Should you remodel and sell your house?
Any time a homeowner has to answer the question of if they should either sell their existing home as is or should they remodel and sell, many issues can arise. What type of renovation will get the best return? How long will it take to remodel? How do you pay for the renovation? In some cases, such as a divorce or foreclosure the decision may be more obvious, and there are times when you simply need to sell your house quickly for cash. But what if you could make more profit for remodeling first?
This entire question can usually be answered by considering various factors. Some factors are tough emotionally based elements that require lingering consideration. The second classification can be identified as tangible factors. Tangible factors are problems that can be measured and quantified. Lets discuss some of these factors that lead to making a comfortable decision whether to sell quickly for cash or to remodel and sell.
Some of the Concerns
Location & Community- The location and neighborhood of your home is often a significant factor in your deliberation. This is even a greater challenge if children’s schools are part of the evaluation. Moving to a new part of your city for the schools can be the driving factor with younger families.
Updating or Structural Requirements – The average age of a single family home in metro Houston is 30 years old. A home this age will require many major home improvement products replaced if not previously addressed. Products like roof shingles, mechanical systems and kitchen appliances represent a few of the more expensive home components that need to be evaluated.
Other major concerns in Houston would be if the home has experienced any structural settlement. The soil conditions in Houston are highly plastic and commonly lead to foundation failure. Foundation failure generally leads to the homes walls and ceiling cracking or shifting. These are key factors in assessing the viability of investing additional funds in home improvement that is experiencing this type of distress.
Financial Feasibility – The financial feasibility consist of a comprehensive analysis of the relevant financial factors that require evaluation in making a clear intelligent decision to conduct a renovation or sell your existing home as is.. These financial factors include the compiling and assessment of comparable home values, land market values and realistic construction cost estimates.
These financial factors are compiled to determine the future assessment of your homes market value before and after construction improvements are completed. Using the last five year history of the local appraisal district’s market valuation increases can be used to project a reasonable estimate of the future value of the improved homes future market value. This can then be compared to the sales assessment analysis.
The summation of this data is designed to provide the owner with a realistic financial assessment that aids in determining if the projected renovations make financial sense. The results of this analysis can then be compared to the results of the projected benefits of a sales analysis. This comparison will provide you the needed financial insights required to measure the tangible concerns associated with the sell now or renovate first and sell later question.
Remodel and sell? Sell for cash? We can answer the question.
Renovator Realty of Texas offers a free (CMA) market analysis to find the best solution to your particular situation. If you need to sell your home quickly, we can make you a better cash offer than any of our competitors. If it makes sense to remodel and sell to get the best possible results, we have no money down programs available. We are not paid back for this service until the home is sold and any extra profit will go right to you. Give us a call at 832 374 9595 or use the contact form for a no obligation meeting to answer any questions you may have. Thanks for reading!