Should I Renovate My House Before I Sell It? [INFOGRAPHIC]

October 30, 2020 By Tami Savage

Question: Should I renovate my house before I sell it? Answer: Probably Not. In today's hyper-competitive market, buyers are often willing to overlook cosmetic or minor repair needs if it means snagging a home in their price range. Ultimately, you're unlikely to recoup the full cost of most renovation pojects when you sell your house. Remodeling payback (% of cost recouped for common renovation projects - numbers are estimates based on the graph shown) Garage Door Replacement 95%, Deck Addition (wood) 70%, Roofing replacement (asphalt shingles) 65%, Bathroom Remodel (midrange) 63%, Major kitchen remodel (midrange) 58%. If the market is flooded with houses for sale, renovations might be necessary to make your house stand out ... but that's not the case today. Houses Months of inventory of homes for sale (lowest in 2 years). Houses are flying off the market becuase there are so few available to buy. 71% of homes sold in September were on the market for less than a month. The average home sold has over 3 offers. Today's sellers' market means you may be able to skip the headache of renovations and cash in on the demand for your house. Let's connect to determine your best next steps. Soureces: Remodeling 2020 Cost vs Value Report, NAR.

Some Highlights

In today’s hyper-competitive market, buyers are often willing to overlook cosmetic or minor repair needs if it means snagging a home in their price range.
With so few houses available for sale today, you may be able to skip the bigger renovations before you sell and cash in on the current demand for your house.
If you’re ready to move, let’s connect to determine your best next steps in this sellers’ market.

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