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Should I Remodel or Sell My Home As Is?
Homeowners who are preparing to sell are often faced with a dilemma about whether to remodel or sell their home in its current state. Each approach has its respective advantages and disadvantages. If you decide to remodel your home, it will likely sell for more; but the increased selling price will come at the cost of financing the remodeling projects. If you decide to sell without remodeling, you won’t spend as much money putting your home on the market, but the concern is whether you’re leaving money on the table.
Should I Remodel or Sell My Home As Is?
To answer this question, it’s important to understand the factors that could influence your decision and to work closely with your agent throughout the process.
Cost Analysis: Home Remodel vs. Selling Your Home As Is
Home Remodel
When you remodel your home before selling, you’re basically making a commitment to spend money to make money. So, it’s important to consider the kind of ROI you can expect from different remodeling projects and how much money you’re willing to spend. Start by discussing these questions with your agent. They can provide you with information on what kinds of remodels other sellers in your area are making and the returns they’re seeing as a result of those upgrades. This will help you determine the price of your home once your remodel is complete.
Then, there’s the question of whether you can complete you remodeling projects DIY or if you’ll need to hire a contractor. If hiring a contractor seems expensive, know that those costs come with the assurance that they will perform quality work and that they have the skill required to complete highly technical projects.
According to the Remodeling 2021 Cost vs. Value Report (www.costvsvalue.com1), on average, homeowners paid roughly $24,000 for a midrange bathroom remodel and about $26,000 for a minor kitchen remodel nationwide, with a 60.1% and 72.2% ROI respectively. This data shows that, for these projects, you can recoup a chunk of your costs, but they may not be the most cost-effective for you. A more budget-friendly approach to upgrading these spaces may look like repainting your kitchen cabinets, swapping out your old kitchen backsplash for a new one, refinishing your bathroom tub, or installing a new showerhead. Other high-ROI remodeling projects may allow you to get more bang for your buck, such as a garage door replacement or installing stone veneer. To appeal to sustainable-minded buyers, consider these 5 Green Upgrades that Increase Your Home Value.
Image Source: Getty Images – Image Source: stevecoleimages
Selling Your Home As Is
Deciding not to remodel your home will come with its own pros and cons. By selling as is, you may sell your home for less, but you also won’t incur the cost and headache of dealing with a remodel. And since you’ve decided to sell, you won’t be able to enjoy the fruits of the remodel, anyway. If you sell your home without remodeling, you may forego the ability to pay down the costs of buying a new home with the extra money you would have made from making those upgrades.
Market Conditions: Home Remodel vs. Selling Your Home As Is
Local market conditions may influence your decision of whether to remodel before selling your home. If you live in a seller’s market, there will be high competition amongst buyers due to a lack of inventory. You may want to capitalize on the status of the market by selling before investing time in a remodel since prices are being driven up, anyway. If you take this approach, you’ll want to strategize with your agent, since your home may lack certain features that buyers can find in comparable listings. In a seller’s market, it is still important to make necessary repairs and to stage your home.
In a buyer’s market, there are more homes on the market than active buyers. If you live in a buyer’s market, you may be more inclined to remodel your home before selling to help it stand out amongst the competition.
Timing: Home Remodel vs. Selling Your Home As Is
Don’t forget that there is a third option: to wait. For all the number crunching and market analysis, it simply may not be the right time to sell your home. Knowing that you’ll sell your home at some point in the future—but not right now—will allow you to plan your remodeling projects with more time on your hands which could make it more financially feasible to complete them.
For more information on how you can prepare to sell your home, connect with a local Windermere Real Estate agent below:
- “© 2021 Hanley Wood, Complete data from the Remodeling 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.”
DIY: Giving Our Fireplace a Facelift
A story of a DIY project… While we were willing to do some major updates to the bathroom, plumbing and electrical, we decided to pick a few areas of our 1940s fixer to do some smaller, mostly cosmetic updates. One of these projects included giving the fireplace a little facelift to bring it into this century.
When the house was built, we believe the fireplace was a simple plaster build-out. At some point, the original owners of the home laid on these tan tiles in a decorative pattern around the fireplace. They may have added the wooden mantel piece, as well. And in the 70s, perhaps they added the black and bronze fireplace cover. Not completely sure as this home was an estate sale (which means the owner either passed away or moved into an assisted living community — and in this case, we know the owner passed away in her 90s in another home).
We were told that there is gas available on the street so at some point, we’ve love to add a gas insert for a gas fireplace and stove. Rumor has it, Seattle may outlaw burning real wood in fireplaces within the next couple of years. But that gas fireplace update will take more time, money and permits. So for now, we paint.
After the contractors left, we noticed some brown/yellow stains on the plaster facing. My wife, our resident painter, tried to paint over the stains. Even after two or three coats, the marks were still pretty apparent. We waited until we could have our young daughter, out of the house before trying to prime the fireplace with industrial strength primer. The guy at the hardware store even suggested buying a “throw-away” paintbrush for a few bucks because to get this primer off of a normal brush would take more industrial strength cleaner. Two coats of that primer stuff and voila! Stains hidden.
After the primer dried, she painted the tiles (sorry previous owners!) and fireplace face a bright white which instantly modernized the whole room. We contemplated painting the black half circle that’s part of the fireplace cover but decided against it, mostly because we had already put our paint supplies away and #tired.
The fireplace has some areas that need some grout repair and one of the tiles is cracked (and has been for God-knows how long) but this was a nice, easy win. When you’re doing home renovations, not much feels easy so three cheers for a white fireplace that only required three trips to the hardware store.
For more information on Windermere Evergreen and our team, please contact us here.
