Have you ever tried selling your old car or that old dining table set in the second hand market? I’m sure you’d have tried to polish your product well before you sold it, so that it had enough buyers. Selling a house isn’t so different. Just replace polishing with renovating. But the decision on whether you should renovate or not purely depends on the condition of your house and the time and money you are willing to shell out to prepare for the sale. After all hiring custom home builders to undertake a home renovation project can be an expensive affair.
If you plan to go ahead with renovating, you can choose from many custom home builders who could help you make your home look like a million bucks. But if you are still confused about the idea of renovating, then these questions could help you arrive at the right decision sooner.
Who is your target audience?
Consider your home as a product and accordingly try to trace your target audience.
Which demographic will it target?
What will the future buyer want from it?
For example, if your house was designed with a family in mind, is less than 1500 square feet and is in a quiet residential subdivision with good schools, your target audience is more than likely young families. This could mean the prospective buyer would want a turnkey home. If the buyer has a young child, they may not want to go through the renovation process and would rather pay a little extra for a space they can move into right away. If you think this is the case, then consider renovating, as it would certainly be a good return on investment for you.
What does the market look like?
Another aspect to consider is the market condition for homes in your neighborhood. Is it a seller’s or buyer’s market? Consult with you realtor for useful insights. She should be able to inform you on how the market is performing in your area. This will help guide your decision. If the market is in favour of sellers, then increasing your home’s value by renovating could be the right thing to do.
What is the condition of your home?
Different buyers have different preferences. If your house has been untouched for years together, then it might be a good idea to consider hiring custom home builders. This is obviously a personal decision, but taking on a large renovation can unveil a series of issues that could turn your home renovation project into a major expense. The tactic here might be to leave your home as is and reduce the price based on the need for renovations.
To get a good pulse of how much a buyer would pay for your house, stay tuned to the prices other houses in your neighborhood are being sold for. Note the differences in prices being paid for various houses and find a pattern – are better looking houses selling for much more? This should help you make your renovation decision easier. Finally, get in touch with custom home builders to compare renovation rates and specific experience in renovating for sale to get the job done by the right people.