Well, many people looking to remodel and sell their property ask themself this question. It may seem like a good idea to increase the value of an apartment. But, at the same time, it could be a pointless investment that can lead to having only expenses. It can easily prove to be the waste of time and money. So, the answer to the question of should you remodel your apartment before selling it is not as clear. The right answer is maybe, and that’s only because it depends. This decision is dependant on so many factors that we will try to explain here.
When selling your apartment you should really think of is it worth it or not. Is a remodel a waste of time and money or will it increase the sellability and value of your property? It is clear that to make the place presentable and sell well you have to do some improvements. So, you will have to do a full property cleaning and touching up, dispense of any clutter, clean out the garden, fix some defects, and work on the curb appeal of the property, etc. However, it can be difficult to determine just when to stop before it becomes a remodel or whether you should remodel.
To determine if you should remodel your apartment for the sale you really should consider a number of factors:
- The current value of the property,
- What buyers look for,
- The budget determines should you remodel your apartment.
The current value of the property
Enlist the help of a real estate agent to help you with the property values. The base of your quick renovation decision will be the current value of your apartment. You must also understand how this value can change after the remodel. So, try to get to the value of your property on the market. Also research into how much similar apartments are selling for. Also, consult the agent about how and at what price are renovated/u-renovated apartments selling for.
What buyers look for
Real estate agents can also provide insight into what the market looks for in an apartment. You should try to accommodate and give the buyer what he wants. So, try not to overspend and do not let your personal taste lead your eventual remodel. It may also pay to market the apartment as is if it meets the needs of the potential buyers.
When you put the value of your apartment and what potential buyers value you can decide on any renovation activity. It might not be needed at all. But if you do, make sure you are on top with renovation budgeting. On the other hand, you may be forced to do some remodeling to meet the requirements of the market. In these cases, a good rule of thumb is to allow only 10% of your apartment value to your remodeling budget. This will be enough to handle cosmetic improvements and much-needed repairs.
What is key?
The key here is to look at the issue as a business decision. You are not remodeling for your needs and to enjoy the change. The decision must be based on the need to attract buyers and to increase the value of the property. If the renovation will help sell faster and easier then it is worth doing. Or, if for example you can easily boost the market value of your apartment and get a better price on the market then it is worth doing. If not chances are that it is a waste of money.
You’re all set to go
So, if you are selling your apartment and wonder should you remodel your apartment be sure to do proper research. Only a base of quality information will help you make the right decision.