"Should I renovate my home before I list it?" This is a question that many home owners have to answer and it can be a difficult question to answer honestly. Usually the logic is that a newly renovated home will command a higher price on the market, but a major concern should be the fact that in raising the price you are narrowing your market. If your home is already sitting around the top of the market in terms of comparable homes, making that renovation could easily mean a lot more time on the market and everyone wants to have a quick and easy sale. So what are the major things you should consider before starting renovations?
-The local market : This is going to be the major mitigating factor in your choice to renovate or not. Have a look at what else is out there in the same price range as your home. What are they offering that your home does not? What assets does your home have they they don't? Think about who is going to be buying your home and what their likely income bracket is. Will renovations really distinguish your home from others while keeping it in an affordable price range?
- Cost: Cost is always a factor in renovations and much of the time costs run a bit higher than expected. The main think to consider here is whether or not the renovations can justify the outlay of money to have them done. If you don't stand to profit in a big way from the renovations then are they really necessary? Moving is also a big cost and if the profit is not good enough then you may want to keep that money aside for the new home.
- Time: Time is one thing that can easily dictate whether you renovate or not. If you have to move quickly to start a new job or get into that new home in time for the kids to start school then trying to renovate quickly can be a disaster. Rush jobs have a way of going badly for all involved. This is not to say that they can't be done, but when things are rushed, it is easy to overlook small details.
Really take your time when considering a renovation prior to a move. Moving is a stressful experience and the further you have to move, the more stressful it becomes. Adding the excitement of renovation may be a bit of a distraction from the relocation and everything that needs to be done before it happens. Consider carefully and good luck with the move!
