When selling your home, you generally have two options: sell your house ‘as is’ or renovate and aspire to earn more dollars down the line.
Indeed, undertaking renovation works can add value to your house and sell your property promptly. Even so, listing your home ‘as is’ has its advantages too. Some of its benefits include not having to spend a large amount of cash for significant restructuring projects and not having to deal with the complexities of those improvements.
Choosing which path to take can be daunting. If you’re not sure which road is better for you, this article will guide you to answer the question ‘Should you renovate or sell your house as is?’
Read more after the jump:
Why Should You Renovate?
The main purpose of a house renovation is to attract potential buyers easily and boost the whole property’s sale.
If you have problematic areas at home, it would be best to have them repaired or replaced before you market your property. Moreover, if you want to enhance its sale potential, it’s highly recommended to do either space remodelling or space renovation. You may create something new to add to the value of a space or restore its original state—good as new.
Here are some simple projects you can pursue:
Bathroom Remodeling – This is one of the common home renovation projects you can do. If you want your bathroom to be a reflection of your personal style and a place of comfort, then, you may choose to customize the design to suit your needs. For example, if you want an entirely different bathroom design, you may have to replace the flooring, painting, lighting fixtures, countertops, cabinets, bathtubs, sink and bath fixtures, and many more. However, if you want to preserve some of the design elements and renovate the rest, you may opt to fix the damaged or old interior components and retain those which can still be used.
Kitchen Renovation – When it comes to this type of home renovation, the first thing you should do is to choose the appropriate kitchen plan. These plans include one-wall design, u-shape design, l-shape design, corridor design, and many more. Once you’ve chosen a kitchen plan, the next step is to replace dated plumbing to avoid problems, replace wiring and lighting, paint kitchen walls and ceilings, install flooring and baseboards, hang your cabinets, replace your kitchen countertops, install backsplash, and many more.
Bedroom Remodeling – If you want a fresh look for your bedroom, then, it’s best to renovate it into something that delivers the comfort you need as well as the personal style you want. For instance, you can improve the space’s overall mood with the best lighting, provide utmost comfort with new flooring, enhance personality with character touches such as adding pillow accents, window shades, plants, and other types of home décor.
Living Area Renovation – If you’re looking to renovate your living area, then, you can start by choosing the perfect color scheme for the walls, letting natural light stream through your windows, adding pieces of artwork or a statement piece as primary home décor, replacing flooring to complement your overall theme, adding pieces of furniture, and many more. If your property has an open plan, you may unify the wall and flooring design of your living and dining areas, as well as the kitchen.
Why Sell Your House As Is?
On the other hand, what are the benefits of selling your house ‘as is?’ When is it better to choose this option? Take a look at these several factors:
One of the advantages of selling your house ‘as is’ is that you won’t need to shell out a large amount of money for the project. This is especially beneficial to you when your finances can’t afford to handle renovations to make your home look and feel better. In this case, instead of spending hundreds to thousands of money for the renovations, it may be best to sell the property as is and use the sales proceeds to buy a new home.
In short, selling your house on an as-is-where-is basis can be a great way to dispose of the property without worrying about the deteriorating countertops and neglected floors. Many cash home buyers are willing to purchase a property even if it’s not fully renovated and finished.
Meanwhile, homeowners who have limited time to fix their homes due to tight schedules prefer selling them ‘as is.’ For example, instead of taking some time off from work to handle a costly renovation, it may be financially practical to sell the property as is to save some time, money, and energy. That way, you don’t need to take some time off from work, lose some of your earnings, and spend some time on the renovation.
Some homeowners likewise choose to sell their homes ‘as is’ when they already bought another home. With the owners juggling jobs, family obligations, and redecorating their new house, they won’t have enough time and money to spend on maintaining their old home and paying some taxes.
Overall, there are many aspects to consider whether you’ll sell your house ‘as is’ or renovate it before selling. Often, it makes sense to refurbish your home before selling. However, please take note that there’s a tremendous possibility that you’ll not recover the overall cost you spent on it.
Indeed, some home projects can increase the market value of your home. However, the quickest way to sell your house while earning an excellent profit is to look for a professional realtor or company to help you. See that you hire experts who’ve shown success in marketing homes similar to yours and within your vicinity.
A few questions you can verify are what types of homes sell quickly, and what are their current shape? You may also ask whether houses remain on the market long before they sell or not, and which areas are most valuable. Together with your broker or real estate firm, you can determine your home’s purchase value and settle for a better price.