When we come to sell our homes, many of us assume that we can wash our hands of any issues within those existing properties. After all, fixing problems now would be a waste of time and money, wouldn’t it? Far better to move onto pastures new and put your hard-earned cash towards something you stand to benefit from.
Unfortunately for you, many owners who approach sales with this mindset end up stuck in an imperfect property that won’t budge. As such, there’s a strong argument that spending at least some money to get your home up to standard is crucial if you want to see those new pastures in the first place. The question is, how much should you be spending here to help your home, without breaking your budget?
Would an issue stop someone from buying?
The best way to determine whether a pre-moving expense is worthwhile is to consider whether that issue would stop someone from buying. After all, while slightly tired decor might not be a dealbreaker, something like serious structural issues that require underpinning is far more likely to see even keen buyers looking elsewhere. In this instance, even large expenses will typically be your best bet at securing a home sale in less time than you would face otherwise, as well as ensuring a property that’s more pleasant to live within for the interim. Investments like these can also significantly boost the asking price of your property overall, meaning that you may see that money back and some if you prioritise these tasks early enough.
Is there a substantial return on that investment?
Speaking of increasing property value, it’s also worth considering whether money spent on even less crucial considerations with the potential to increase your property’s asking price is worth your while. After all, even something that might not kill a home deal, like the addition of double glazing, can significantly increase home value, while additions including nice decor touches and new pieces of furniture can get buyers in a far better mood to part with larger sums of cash than they might if you hadn’t spent a penny.
Could you do without?
Considering that you won’t be in this property to enjoy these investments, it’s also worth considering whether your home will still be appealing if you don’t spend on potentially unnecessary if value-adding projects including renovations of rooms like your attic or kitchen. Of course, these can make your home even more appealing, but if the spaces you have right now are in good condition and generally look the part, then it’s most often worth stepping away from these additional costs in place of putting your property on the market sooner and hopefully selling sooner as a result.
While there isn’t one clear figure as to how much you should spend on your home before putting it on the market, answering these questions, and considering the work that fits within those, can at least help you to settle on the most realistic figure for your unique needs.