Is it worth updating an older house you plan to sell?
If you have lived in your home for a long time, chances are there are a few things you could do to help it sell faster and for a better price. As a homeowner, you may be blind to things that new buyers will notice. Your home has been made to fit your tastes, but they may not be neutral enough to appeal to the masses. Before you list your home, you might be wondering what things you should update to help it sell for the right price.
Whether or not you should update your home before putting it on the market depends on many factors. One way to decide is to look at other home listings in your neighborhood. What condition are those homes? If there is a lot of inventory on the market in your area and the homes are modern or updated more recently, it may take you longer to find a buyer. It’s also important to consider market conditions. Is it a cold, natural or hot real estate market? Lastly, before you make any home improvement, you will want to know what the return on your investment will be. Some improvements can help you score a higher sale price while others help you get offers sooner.
You don’t want to spend too much money fixing up your home. Buyers may not notice the same things that drive you crazy or they aren’t willing to pay more for the fixes you have made.
When to sell a home “as is”.
There are multiple reasons to sell a home “as is.” You may not have the money to fix it up. You shouldn’t go into debt to fix up a home you are putting on the market. If a home needs a lot of work, you won’t want to invest thousands of dollars fixing it up and delay putting it on the market. In some cases, it’s more beneficial to put the home on the market for a lower price to attract interest and multiple bids. If the home is a complete fixer upper, but in a competitive area, you could attract flippers or contractors.
Updates that do make sense.
Cosmetic updates tend to be far less expensive and can make a large impact on potential buyers. Cosmetic changes can include a fresh coat of paint, replacing old window coverings, updating cabinet hardware and replacing any broken windows. Empty houses don’t show as well as furnished ones, but if you have old or worn furniture it’s best to remove it.
How to cover the costs of selling a home.
If you need funding to help prepare your house for sale BrighterPays can help. You can request a loan up to $10,000 to cover expenses like deep cleanings, staging, furniture rental and home repairs. You can request a loan at any time online, and if approved, you can receive funds in your account in as soon as one business day. Learn more at BrighterPays.com.
This post is not intended to be a solicitation for a loan. BrighterPays provides these blogs for entertainment and informational purposes only. Remember to consider all your financial options before making any decisions related to credit.