People who want to sell their houses often think that making upgrades to their properties is an excellent idea before selling. But when is the right time to start those home improvements so that you can get the highest return on investment?
There’s no formula for knowing the right time to renovate a house. There are times when homeowners get to enjoy the project too much that it’s taking them longer to sell the property. So, when should you consider selling after doing some upgrades?
7 to 10 years in the making
Never rush a renovation project, especially if you don’t have the means to pay for everything upfront. You need time to plan things carefully, so you won’t commit mistakes along the way.
One project that you can do within seven to ten years is landscaping renovation. Renovating your landscape takes time to see its full glory. So, you need to take some time to let shrubs and trees grow over the years. However, you need to be smart when redoing your landscape. Experts say that you need to think twice about putting any item that is difficult to maintain since it can affect the home’s resale value.
You also need to be cautious when doing home renovations. If you improve your home too much, there’s a chance that you may outprice the overall value of the house that you live in. Having an expensive remodel in a neighborhood doesn’t make sense if you’re well outside the neighborhood price range.
Meanwhile, if your home has been standing for more than two decades, it’s about time to replace your roof. A new roof is an excellent focal point if you want to sell your home quickly in Fort Collins and any other location. To make it work, choose a durable material such as asphalt shingles or concrete tiles to ensure its longevity.
Do potential homebuyers prefer fixed up homes?
Every homebuyer has a preference when it comes to property. Some of them prefer a fix-upper house but only looks for the one that requires light cosmetic repairs. Most people often get drawn to fix-uppers because they either don’t qualify for an expensive home or they want to save money by fixing the house themselves.
These homebuyers will also discount the overall price of the property to allow room for repairs. Then, ask for a few more discounts because of the inconvenience. They’re also willing to do simple carpentry repairs such as painting the walls or replacing the light fixtures to get more discount out of the property.
Most buyers are looking for a property that’s already fit to move in. If you want to limit the number of buyers, then it’s best to choose not to make any repairs so you’ll only attract a few who are really interested.
If your real estate market is really in demand, then there’s a considerable chance that you can sell your property with fewer renovations. But remember that you’ll only be able to sell your property at a lower price if it needs some repair. You can always ask your agent’s advice to get a more accurate opinion.