Pros and Cons of Renovating Your Home Before You List It
The decision to part with your home is an emotional one. Homeowners, therefore, go out of their way to make sure they and their houses get the price they deserve. In the effort to increase property value, homeowners often contemplate the idea of renovating a house before selling it. Should you fix up your home before you list it? The decision to fix a house before listing it should take into account several important factors, such as the condition of the other homes in the area. How big or small are the repairs required? Is the market hot enough to bring you a return on investment?
This article focuses on the pros and cons of fixing your home before you list it.
Pros of Renovating Your Home Before Listing It
1.) It’s easier to find a buyer for a well-maintained home.
A potential buyer must be able to procure a mortgage before they can buy your house. Therefore, if your home has a damaged heating system and a roof that leaks, you will often need to fix these issues before you sell. Homeowners must make sure that the essential concerns that homebuyers and mortgage companies check for are taken care of before listing the house. If you have a large list of repairs needed and cannot afford to fix them before you sell, skip to the last paragraph below.
2.) You may be able to sell your house at a better price.
If you are planning to leave all basic repairs to the next owner, chances are the new owner will try their best to create money for repairs by cutting on the value of your home. Thus, fixing your house before selling it will help you get a better price for it.
Cons of Renovating Your Home Before Listing It
1.) It’s expensive to fix a house.
One of the most significant issues with fixing a home before listing it is that renovations are costly. For instance, taking care of a structural problem in your house can easily set you back by about $20,000. Replacing electrical systems can be even more expensive. Depending on the kind of system you are using, you may be required to pay anything between $10,000 and $25,000 to revamp the system. Thus, while it is okay to take care of minor issues, ask yourself, are you in a financial state to make a significant investment into your house? You never know what problems you may find.
2.) Fixing a home is a time-consuming process.
It takes more than just a few days to fix a house. Even if you hire a professional team to take care of all minor and major fixes, it will still take at least a few weeks to a few months to restore a house completely. If you decide to undertake some tasks on your own to cut down on costs, expect to spend a few extra weeks. For instance, the simple job of painting a house can easily take a week. If you are in a hurry to sell your home, fixing it isn’t a good idea.
Consider JAM Properties, LLC
If the dilemma around the decision to fix your house has troubled you for days, it’s time to seek help. We recommend talking to the experts at JAM Properties, LLC. Apart from guiding you in the right direction, the friendly team at JAM Properties also has the ability to purchase houses directly for cash. That means, if you do not want to spend the time fixing up your home before you sell it, we will do the work for you. We can either buy the home directly for cash, ensuring you get your money quickly, or we can facilitate the renovation of the property and then sell the home. In case you are facing financial difficulties or are unable to renovate your home yourself, working with JAM Properties allows your home to get the TLC it deserves, while also making you some money on the sale. The company has years of experience in the field of rehabbing properties and selling them. (You can view some past projects on the Homes for Sale page.) Call today and find out how JAM Properties can help you with your real estate dilemma.