Are you in the middle of deciding whether your home is worth renovating or selling? If you’re one of those into much confusion now choosing between the two, you must keep reading and find out if you must renovate or sell your home.
Should I renovate or sell my home?
This is a great question that you have been considering for quite a while. Maybe you’re also trying to figure out if the renovation project will be worth your effort, time and money. Or perhaps you’re thinking if you could you make a profit in the end had you chosen renovating before selling.
There is no definite answer to this question, though. No two homeowners are in the same situation. So if you want to make a good decision on whether to renovate or just sell as is, you must talk to a local real estate agent who can give you an idea and sensible insight about it.
Alternatively, you might want to hire an appraiser for a home valuation. There are also online sources that will help you figure out the current value of your property based on its location and other information you are going to input on the fields required.
Would your home sell after the remodeling or renovation?
This is the next major question to answer when deciding whether to sell or renovate first before selling.
After all the improvements have been carried out, for instance, would your property sell? To help you find out, you might want to speak with a local real estate agent for advice.
On the other hand, you might also want to visit some websites, and get information on this by looking at similar structure and size of properties located in the same region or city.
As while research is a long and tedious process, it will provide you with insights and ideas regarding the upper threshold of the things you’re revaluing for or looking at selling when all the changes have been done.
Around the web: Should You Sell Your House or Renovate It?
What is the cost of the project?
By now, you probably have an idea of how much to spend for the expected expenditure. But if you don’t have the idea yet, you can plan of what you need done and determine the cost for each aspect of the project. These things might involve some quotes and pricing for the needed materials to execute the plan.
How do I determine the potential profit when selling after remodeling?
Potential property value after all the renovations have been done – the present property value – the estimated renovation cost – other costs involved, including holding cost, insurance and the selling cost = Equity or Potential Profit
But that’s not final yet. Know that the potential profit can change if you’re not going to stick with the renovation budget.
It might not also be possible to have the profit if you’re not working out correct calculations of your property’s value.
For help, you should speak with a real estate agent, a trade person, or a renovation consultant to find out if your estimates are correct.
Also, you should be able to spend effort and time in the entire renovation project. You must also figure out any potential loss of income from your home over the same time period.
So if you’re satisfied with the estimates, you can start committing to the project provided you’re also ready to take certain risk.
But with good planning and project management, you must be able to make a profit. You will also be able to accomplish the entire project as you have envisioned it from the beginning.
Renovation Tips and Tricks
Now if you have chosen to renovate your home before selling, you can also check out the following tips and tricks to help you make the entire process smooth.
Experts recommended not living in the home while it is being renovated because it would just increase the stress you will experience. You might want to stay with friends or other family members if you don’t want to be inconvenienced with plenty of things going on.
Allot some budget for any plan changes
Do not proceed with the project without having an extra budget. It is to avoid maxing out your funds for any changes or mishaps that might happen along the way. Thus, have a little wiggle room for any expenses needed to fix some issues.
Do a lot of homework
While this tip sounds too obvious, it is what you need to determine how much budget to spend and what material or product quality you need for the finished project.
There you have our short guide, tips and tricks in determining the factors needed before renovating as well as deciding whether to sell as is or remodel first for the best potential profit from the selling later.
Hope you find this post on will it be better to renovate or sell your home as is useful. Have you decided which route to take? Tell us in the comment. Finally, share this article on social media today!