There’s no doubt that the more “move in” ready your property is, the more attractive it will be to potential buyers. One of the most important factors that sellers think about is doing major home improvements to increase the value of their home before listing. While this isn’t always necessary, there are certain projects that can significantly improve the value of the home. There is also an advantage when buyers can imagine living in the home without having to make any major repairs or improvements at least in the short term.
Does that mean you need to get every big issue dealt with before you sell? Not necessarily.
Say, for example, your bathroom needs updating, or your flooring could be replaced. Sure, that may influence the interest-level some buyers have in your property. Yet, homes sell every day with these kinds of issues.
Overall, the decision to do a major home improvement project before selling should come down to a cost/benefit analysis. Investing in home improvements can significantly increase the value of your home, but it also costs time and money. Painting, for example, costs little compared to other types of improvements, takes little time, and yet can make a big difference in how your home appears. So, the benefit is high compared to the cost.
On the other hand, redoing your kitchen is an expensive undertaking. Although you’re likely to add value to your home as a result of the renovation, you might not get your entire investment back when you sell.
To determine whether it’s worth it, consider the current market and the amount of time and money you are willing to commit to the project. Chat with your real estate advisor and if in the end you think the payoff will be worth it, then go for it!