If you’re looking to sell your home, you’ve probably thought about a list of upgrades or remodeling projects that should get done. Here’s 3 tips on making the best use of time and money when it comes to renovations.
1. With current supply challenges, buyers may be willing to take on projects of their own.
A more balanced market typically sees a 6-month supply of homes for sale. According to a recent report by the National Association of Realtors (NAR), our current supply of homes for sale, while rising, still remains solidly in sellers’ market territory:
So, what does that mean for you? If you’re a seller trying to decide whether or not to renovate, this is especially important because it’s indicative of buyer behavior. When there aren’t enough homes for sale, buyers may be more willing to purchase a home that doesn’t meet all their needs and renovate it themselves later.
2. Not all renovation projects are equal. You don’t want to spend time and money on a project that isn’t worth the cost. According to an article by Renofi.com, basing home updates on what’s trendy right now can be a costly mistake:
“The last thing you as a homeowner want to do is center your home design around a passing fad…”
Before making any decisions, talk to your realtor, they have insight into what other sellers are doing before listing their homes and how buyers are reacting to those upgrades.
3. If you’ve already made upgrades this past year, let’s spotlight them. During the past year, many homeowners completed home improvement projects. HomeAdvisor’s 2021 State of Home Spending Report found: “35% of households that completed an improvement project undertook some type of interior painting, while 31% completed a bathroom remodel and 26% installed new flooring.”
So if you’ve made any recent upgrades to your home, we’ll make sure to highlight those upgrades.