If you’re anything like most Memphians, the thought of renovating a home before selling it can be a daunting task. At Turnkey Properties, we get it! But when it comes down to it, a well-renovated home can significantly increase its value and appeal to potential buyers, ultimately leading to a higher sale price.
Luckily, you don’t have to go it alone! We’re Memphis’s real estate experts, and we love sharing what we know with potential real estate investors and participants in the market. Read on to learn why renovation is a crucial aspect of selling any home and get some tips on how to maximize your profits while working smarter, not harder!
The first question we have to answer is: is renovation even necessary? And the answer, unsurprisingly, is almost always going to be yes! Even if you think your home or residential property is in great shape, we can assure you that renovation will be the key ingredient to pushing it through to sale faster and for a better price. And that’s the first (and maybe most obvious reason) why renovation is key – you can get more money for your home!
Reason #1 – Renovation adds value!
A home that is up-to-date and move-in ready is much more attractive to potential buyers than a home that is outdated and in need of repairs. Renovations such as updating the kitchen and bathrooms, replacing outdated fixtures, adding new flooring, or painting can all significantly increase the value of a home. By investing in these renovations, you can make your property more appealing to buyers and increase your chances of selling it for a higher price.
It’s essential to understand the factors that affect a home’s value. These include the size and layout of the property, the quality of construction and materials, the age of the home, the location and neighborhood, and the overall condition of the property. Renovating your home can help improve these factors and increase its value.
One of the most significant factors when it comes to upping your sale or resale value is that renovation allows you to update and modernize your property. If your home is outdated or needs repair, it’s likely to be worth less than similar properties that are up-to-date and well-maintained. By undertaking a renovation, you can make your home more appealing to potential buyers and justify a higher asking price.
Another benefit of renovating a home is that it can make the property more marketable. By updating your home to reflect current design trends, you can make it more appealing to a broader range of buyers. For example, an outdated kitchen can be a turn-off to potential buyers who are looking for a modern, functional space to cook and entertain. By updating the kitchen with new appliances, countertops, and cabinets, you can create a space that is both attractive and functional, making it more appealing to potential buyers.
Reason # 3 – Renovation will save you time
Renovating a home can also help to reduce the time it takes to sell the property. A home that is in need of repairs or updates can sit on the market for longer, as potential buyers may be hesitant to make an offer or may be deterred by the prospect of having to make costly repairs. By renovating your home before putting it on the market, you can increase its appeal and reduce the time it takes to sell.
When it comes to renovating a home, it’s important to prioritize your efforts. While it may be tempting to make significant upgrades to every room in the house, this can quickly become expensive and may not necessarily lead to a higher sale price. Instead, focus on making upgrades that are likely to have the most significant impact on potential buyers.
For example, the kitchen and bathrooms are two areas that can have a significant impact on the value of a home. Updating the fixtures, countertops, and cabinets in these areas can make a big difference in how potential buyers perceive the property. Another area to focus on is the curb appeal of the property. Simple upgrades like painting the front door, adding new landscaping, or replacing old hardware can make a big difference in how potential buyers perceive the property.
When renovating a home, it’s also important to keep your target audience in mind. Different types of buyers will have different priorities when it comes to the features they are looking for in a home. For example, families with children may be more interested in a home with a large backyard, while young professionals may be more interested in a modern, open-concept living space. By understanding the needs and priorities of your target audience, you can make renovations that are more likely to appeal to them.
Thanks so much for taking the time to read up on the importance of renovation to selling your home or residential property. We hope you have a little bit better understanding of the topic and can go into your real estate endeavors with that a little bit more confidence. But you know what else inspires confidence? Partnering with Memphis’s real estate experts!
At Turnkey Properties, we have a proven track record of maximizing value for our clients. We love what we do, and you will too! Give us a call today.