When it comes time to sell a house, many people wonder if they should renovate it first. This is a complicated question, especially in states like Michigan with a highly competitive market. You want your house on the market as soon as possible, but you also want to sell it for more than you paid. This is where the dilemma comes in. People are often unsure which renovations are a good idea to get the most value from their home. Here’s everything you should consider whether you should renovate before selling or not.
Set Your Priorities: Time Vs. Value
In a balanced market, renovating your home before listing it is an excellent way to increase its appeal to buyers. However, because there are so many buyers competing for homes in Michigan, renovations may not be as necessary. That’s why focusing on costly and time-consuming home renovations may not be in your best interests. Moreover, buyers today are willing to overlook homes that require minor repairs.
However, if there is a possibility you can get a fantastic return on your investment, why not give renovation a chance? There are multiple factors that influence a home’s value and one of them is the physical appeal. Sometimes, even simple adjustments and touch-ups can significantly raise value in the buyer’s eyes.
One more thing that could impact your decision is: can you handle renovating? For many homeowners preparing to sell, a significant renovation sounds more like a major headache than anything else. Some people don’t want to spend weeks working on a project in a house they want to move out of quickly. If losing a week or two to renovating is not something your timeline or budget can handle, then it’s probably not the way to go for you.
What Do Home Buyers Want?
There are two main types of home buyers: people who want a move-in-ready home (no additional renovations on their part) and people who want a fixer upper (some renovations or a lot) . These two groups are looking for drastically different things. If you are living in an older house that needs a lot of updating, a fixer-upper buyer will likely be your best bet. If you are living in a house that is less than ten years old, you will likely attract move-in-ready buyers, as long as there are no significant issues.
Things To Consider Before Renovating
You’ll want to consider two main things before you start renovating your home:
- Which improvements are worth the cost? Your realtor will be able to tell you what improvements are most important to increase value. Typical remodels involve kitchen, bathroom, paint or landscape touch ups. These are the renovations that add the most value to your home.
- Which improvements will deliver the best return on your investment? You’ll also want to consider the upgrades that produce the greatest return. These include improving energy efficiency, fixing up the house’s exterior, budget-friendly kitchen remodels, bathroom remodels, and minor paint and flooring fixes.
Timeline For Listing the Property
The number and scale of your remodel projects is best determined by the timeline you choose for listing your property. How much time do you have before you need to move? If you don’t have much time, consider short-term improvement projects you could complete in less than a week. But if you have a few months, larger projects make more sense.
DIY Projects To Increase Profit
Do-it-yourself projects can help save money on labor and add value to your home. You can choose from a variety of small to medium-sized projects without the assistance of a professional. These projects include anything from painted walls, replacing exterior lighting, cleaning gutters, mowing the lawn, and making other minor repairs. But, don’t try to DIY everything. There are some home improvements that are too complex to DIY.
Things To Remember If You Renovate Before Selling Your Michigan Home
If you decide to renovate before selling, keep in mind that you are not renovating for yourself. It’s a good idea to make changes that are neutral or in line with current design trends, but the more neutral your pre-sale renovations are, the easier it will be for buyers to personalize their new home.
Just keep in mind that, when moving out, you should take precautions not to do any damage to the home. Floors and walls often get scratched when you’re moving large furniture. For this reason, use padding or a furniture dolly, and your floors should stay intact. Additional damage to the house after you finished renovating is the last thing you need.
So, is it worth renovating before selling? The decision to renovate or not should be based on your timeline, budget, market, and price aim. Unfortunately, there is no correct answer to whether or not you should renovate before selling your Michigan home. For many people, their house is their most significant investment.
When the time comes to sell, you want to do what you can to get the best price possible, which often means making some last-minute improvements before putting your home on the market. Even in a competitive real estate market, it may be a good idea to spruce up your home to make it more appealing to buyers.