Spending Money to Make Money: Should You Remodel Your Home Before Putting it on the Market?
If you are interested in selling real estate, you may be wondering if you should remodel first. If you are in Los Angeles, home remodeling can be an effective way to sell your home in a competitive market. However, not all renovations are equal, and some will have a greater return than others.
When is Remodeling the Right Choice?
In general, high-impact renovations will have a significant return on investment when you are selling. This is especially true for repairs. For example, if your house needs a new roof and it will cost $20,000 to do that job, you can expect that buyers will reduce their bids by more than $20,000 to accommodate. After all, they could always buy a comparable property that doesn’t need the repair and avoid the trouble.
Additionally, changes to your bathrooms and kitchen can make a significant difference in your final sale price. For example, new appliances, countertops, and cabinets can help you attract higher bids. Of course, there is always a balancing act between the money needed to renovate and the expected returns.
When Shouldn’t I Remodel?
Buyers tend to make quick decisions about homes. So, often remodels that have an effect on the immediate impression your property gives off will be worthwhile. However, more major renovations, especially ones that don’t have an immediately clear benefit may not offer as significant returns.
What About Outside?
Remodeling isn’t limited to the interior of the home. Curb appeal is a major factor in people’s buying decisions. Simple renovations to your home’s exterior can be some of the best options for increasing your home’s sale value.
Getting Expert Help
Maser Condo Sales can help you determine how remodeling will affect your home’s value. We are experts on Los Angeles and Santa Monica real estate. We also offer the best home renovations in Los Angeles. Contact us to learn more.
