Home Selling Advice: Is Updating Your Home Worth It?
If you’re planning on selling your home, you’ve got to make it more attractive to potential buyers, from its roofing system to its siding. Some homeowners, however, in an attempt to update their property and make it look more attractive, end up spending more than they can recoup from the eventual sale.
Knowing this, does it still make sense to update your home’s exterior, or should you just sell your home as is? It depends on your property’s actual condition.
Selling Your Home As It Is
Some properties look like they need a major update before they can be put up for sale. These properties need more than a fresh coat of paint or a few new shingles. Some of them need a new roofing system, new doors and new replacement windows before they could be considered attractive enough to potential buyers.
Flippers and contractors are the only ones who will purchase your home even if it needs a lot of repairs. They will fix your property so they can sell it for a higher price than they originally bought it for.
But since your home is not in tiptop shape and is in dire need of repairs, you can’t expect it to fetch a high selling price. Selling it in its current condition might lead to regrets.
Cost vs. Value
If you want to sell your property for a higher selling price, you’ve got to be willing to spend some money on it. Before getting repairs, however, find out if you can recoup your money.
You should learn if the cost of repairs will increase your home’s resale value. Simply put, if spending on repairs means making profits from selling your home at a much higher price, then go ahead and spend on it. If not, then sell it as is.
Michigan residents enjoy relatively high recoup rates for garage door replacements (up to 95.2%), manufactured stone veneer (86.6%), deck additions (68.4%), entry door replacements (68.2%), siding replacements (68%) and window replacements (68% for vinyl and 66.9% for wood). You can spend on these and still expect to recoup most of your expenses.
What About the Roof?
The roof is a big deal. If your roofing system is in a bad condition, you shouldn’t expect someone to buy your home as is. You will need to have it repaired or even replaced, whichever is necessary. The good news is roof replacements have good recoup rates too: up to 64.9% for asphalt shingles and up to 56.4% for metal roofing.
Planning to sell your Detroit home? Trust Kroll Construction, professional roofing contractors, to get your roof ready for that sale. Call us at (888) 338-6340, or complete our online request form and we’ll schedule a free in-home consultation. We are one of the most trusted roofing contractors in Detroit, and we can help you prepare your property for its next owner.
