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Tara Mortgage Services Featured Blog: Selling with Upgrades or As Is?
Dated: June 23 2020
Most homes have an element that could use some improvement before putting on the market. Perhaps the wood flooring is looking scratched and dingey. Or the tub and shower are showing their years. Or maybe the shingled roof is making your home look outdated.
No matter what needs improving, when it comes to selling your home, there's a decision to be made: will you invest in upgrading and repairs, or will you sell as is?
Both of these scenarios have their perks, so the deciding can be tough. One the one hand, investing in remodeling and renovation can boost your home's value so you'll likely recoup the money and gain some extra.
On the other hand, value-minded shoppers aren't afraid of a fixer-upper and may even prefer a home that they can remodel to their liking. You also won't need to wait until the work is complete before putting it on the market. You can list it right now and maybe sell it quickly.
It's a tough call to make. But here's some insight that can help you make the best decision for your goals.
In a recent survey of homeowners, nearly 50% of Baby Boomers agreed that they preferred a "move-in ready home" and would consider going over budget to purchase one. However, only about 42% of Gen Xers and 38% of Millennials felt the same.
This information could be helpful when thinking about what buyers would be most attracted to your home. If you have a 3+ bedroom home near a school, Gen Xers with a family may prefer an as-is home.
However, a 2-bedroom condo near restaurants and shopping could be appealing to both Boomers and Millennials, so you'll want to be thoughtful about how much you upgrade.
Which improvements should you do?
When it comes to renovating to sell your home, some options are better than others. Consider the following:
- Remodeling the bathroom(s)
- Renovate the kitchen
- Painting interiors and exteriors
- Install exterior siding
- Professional landscaping
- Putting in a new roof
- Update the plumbing
- Replace carpet with tile
- Add another bedroom
Updating your home before selling isn't just about upping your sale price; it's also about making your home as attractive as possible to sell fast. It's an unfortunate truth that the longer your home is on the market, the more negotiating power homebuyers gain.
So remember that even small cosmetic improvements can help give it that extra selling appeal.
**Wondering where you can get the money you need to make these renovations? We can help! From Home Equity Loan to lines of credit to refinancing, you have several options for financing your home improvements --even if you're not selling your home!
Contact Tara Mortgage Services today to get more information about the current low rates on financing your home remodel and talk with a trusted advisor to see which updates are trending in your neighborhood.
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