If you are planning to sell your house, you may wonder if you should remodel or sell it without major renovations. This decision can be a difficult one and depends on several factors, including the condition of your home, its location, and the nature of the renovation.
Selling As Is
If you have an older home that needs a great deal of work, you may consider selling it "as is," especially if you need to move quickly. Selling "as is" means your asking price needs to be set lower, but you still may end up making more money by not undertaking huge remodeling projects. Of course, people who buy "as is" homes are looking for a real bargain, so you may have to sell well below your asking price. Remember, you must disclose all the problems with the house so that you cannot be held accountable later if buyers discover a problem they had initially overlooked.
For the best return on your remodeling projects, you should focus on your home's siding and bathrooms. Since you are planning to sell, you want to keep the remodels modest. Choose attractive but affordable siding and make the bathrooms serviceable but not overly fancy. These remodels will help you attract buyers, who consider these features a necessity, but you will do little more than financially break even on your selling price. If you decide to choose luxury bathroom tile and over-the-top shower/tub combos, you will not get much of a financial return.
Instead of undergoing major renovations, you can simply update your home's look by using lots of paint and elbow grease. If your home looks clean and fresh, it will often attract more buyers than remodeling the bedrooms but ignoring the basics. Also, consider simply redoing your floors instead of replacing them. You can do many inexpensive upgrades, like refinishing the kitchen cabinets, and forgo the wildly expensive kitchen remodel.
If you are planning to sell your house, you should try and keep your remodeling efforts modest so you can recoup your financial investment. Also, a major remodel can take months or even years, so if time is an issue, focus on doing smaller, obvious updates and maintenance to make your home look inviting to potential buyers. If your home is in dire need of major updates, you should consider selling it "as is." Before you make any decisions, consult with a home remodeling contractor about the options available to you.
By the time I finally finished saving money for my new home, I knew that I wanted something special. I didn't want to buy a starter home, and I really didn't want to deal with fixing up an older place. Instead of scouring the market and dealing with real estate agents, I decided to work with a general contractor to start building a place of my own. However, I didn't choose my contractor willy nilly either. I spend hours interviewing and researching various construction firms until I found the business I wanted to work with. This blog is all about working with contractors, so that you can make better construction decisions.