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The Best Use of Time and Money When it Comes to Renovations

Monday, August 16, 2021   /   by Flr Team

The Best Use of Time and Money When it Comes to Renovations

In this current seller’s market, homeowners are considering remodeling some of their home before they put it up for sale but not sure where it would be most valuable. That’s where a Real Estate professional comes in. They can help you understand today’s market and how that will impact what you should and/or shouldn’t do when it comes to renovating before selling your home. 

Here are some considerations a professional will guide you through:

With Current Supply Challenges, Buyers May Be Willing To Take On Projects On Their Own. 

Typically during a more balanced market you’ll see a 6-month supply of homes for sale. Above that, we are in a buyer’s market. Below that, we are in a seller’s market. In a recent report by the National Association of Realtors (NAR), our current supply of homes for sale, still remains solidly in a seller’s market. 

So what does that mean for you? If you are a seller trying to decide whether or not to renovate your home before listing it, you may want to meet with a Real Estate professional. 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 can take the time to renovate it themselves later. 

Not All Renovation Projects Are Equal 

Seller’s shouldn’t spend too much time and money on a project that isn’t worth the cost or is too niche design-wise for some homebuyers. A Real Estate Professional however, will have insight on what sellers are doing before listing homes and what buyers are reacting to when it comes to upgrades. 

Don’t spend the time and money to be trendy- if a buyer wants to upgrade to the newest fad, they can do it on their own time. 

If You’ve Already Made Upgrades This Past Year, Your Agent Can Help Spotlight Them

If you have already completed some renovations in your home, you are not alone. The pandemic kept people home last year, making for a good time to complete some home improvement projects. Your agent can help market those improvements so they stand out to buyers.

Bottom line, when it comes to renovations, you want to keep your return-on-investment top of mind. Contact our team of professionals here at Florida Lifestyle Realty to find out what projects you should prioritize before you sell and how to highlight your upgrades to maximize your home's selling potential. 

Florida Lifestyle Realty