Should You Make Repairs or Renovations Before Selling Your Richmond Home?
Wondering if it makes financial sense to make repairs or renovations before selling your home? The truth is, the right choice depends on quite a few different factors from the cost of the renovations to the supply and demand of property in your area.
After coming across many Richmond homeowners facing this decision, here are our recommendations to help you decide whether making repairs or renovations or selling as-is might be the right decision for you.
What Is The Market Like in Your Neighborhood?
One of the first factors is to ask yourself is, “what is the current state of the market in my neighborhood?”
If it’s a seller’s market where properties are selling quickly, like we’ve seen recently in the Richmond area, then perhaps you can do without any significant repairs or renovations.
If the market is slow, you might want to consider at least some basic repairs and renovations to even get potential buyers interested.
Check Out the Competition
The next factor to consider is the condition of other potential competing homes that sellers could be looking at.
If you’re noticing some simple upgrades that your competition has, like new modern light fixtures or a painted front door, you may want to consider spending a weekend to make a few improvements.
The Extent of Renovations Required to Make Your Home Look “Sellable”
Last but not least, do consider the costs involved – after all, selling a house is a huge financial decision.
If renovation is required, weigh your potential costs against your potential increase in resale value. If the costs outweigh the potential increase in resale value, then it doesn’t make much economic sense.
If it becomes clear that too much work needs to be put in before the home is presentable, you might need to consider lowering the price so you can sell as-is for a buyer who is looking to make some updates.
Consider Minor Fixes That Can Help Enhance Value
Whether you decide if renovations or repairs are the way to go, here are some simple and high ROI fixes you can consider to help your home look a lot more presentable for the sale:
- Repair any visible aesthetic issues – this can include things like dirty windows, cracking trim molding, peeling paint and loose tiles/flooring.
- Replace outdated light fixtures if possible. If this is not possible, replace all light bulbs to make sure you have the brightest bulb possible and have all of the light bulb colors match. I still prefer soft white bulbs as they are pleasing to the eye.
- Give your home a fresh bright coat of paint. This helps cover up any wear and tear over the years and can make your home look brand new.
- Replace any thick and dark curtains and opt for day curtains to allow light to filter through into the rooms which can help give a more spacious feel.
- Declutter the house – when it comes to staging the house for a sale, less is more. So keep clutter away.
- Do some simple landscaping, mulching and lawn maintenance to improve your curb appeal.
Make The Right Decision with Our Help
Want a professional Richmond real estate agent to help weigh in on making your final decision? Reach out to our friendly team at The Scott Garnett Real Estate Team to learn more about making the right decision for your home.