Peter Sun

Discover How To Find, Renovate & Sell
Real Estate - The Easy Way!

Looking at buying property? Not sure how to start? Let us guide you through the real estate maze and show you where to find the hottest properties, the easiest, quickest & least costly renovations to do and how to sell the property for more than it's worth!

Dec 6, 2012
Posted by Admin in Uncategorized| 0 comments

HOME RENOVATION – Should You Do It Before SellingTake a look at the real estate market and get a feel of what’s going on? Are renovated houses more in demand than the ones that are just sold “as is”? Are you getting a significant increase in market value if you do renovate your house prior to putting it on the market? Visit a real estate office and try to browse through their listings. You should be able to tell based on their descriptions of the houses they have on file or the list of the ones they sold. You can ask their advice as well and they should be able to provide you with the information you need. Most agents are more than happy to help you out especially if they are looking to represent you when you do decide to sell your house. It is always a better idea to find out first if you need to do something as costly as a renovation prior to embarking on it so you don’t waste time, effort and money if you can just as easily dispose of your property without going through renovation.

If you do decide to renovate, make sure that you speak to different contractors to have the best price for your needs. You don’t want to go with the first quotation as it may be so off the mark and will not enable you to recover the expenses with your selling price. Quotations should be specific regarding which areas will be worked on and what type of work will be done. Have everything on paper with the proper signatures to protect yourself from unforeseen expenditures. Get the opinion of family and friends regarding contractors that they have done business with and weigh it with the impressions you have.

Check out whether the property you have is more valuable as a land or with the home. If a developer is interested in it and is buying up most of the properties around then chances are you will be able to sell it without any type of renovation. More likely, it is the land that’s the main attraction on the buyer’s side.

Consider if your renovation will still leave you with enough profit once you put a reasonable selling price on your home. There should at least be a markup of 15 to 20% after the renovation costs in order to make it a sensible choice. Verify that your real estate agent is not giving you false information or an inflated selling price that sounds good but will not actually get a bite from buyers.

Decide if you are simply going to do a cosmetic restoration which means painting the interior and exterior, replacing the light fittings, putting in new carpeting, getting the windows fixed and reviving the gardens. The buyer may not be as enthusiastic to do repairs or fix ups just after moving in and you may be able to get a better price for your property.

Estimate the time frame for your renovation since the selling price estimate may be way off by the time you are done with all the work and you will suffer a loss. If you are really in need of the money from the sale, it may be better to opt for a quick sale instead of taking the risks of renovation then finding out that the selling price has gone down due to fluctuation in the real estate market. You can also have a plan B like temporary rentals while you are waiting for the market to recover or you have a buyer that will give you the price you want.

If you decide to do it yourself, know your skills and your limitations. Make an outline of your plans and ensure that you can carry it out in the timeframe that you have. It is not a good idea to start something then stop in the middle and hire someone else to finish it for you. Chances are you will be spending more than you should have. It may be more efficient to leave the work to the experts and just stick to what you can do.

Have the ability to recognize when the right moment comes to put your home in the market and engage the services of a reputable real estate agent.

 
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