If you’re a seller in our Long Island area, you’re probably better off not making any renovations to your home before listing. Here’s why.
Do you want to know how much cash your house is worth today?
If you’re selling your home, will you get your money back on any renovations you make before listing?
In my experience (and according to numerous studies and statistics), there are no renovations you can make that will give you a higher return than what you spend on them.
The best renovations you can make, and the ones that come the closest, are bathroom and kitchen renovations. A bathroom renovation will give you a 95% return on your investment, and a kitchen renovation will give you an 85% to 90% return on your investment.
Keep in mind, though, that if you do a bathroom renovation and neglect the rest of the house, buyers will notice that and focus as much on what you haven’t done as what you have. That’s why, unless you’re doing a full top-to-bottom renovation, you’re better off just selling your home as-is.
If your home is in really bad condition, we can always buy it from you and pay cash—no questions asked, and no home inspections or anything of the sort.
If your home needs renovations and you decide to list it the conventional way, you might run into a common problem other similar home sellers run into. Because the home needs renovations, you’ll have to list it an adjusted price. Once buyers see how much work the house needs, they’ll try to discount the price even further. If you add that discount on top of what you’d have to pay your Realtor, the difference between what you’d make listing the conventional way and what you’d make selling to me is minimal. If anything, the biggest difference would be how much quicker and hassle-free your closing would be if you sold the home to me.
So remember, you’re probably better off not doing partial renovations of your property. You’ll most likely end up throwing your money away. If you decide to do a full renovation, it will likely take you an additional six to nine months to sell your property.
As always, if you have any questions about today’s topic or you have any other real estate needs I can help you with, don’t hesitate to reach out to me. I’d be happy to help you.