Renovating Your Home Before Selling? Here’s What You Need to Know
Here at National Cash Offer, we constantly talk about homeowners who put their homes on the market to sell your home in Bakersfield. One of the biggest concerns we often hear from homeowners is that of renovating their homes.
People often don’t want to renovate because they don’t feel like prospective homebuyers will take it into consideration.
Now, they might feel this way due to the hoard of home renovation television shows with multi-million-dollar budgets and knowing they’ll never be able to renovate at that level. However, research and data suggest prospective homebuyers want updated homes.
Prospective Buyers Want Turnkey Homes
In the U.S. alone, there are over 90 million single-family homes. Clearly, not all of these homes are in “move-in-ready condition.” However, MLS data suggests that buyers WANT move-in-ready homes, as a home purchase is one of the biggest purchases that buyers will ever make. Not many people want to spend thousands on remodeling a home they just bought.
Most Important Thing To Know Before Renovating Your Home
If your home requires updating to meet the demands of modern buyers, then someone will have to perform the update. The main question becomes, are you the one that will update it while keeping the costs and challenges in mind, or will you pass the responsibility on to a real estate investor or home flipper?
Of course, if you choose the second option, you will sell it for less than you would get on the traditional market. However, you also wouldn’t have to account for lost time and expenses, which could make the renovation process worth it.
Biggest Misconceptions For Those Who Decide Not To Renovate
One of the biggest misconceptions for home sellers in California that do not decide to renovate is the price at which they choose to discount their home. A home seller might discount $10,000 for a bathroom that needs updating, not realizing that his cost is one that the buyer will need to take on.
The costs to upgrade will likely be far more anyway.
Many home sellers believe that if they renovate, the new home buyers will tear the renovations out anyway, which isn’t true in the slightest.
Like we say all the time, buyers want turnkey properties. Of course, that isn’t to say that there are no buyers out there who want to renovate their home eventually. However, they are fewer and far between than those looking for a move-in-ready home.
What Kinds of Renovations Should you Consider?
Knowing how to renovate a property requires expertise and an understanding of competitor homes in the area. You need to look at homes on the market that are nearby and have been newly remodeled to see what you’re missing. Once you have a better understanding of what those homes look like, you can determine the cost of your own renovation.
Of course, you can avoid renovating altogether when selling to a company like National Cash Offer. We will buy your home, regardless of condition, in as little as two weeks. You can receive a fair offer price and never have to deal with the time, energy, and cost of remodeling your home.