Feel the Joy Magazine Winter 2020 - Page 4

SHOULD I OR SHOULDN ’ T I REMODEL MY HOUSE BEFORE SELLING ?

YOUR HOME ’ S marketability , buyer appeal , features , and overall appearance are all key considerations when deciding whether or not you should remodel your home before selling . You ’ ll also need to consider the costs of undertaking such a project .
Remodeling decisions are often made harder by not knowing what , specifically , a future buyer is looking for . What may seem to be simple décor choices like flooring , paint colors , countertops , and plumbing fixtures could end up being a turnoff for potential buyers .
Making the decision to update or not depends entirely on your unique situation . If you have found yourself in this situation , consider the following advice .
PROS AND CONS OF REMODELING BEFORE SELLING
If you are looking to maximize your home ’ s market value , attract more potential buyers , generate higher offers , or simply make your home stand out against other properties on the market , then remodeling may be the right choice for you . These are all potential advantages of remodeling before selling .
However , you ’ ll find there are also some drawbacks to remodeling before you sell your home . For example , you may focus on an update that doesn ’ t generate a sufficient return on investment for the time and money spent . You may also find yourself working with poorly performing contractors or coordinating multiple contractors to complete multiple projects at one time . Don ’ t forget that remodeling will leave you on the hook for cleaning up all of the mess and dust before selling .
You should also consider whether or not a remodel will price you out of your current neighborhood . If this is the case , you likely won ’ t receive the return on investment you ’ re looking for with renovations .
PLANNING FOR A REMODELING PROJECT
If you decide to go ahead and renovate , you will then move into the planning stage . Plenty of planning takes place before the renovation project begins .

THE COST OF REMODELING YOUR HOME

First , you will need to analyze the current condition of your home and decide what needs to be upgraded . It ’ s often best to consult a real estate professional about this before you get started . If it ’ s a seller ’ s market , you ’ ll be surprised by the upgrades you can skip .
Next , you ’ ll either need to find a general contractor who will coordinate subcontractors for the various upgrades or choose to act as a general contractor yourself . This can be a lengthy process as you should talk to at least three potential subcontractors for each upgrade . We recommend three because it provides you with a healthy range of prices and levels of experience for each job before you commit .
The cost of your renovation depends on many factors . These are some general guidelines on how much you can expect to spend on upgrades from Remodeling Magazine ’ s Cost vs Value 2020 Report :
• Midrange bathroom remodel = $ 21,377
• Midrange major kitchen remodel = $ 68,490
• Wood deck addition = $ 14,360
• Vinyl siding replacement = $ 14,359
• Vinyl window replacement = $ 17,641
In most cases , these projects provide a reasonable return on investment when it comes time to sell . There are , however , lower cost options to consider as well .

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