Are You Ready to Move on from Your Home?
As time goes on, for many families, children are growing up and moving out of the house, maybe leaving for college or taking a leap into the working world. Parents are finding themselves as empty nesters for the first time. The question inevitably arises: is it finally time to downsize?
If you’re pondering that thought, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market as-is. Allowing a potential buyer to do the updates and remodeling. If you’re one of the many homeowners in this situation, here are a few things you should do before making a decision.
1. Analyze the Housing Market
- Consult a Real Estate Professional: Seek advice from a real estate agent to understand the local market dynamics.
- Market Type: Determine if it’s a seller’s or buyer’s market, as this influences buyer interest and demand.
- Price Range Impact: Understand that market conditions can vary based on your home’s price range.
- Improve Appeal: Get insights on decluttering, remodeling, and other changes to attract buyers.
2. Get a Home Inspector
- Long-Term Homeownership: With families staying in homes for an average of 9-10 years, significant improvements may be needed.
- Home Condition Assessment: A pre-listing inspection can document visible conditions in major systems and components before you list.
- Accessible Conditions: Review accessible systems and components for visible defects or areas of concern.
- Recommendations: Receive recommendations on preparing your house for the market.
3. Decide If You Need to Remodel
- Market Value vs. Remodel Cost: Compare your home’s market value to the cost of potential remodels (kitchen, bathroom).
- Real Estate Professional Assistance: Consult a real estate agent to determine your home’s market value.
- Contractor Quotes: Obtain quotes from contractors for potential remodel projects.
- Return on Investment: Determine if a remodel will provide a sufficient return on investment when selling.
- Buyer Preferences: Consider that buyers may prefer to choose their own colors and finishes.
Summary: Preparing to Sell Your Home
Before you list, a pre-listing inspection can give you a clearer picture of the home’s current condition and identify visible concerns you may want to address before buyers inspect the property. Use the findings with your real estate professional to decide which repairs or maintenance to complete before marketing the home.