Many people remodel their homes before they sell them. It seems natural because you want your home to look its best when potential buyers come to see it. But, does it really pay to remodel a home you are selling anyway? Here are some of the pros and cons of taking the plunge.
Pro: You can improve the appearance of your home.
If you have two adjoining rooms that seem too crowded, you can knock out the wall and use them to create one large space. This gives the home a more open look and feel. If your potential buyers like that look, you may be in business.
Con: Some buyers would rather do it themselves.
Often, a buyer will make a purchase based on the potential of the home. This is especially true of people who have done remodeling jobs themselves in the past. If you completely remodel before you put the home on the market, it will look more finished. Home buyers who want the challenge of remodeling a home are likely to look elsewhere.
Pro: You can improve the functionality of your home.
When smart potential buyers look at your home, they will be thinking about how they will do things in the home. Is the kitchen too small for the number of people who will use it at one time? Are there enough bathrooms for everyone? Will their furniture fit through the doors? Does the floor seem solid enough to hold their piano or waterbed? If you know the answers to these questions are likely to be no, then it might be wise to plan a remodeling project to make your home easier to live in.
Pro: The potential buyers might not have the funds to do the remodeling themselves.
Buying a home is a costly proposition. Most people believe that it is well worth the money spent. Often, though, between the down payment, possible closing costs and moving expenses, the potential buyers do not believe they will be able to make any changes for a long time. If you make reasonable and helpful changes, they might be grateful that they do not have to come up with the funds to do it after they move in.
Con: The cost may be prohibitive for you.
If you are selling a home because you desperately need the money it will bring, you may not be able to remodel. It is as simple as that sometimes. You may have to do a little cheap renovation and call it good.
Pro: Buyers may pay more for a newly remodeled home.
If your remodeling project has been completed successfully, many buyers will be more impressed with the home. In the end, a well-planned and seriously-considered remodeling job may be just the ticket to help you get the highest price possible from your home.