One major dilemma many homeowners face while attempting to sell their house is deciding on whether to leave it as it is or to fix it up before selling. Before putting your house on the market, it is important to know which home improvements to do to increase the value of the house and which construction will likely turn out to be a waste of time and money.
Factors to Consider
To avoid wasting much money on fixing up the house before selling, it is very important to consider some factors before making improvements.
The current state of the real estate market is one of the most important factors to consider. When the real estate market is hot, houses will usually sell in days with multiple offers and bidding wars. During this period, a seller can get away with not fixing up a couple of things in the house and still manage to sell out at a very decent price. Checking out other homes in the neighborhood, knowing your potential customers, and checking out other houses for sale can help you decide.
Selling the house as it is
There are situations where it is much more sensible to sell the house as it is. This is usually the case when the house needs a lot of work and attempting to fix it up will cost too much money and effort. In cases like this, it may be more strategic to price the house low enough to attract multiple offers.
Fixing up the house
Fixing up the house before selling is usually economical and will boost the value of the house especially when few things need fixing. Here, however, it is important to know which fixing-up will generate a good return on investment.
Kitchens and baths are the most important parts of the house to focus on in this situation. They usually carry the highest return as buyers are typically more concerned about them. Other improvements with high returns include replacing windows, adding a deck, and installing a steel front door.
Comparing the house to other houses for sale will give a good perspective on what the competition is and allow you to make informed decisions.
Before deciding to sell your house, it is important to learn about the real estate market, check out other houses for sale and consider which upgrades will give you the highest return. The information you get from this will guide you to make the right decision.