When we set up to sell our homes, a thousand ideas start running through our heads. Is this the right decision? How long will it be on the market? What is my home worth? There’s a strain from finding an agent to represent your home and draw in buyers and the stress of ensuring your home always looks its best. When considering selling, we all tend to look at our homes and think about what changes we could make to ensure it sells faster and for more money.
Are these remodels worth it? The answer isn’t very cut and dry; instead, there are several important factors to consider.
What Type of Market Are You In?
Unfortunately, markets aren’t always in your favor. If you’re looking to sell, and the market is a Buyers Market, then you could be in some hot water. This market means that there are more sellers than buyers, and they have the right to be picky. On the one hand, holding off and remodeling your home instead of selling immediately can mean the market flips, but it could also mean that you’re updating your home for far less of an impact financially.
How Old Is Your Home?
If your home is from the thirties or forties and isn’t in excellent condition: remodeling may not be the best decision for you. Some properties are at the end of their line, unfortunately, which means it’s better to sell the house and land as a unit where it can be demolished and rebuilt. If instead, the home is from the last thirty to fifty years, you can push to renovate and remodel any rooms that need it.
Some Remodels Can Bring In Money
Remodeling can be an excellent choice for those that want to bring in more money in some markets. Remodeling kitchens, master bedrooms, and living rooms are great ideas because they can inspire more buyers’ interest. These rooms are hot focal points, and although you may not invest much money in them: you’ll get a pretty good return!
Other Remodels Hurt The Bottom Line
Unfortunately, not every room is an excellent option for remodeling. If your home has an unfinished basement, and you never used it: don’t remodel it. Not only does finishing a basement sink a lot of money and time into a project that is very custom and taste-based, but it also doesn’t promise any return. Finished basements rarely add enough to home value to make it worth updating. Another room to leave alone is the bathrooms. Even if you spend a lot of money putting in a five-piece bathroom with gorgeous tile, people can ignore a simple bathroom if the kitchen is lovely.
Regardless of whether you’re looking to flip a house or you’re ready to move on to the next part of your life: remodeling can be a lot of work and strain. Regardless of the financial impact, consider how much time and work you’re willing to put in and if it’s worth it in the long run.