Should you update to sell?
Listing a home for sale can be exciting, and it can produce heavy doses of anxiety. When a property is showing its age (no judgement here…I am too), the question of whether or not to update prior to selling can add an extra layer of stress, but it doesn’t have to. Read on for things to consider before making any decisions, and in the end, do what works for you, use available resources (Windermere Ready, I’m looking at you), and understand that no amount of work will reduce the importance of pricing the home well.
current condition and architectural significance
Take a hard look at the current condition of the home. If it’s outdated or in poor condition, potential buyers may be turned off and turn around at the door. A minor update, such as replacing the countertops or updating lighting, fixtures, or hardware, freshens up any space, and a major overhaul can inspire serious desire. Look at each room with fresh eyes. If you walked in as a buyer, what would you think?
While you’re absorbing all that, think about the architectural significance and design of the home. If you’re living in a mid century that has received clashing renovations over the years, can you lean into the mid century design to increase appeal and add value? If you have an original Craftsman on your hands, would refinishing all of the incredible woodwork breathe new life into the home? If you choose to do any work, stay true to the home’s design for the best results.
current market conditions
In a strong sellers market, with properties selling quickly and at high prices, a major renovation may not be necessary. However, if the market favors buyers or you’re in an area where most homes have been updated, some well planned updates could be the key to making your home stand out, building an emotional connection with buyers, and encouraging an offer.
your main goal in selling
If you’re looking to maximize every dollar and net the highest gain, updates may work in your favor. If your goal is quick sale, updates could be beneficial if time and space allows. If the priority is to offload and sell with minimum input, you might want to skip them.
time constraints
How much time do you have before listing your home? Be realistic about the time needed to complete work and focus on items that can get done on time. If trying to do too much forces you to shift your timeline, you risk losing any potential benefit.
return on investment
Weigh the potential return on investment. Certain updates, such as flooring, paint, kitchens and baths, have a higher ROI than others. ROI can be based on the area, so get a local pro to help you determine what options would be best for you. (PNW peeps, air conditioning and outdoor living spaces are clutch)
your budget & resources
If updates or renovations offer a good ROI, fit within your timeline, and make sense, do you have the budget to cover them? Is your cash best used to cover costs or to invest elsewhere? Should you pay upfront for them or leverage resources like the Windermere Ready program to have costs covered out of proceeds at closing? Understanding your options and resources and knowing which ones work best or your unique situation will make your life easier.
wrapping it all up
Again, look at the big picture by considering the current market, your goals and priorities, the honest condition of your home, your timeline, ROI coupled with your budget, and the options available to you. No matter the objective in selling your home, it’s good compare estimated net proceeds with and without updates, costs to update, options available, and return on investment before settling on your plan of action. Have questions? I’m here for you.