When you decide you are ready to sell your home, there will be many decisions to make like selecting a firm and agent to represent you, determining the list price and when you want to list your home. Before you get to the listing stage, you will need to determine if you plan to sell your home as-is or if there are improvements you want to make before listing.
Improvements come in all different sizes so depending on the age and condition of your home, there may be small improvements you can make or larger improvements that can change your home significantly. If you want to sell your home for its maximum value, it will need to be updated and have all systems in working order. What if your home is not in that condition currently? Is it worth making changes? It depends on what needs to be done and how much it will cost.
If your home needs repairs (not updates) like a new roof or repairs to an HVAC system, those should be made. When homes have major components that are not working, buyers will likely offer significantly less for a home. If your home is just dated, the updates are likely to cost more than the return they will be bring so it may not be wise to proceed with updates if the only reason is to increase your value. Depending on the market you live in, it may be necessary to update your home to help it sell if you live in a competitive market. If your home is not updated, you will want to remember that you will not be able to price your home the same as an updated home that recently sold because it won’t be comparable.
If you are thinking about making updates to your home but plan to live in it a few more years, the return is likely to be worth it. Historically, homes appreciate on an annual basis, so the appreciation coupled with the enjoyment you get from the updates you make to your home, are more likely to make the updates worthwhile. There are also some updates that usually have a greater return on investment than others.
When you are trying to decide what is best for your situation, you do not have to make the decision alone. As your trusted real estate advisor, I am always willing to have a conversation about your real estate investments and offer advice based on my experience and knowledge. I am available to you before, during and after the sale for real estate advice not just when it is time to sell.
Nancy Davidson is your ultimate real estate resource for Mammoth Lakes, CA and The Eastern Sierra. Visit my website for detailed information regarding today’s real estate markets.