment — like using stone veneer to replace your home’s vinyl siding, or painting your home’s exterior a new color. You can also add value to your home by installing an entry door made of steel.
Also, upgrading your kitchen isn’t a bad idea. Research shows that it’s possible to recover over half of the upgrade cost. And in some cases, your upgraded kitchen may be enough to seal the deal for a home buyer.
In addition, if you refinish hardwood flooring, you can recover the entire cost of this project. Again, this may be enough to get your home sold.
Some projects that may not lead to a return on your investment include painting your living room a certain color you like. After all, your future buyer may end up painting it a completely different hue.
As a general rule of thumb, you should try to neutralize all decor and colors in your home, though. For example, avoid trying to sell your home with children’s bedrooms that are still black, red, purple or pink.
It may also behoove you to redo your attic insulation. No, this may not seem like an exciting project. But these types of functional home projects are known to help sellers to recoup most of their project costs.
Kitchen and bathroom vanity countertops are other excellent investments for home sellers, as bathrooms and kitchens are known to sell houses. And trying to create a laundry room can be beneficial as well.
All in all, if you do make changes to your home, shoot for renovations that are in the mid to low-scale range. Your changes should ideally work well with people of different tastes. They should also weather changes in the real estate market.
Landscape maintenance projects can also help you to attract buyers and unload your home. The great thing about these projects is that they don’t have to cost a lot. Adding some mulch, planting some flowers and trimming some trees can make a huge difference.
Most importantly, make sure that you focus on critical repairs first if you plan to renovate your home. For instance, if your drywall in the bathroom is flaking as a result of moisture, be sure to fix it.
How We Can Help
If you don’t want to go through the hassle of fixing up your property before selling it, we will gladly purchase your property from you as is.
We’ll give you a fair cash offer on your home in Colorado Springs, no matter what condition it’s in.
Contact us to learn more about how we work with homeowners who choose to sell homes as is. In no time, you can unload your property and receive the cash you need to achieve your future real estate or financial goals.