Budgeting Time and Money Wisely When Renovating Your Home

Maui/San Diego real estate
In the current sellers’ market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. That’s where a trusted real estate professional comes in. They can help you think through today’s market conditions and how they impact what you should – and shouldn’t – renovate before selling. Here are some considerations a professional will guide you through:

Buyers may be willing to take on projects

A more balanced market typically sees a 6-month supply of homes for sale. Above that, and we’re in a buyers’ market. Below that, and we’re in a sellers’ market. According to a recent report by the National Association of Realtors (NAR), our current supply of homes for sale, while rising, still remains solidly in sellers’ market territory.

So, what’s that mean for you? If you’re a seller trying to decide whether or not to renovate, this is especially important because it’s indicative of buyer behavior. When there aren’t enough homes for sale, buyers may be more willing to purchase a home that doesn’t meet all their needs and renovate it themselves later.

Not all renovation projects are equal

You don’t want to spend time and money on a project that isn’t worth the cost or is too niche design-wise for some homebuyers. The last thing you as a homeowner want to do is center your home design around a passing fad – even worse, one thats design quality won’t last a good while.

Before making any decisions, talk to your real estate advisor. They have insight into what other sellers are doing before listing their homes and how buyers are reacting to those upgrades. Don’t spend the time and money to be trendy – if your buyer wants to upgrade to the newest fad later, they can.

Spotlight your already completed upgrades

If you have already completed some renovations on your house, you’re not alone. The pandemic kept people at home last year, and during that time, many homeowners completed some home improvement projects.

Let your real estate professional know if you fall in this category. They can highlight any recent upgrades you’ve made in your house’s listing.

When it comes to renovations, your return-on-investment should be top of mind. Talk with your local real estate professional to find out what projects you should prioritize before you sell and how to highlight your upgrades to maximize your house’s potential.