Home RemodelsShould You Remodel Your Home Before Selling? Here Are 2 Important Questions to Ask Yourself
November 4, 2016
If you’re getting ready to sell your home, then you’re probably also thinking about what you can do to maximize your selling potential.
Does your home just need to be freshened up a bit? Or does it need some more extensive renovations?
Most likely, your home needs SOME kind of upgrade; it’s rare that I find a house that doesn’t need something new, even if it’s just new paint and carpet, for example. But here are a couple of questions you can ask yourself to narrow in on what to upgrade:
Question #1: Are your home’s interiors and exteriors 25+ years old?
It can be hard to figure out exactly what to do, but here’s one general rule to keep in mind: Once your home’s interior is 25+ years old, it needs to be remodeled. Depending on your situation, this won’t always be the case, but it’s a tangible way to measure how much work may need to be done and where to focus first. Did you remodel your bathrooms 10 years ago? Then they might be just fine. Is your kitchen from the 1980s, though? Then it’s definitely time to revamp that space!
Question #2: Who is your most likely buyer?
It’s important to identify who your most likely buyer is, because this will help you determine what they’re looking for. One way to do this is to consider the neighborhood you live in. Who typically lives in your neighborhood? Is it a younger or older population? What have other sellers in your neighborhood done with their homes?
If your potential buyer is probably a first or second-time homebuyer who is under 40 years old and very career-focused with a family, for example, then then they most likely will not want to worry about doing remodels themselves. They’re going to want something that is modern and move-in ready (and it’s important to keep in mind that this is true for younger buyers in general.)
TIP: If your home is on the higher end of what’s available in your market (like a $1.6 million condo, for example), then you may want to hold off on remodeling—oftentimes, these types of buyers have more specific taste and will do the remodels they want.