There is plenty of advice available for those looking to sell their house. Friends, family, and real estate agents are going to give a homeowner a list of what to do and what not to do. At the top of that list is renovate. While in some cases renovations make all the difference, there are actually reasons why renovating is not the best choice.
Here are five ways renovations make selling harder.
Renovations are a difficult process to approach if looking to sell. The homeowner is not renovating the house for themselves, instead, they are trying to imagine what a buyer is looking for in their next home. The problem is that this is a total guessing game and unfortunately most homeowners get it wrong.
There are so many times a homeowner spends thousands of dollars renovating the kitchen, bathroom, and master bedroom before they list the home. Buyers walk-through and are impressed by how put together the house look. It may get them a bit more money in the long run, but their investment will not be returned in full.
Once the buyer takes possession of the house they may rip out those new kitchen cabinets, paint over the walls, and install a new Jacuzzi tub. Essentially, throwing away thousands of dollars the homeowner invested in the house to make it look better.
Do not guess what buyers want and let them decide once they move in.
A homeowner who wants to renovate but does not have the budget may try to choose cheaper options. But it is not about the fact that the room has been recently renovated. What impresses a buyer is the quality of the renovations on the home.
Cheap renovations are easy to spot and are going to be replaced. Few homeowners see an increase in the value of their home by making cheap renovations and it is not worth the hassle to try.
Some people like to try their hand at house-flipping. This is a dangerous investment if the investor is not aware of the process and the real estate market in the area. Many will buy a home for a low cost, make minimal changes like paint, and attempt to sell it for twice as much. Buyers are going to know when a house is not up to par with the sale price. Most will have a real estate agent by their side who can spot someone trying to make a profit on a property that is not worth that much.
When trying to save money a lot of people forgo hiring a professional. Whether it is to work on plumbing, install new cabinets, or even to do landscaping the do-it-yourself attitude can sometimes make the property worse.
If a job has been completed incorrectly a real estate agent is likely to spot it. In the event it slides past them the inspector surely will. The result? A homeowner left with a freshly inspected house, problems to fix, and not buyers in sight.
Few homeowners have the self-control to simply renovate one thing in their house. They often start with something small and realize how terrible the sink vanity looks compared to the new floors and freshly painted walls. So they buy a new sink vanity and then it does not match the tile in the shower. The shower is completely redone and suddenly the entire bathroom, fixtures and all, have been replaced and thousands have been spent. Make repairs on the home and not renovations.
Deciding to sell a house is a difficult process. Choosing how to prepare for the sale is just as hard. This is why it is essential to do your homework. Understand what advice is helpful, ignore the rest and err on the side of caution when it comes to renovations.