The remodeling shows on HGTV are undoubtedly a massive hit, and all of the “reality” real estate shows on TV have been a very interesting phenomenon to watch. I must say I love them too, so much, I even created my own, The Property Fox Show. The logic works. For example, you’ve inherited a family property that’s dated and needs work and you know with the right renovations you can transform your parents or grandparents old home into a modern masterpiece that’ll fetch top dollar. Everyone wins in this scenario, right? Why? Because they did it with no problems on TV.
Let me tell you that I’m all for rolling up your sleeves and putting in some “sweat equity”, but are you really ready to take on a major renovation? Let’s consider at some things you’ll want to think about before you head over to Home Depot to buy a sledgehammer and start demoing the kitchen.
First, what renovations need to be done to sell for top dollar? Many do-it-yourselfers think installing new carpet and paint will make a difference in the sales price because – doesn’t everyone want new paint and carpet? Yes, but that doesn’t cover up for the items you choose to leave the same. If you’ve got a property on your hands with a very outdated kitchen and bathrooms, new paint and carpet are not going to cover up the fact that the renovation is only partial. A potential buyer is going to see that the property still needs work (new kitchen and bathroom) which means you are not going to be able to sell for top dollar. Furthermore, if the any or all of the big ticket items still need replacing (furnace, water heater, roof, and sewer line) then paint and carpet are not going to cover up the fact that these important items a homeowner relies on to be comfortable and safe in their new home, need to be repaired or replaced. In addition, the actual layout of the property may be outdated, which means you have another obstacle to achieving a higher return when you sell that new paint and carpet will not overcome. You’ll need to consider whether spending money to only do partial updates will garner a worthwhile return, versus selling the property “as-is” and therefore, saving the money, time, and energy.
Next, are you going to do the work yourself or hire contractors? This is where watching HGTV may not provide you with a realistic perception of the abilities you must have to pull off a DIY home remodel. Watching these TV shows gives people a false sense of confidence that they can do the work of trained and highly experienced professionals themselves. If you have no training or knowledge pertaining to the logistics of a home’s plumbing or electrical for example, I recommend you hire contractors. Paying a trained professional will save you valuable time and money in the long run, saving you the need to hire someone down the road to fix your mistakes. Not to mention the frustration that many quickly experience when trying to remodel the home themselves realize in short order, that they’re in over their head. I recommend you get multiple bids from different contractors and get referrals so you can feel assured you’re getting the best price and quality work.
I love guiding people through the decision of what to do with a dated property in Denver, Colorado. I can walk you through the comparison between what the property would sell for as-is, versus what renovations would foster the highest sales price for the property. Maybe paint and carpet are enough if the property isn’t in bad shape, but maybe finishing the basement, opening up the kitchen, and adding a master bathroom would double or even triple your return. You can also have access to contractor referrals which is invaluable to assuring your remodeling process runs smoothly. I can then list and sell the property for you, helping you achieve the successful outcome you desire. Give Property Fox a call today so we can discuss your situation from all angles to determine which option works best for you. 720-933-8499, firstname.lastname@example.org