If you are like most people, your home is your most valuable asset. When the time comes to sell your home, you owe it to yourself to get the most money possible out of your investment. We have found that sellers lose out on an average of $50,000-$100,000 in added equity, simply because they choose to sell their home in its “as-is” condition.
The best way to maximize your home’s appeal to potential buyers by selling it in move-in ready condition. To earn the return, there are a few important factors to consider.
What renovations provide the best return on investment?
Most contractors and Realtors will agree that bathroom and kitchen remodels will provide the best return on investment and make your home stand out both in photos and in person. Additionally, replacing, cleaning or refinishing floors, painting walls and cabinets, and installing upgraded light fixtures are all relatively inexpensive and easy renovations that will give your home an updated look. Updated appliances will also make your home stand out to potential buyers and set it apart from other homes.
What is the state of your home?
The state that your home is in will determine whether banks will approve it for a loan. If banks will not loan on the home, your buyer pool will be significantly limited to all cash buyers. This means that the price of your home will be determined by what investors would be willing to pay for it in order to take on the renovations themselves.
Home buyers today more than ever are looking for homes that are move-in ready. Homes that need major renovations will likely deter most families and working couples that do not have the time or expertise to take on these repairs.
How does the as-is value of your home compare to the renovated value, and how much will you need to spend on renovations?
Your Realtor should be able to conduct a comparative market analysis that will show what homes similar to yours are selling for in different conditions in your area. Using this information, they will be able to provide you both “as-is” and “move-in ready” renovated values for your home. You can then compare these values to a contractor’s bid for the necessary renovations for your home. This will provide you with the potential added gain from your renovations. If this number is significant, it is likely in your best interest to fix up the home. If this number is not significant, it may be in your best interest to sell your home as is, and there may be additional necessary repairs that do not appear until after the renovations are started.
What is your motivation for selling?
If you choose to fix up your home before selling it, there is added time that must be allotted for the repairs. The average renovation facilitated by Trust Properties USA takes about 6-8 weeks. Many times, clients who are in a rush to get the money from the sale of the home feel that it is in their best interest to sell the home in its as-is condition. However, keep in mind that homes in an as-is condition will often have a longer on market period in comparison to homes that are move-in ready and command top market prices.
Trust Properties USA has helped hundreds of families to gain top equity from the sale of their homes by fixing up homes at no upfront cost. We use only licensed, bonded and insured contractors, and we do not charge points or take out a lien. Contact us for a free consultation and to hear more about how our “Fix and Sell” Strategy can be of benefit to your family.
Visit our website for more information at www.TrustPropertiesUSA.com