Renewing a property before selling it, with the investment that implies, is a common question. Generally, renovating a house before listing it is a good idea. Nevertheless, there are always some exceptions we should assess.
Advantages of renovating before selling
The first impression is essential. A little more than a minute is enough for a potential buyer to decide whether they like a home and whether it meets their expectations. It is a powerful reason to renew before selling, but it is not the only one.
Carrying out renovations implies revaluing the home well above the capital invested. A simple improvement can increase the sales price by up to 20%, much more if it is a comprehensive renovation.
But what type of renovations are the most attractive in the eyes of buyers? In general terms, bathrooms and kitchen, paint and floors. But other reforms aimed at improving the energy efficiency of homes, such as insulating windows or self-consumption systems, are becoming more and more relevant.
There are also countless possibilities to renovate a home on a tight budget: vinyl floors or tiles placed over existing coverings, painting tiles, new countertops or enhancing lighting.
These renovation works do not cost much but significantly improve the appearance of the homes and, with it, their price. Of course, firstly, we should repair any visible damage.
When to renew before selling
There are times when renewing before selling is almost mandatory:
• The home has been on the market for a long time.
• The supply of similar or better-conditioned homes in the area is very high.
• Only downward purchase offers are received.
• It is a buyer's market. That is to say, real estate supply exceeds demand.
Selling as is, is it worth it?
Although renewing before selling is usually the best option, sometimes this may not be the case. Some buyers may prefer to renovate the home to their liking. However, that would mean lowering the price of the property. In any case, it is usual for them to look for homes that need few improvements.
Another possibility is investors who prefer to invest less in the purchase and adapt the home to specific uses, for instance, short-term rentals. Therefore, this is a viable option in tourist areas.
It is also possible to opt for this option if the home is in an area of high demand where most of the properties are not in better condition or if it is an inherited house in which you do not wish to invest.
Making the final decision
In any case, the recommendation is not to rush and to carefully analyze the market, the area and the possibilities of financing the reform and the return on the investment.
Whatever you decide, Spainhouses.net helps you sell your property by giving visibility to it. You can advertise it for free and reach an international audience. However, if you're to buy, you'll find the broadest real estate offer you can imagine.