When Selling a Home, Should You Do Renovations?
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What is the main topic discussed in this episode?
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Here's your money briefing for Thursday, June 17th.
Should sellers renovate in a hot housing market or wait for buyers to update?
I'm J.R. Whalen for The Wall Street Journal. We're in one of the strongest housing markets for sellers in recent memory. But even though selling a home seems easy these days, sellers often face a tough question before putting their home on the market. What kind of renovations, if any, should they do?
Sellers don't want to waste their money on renovations that won't add to their ultimate sales price.
WSJ contributor Robin Friedman has studied the housing market and spoken with real estate experts about what types of renovations make the most sense, not only to attract buyers, but also to recoup the cost. We'll talk with her about it after the break.
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How does curb appeal compare to kitchen remodels for recouping renovation costs?
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Which specific exterior upgrades deliver the highest resale return?
That's R-E-L-I-A-Q-U-E-S-T.com.
In any housing market, the appearance of your home matters when you're ready to put the for sale sign out front. But does it make financial sense for a seller to do all sorts of renovations and repairs? And if so, what should they focus on? Robin Friedman is a business journalist specializing in real estate and personal finance.
What do Cost vs. Value studies reveal about renovation ROI?
She's been writing about this issue and she's here to talk about it. Robin, thanks for coming on the show.
Oh, thank you for having me.
So Robin, home sellers no doubt want to make sure they're putting the most attractive offering on the market.
Why should sellers consider getting a pre-listing home inspection?
That's always been the case. But has the current hot market changed people's thinking about that?
I think so. As anybody who wants to buy a home right now probably knows, the market is crazy. Houses in many markets are selling within days of hitting the market, and there are often bidding wars with people paying over asking price. So depending on the house and the market,
How can brokerages help fund pre-sale repairs and what are the terms?
It might not be necessary at this point for a seller to do renovations or updates. If you're in a market where there's no inventory, for example, a buyer might be inclined to purchase a home and do any necessary updates on their own. Now, that being said, every market is different.
Do renovation priorities change when the market slows down?
We know real estate is local, and this is where the advice of an experienced local real estate agent can be invaluable. There are advantages to updating a home, even in a strong market, though. First of all, many buyers today want to turn key opportunity by buying a home in moving condition. They don't have to hassle with renovations. Plus, an updated home, even in a very active market, may compete better against other houses on the market and especially compete better against new construction. But really the most important factor is the old saying, you don't get a second chance to make a first impression. Today, as we know, most home searches start online. So potential buyers are looking at pictures of your home for the first time online before they ever step foot in it.
A home that presents better may spark more interest.
So given all those concerns, some home sellers probably have a list of things that could be fixed or renovated. Why does it matter where those improvements are made? And how can sellers know what to prioritize?
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:38
2
Should sellers renovate in a hot housing market or wait for buyers to update?
0:38–1:19
3
How does curb appeal compare to kitchen remodels for recouping renovation costs?
1:19–1:40
4
Which specific exterior upgrades deliver the highest resale return?
1:40–2:07
5
What do Cost vs. Value studies reveal about renovation ROI?
2:07–2:18
6
Why should sellers consider getting a pre-listing home inspection?
2:18–2:40
7
How can brokerages help fund pre-sale repairs and what are the terms?
2:40–2:57
8
Do renovation priorities change when the market slows down?
2:57–8:08
Speakers
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