Remodeling before selling…does it help?
Are you worried that your outdated kitchen is going to hamper the sale of your home? Here are some ideas to get you to the closing table:
1. Adjust the Price Downward: Lowering the price can attract buyers who are willing to renovate later. This approach is particularly appealing to younger buyers who may lack the funds for immediate renovations.
· Risk: The price reduction might not be sufficient to attract buyers due to escalating renovation costs.
· Reward: Potentially quicker sale and less investment in a home sellers plan to leave.
2. Provide a Floor Plan: Offering a floor plan can help buyers visualize potential changes, making the property more appealing.
· Risk: High costs for planning might deter some buyers.
· Reward: Encourages buyers to see the potential transformation of the space.
3. Consider Staging: Professional staging can neutralize and enhance the home's appearance, making it more attractive online and during visits.
· Risk: Over-staging can make the home feel impersonal.
· Reward: Increased appeal and potential for a higher sale price.
4. Make Cosmetic Changes: Small updates like new hardware, appliances, or a fresh coat of paint can make a significant impact.
· Risk: Cosmetic changes may not address underlying issues or outdated layouts.
· Reward: Shows buyers that sellers are proactive and care about the home's condition.
5. Go for a Full Remodel: For high-end homes, a complete kitchen remodel can be a worthwhile investment.
· Risk: Remodeling projects can be costly and time-consuming, with potential for unforeseen issues.
· Reward: A new, state-of-the-art kitchen can significantly boost the home's appeal and value.
Accentuate the Positive: While addressing kitchen issues, emphasize other home features like outdoor spaces, upgraded bathrooms, or a great location to attract buyers.
These strategies can help sellers maximize their home's market potential, even if the kitchen isn't currently up to par with modern standards.
VALUE ADD: For any of these changes, updates or a complete remodel, you might also consider using the exclusive Compass Concierge program. It fronts the costs of services that can increase the value of your home by leveraging your home’s equity before you sell. The program has shown significant value for Compass sellers providing them over-asking offers or quicker sales. If you have been thinking of updating your home before you sell, this is the perfect program to help you.
Put our team to work for you, leveraging years of experience and expertise in home staging and remodeling techniques to get you the most out of your sale.