Kenny Rogers said you must know when to hold and fold your cards. This advice applies to playing cards. It all boils down to whether a renovation is worth the cost. How long do you intend to keep the property before you sell it? How long will you enjoy your brand-new kitchen? Or how much enjoyment you will get from your screened-in porch before you put it up for sale. If you want to sell your home in the short term, this will help you determine which renovations are worth your time.
Take into account the Homeowner’s Tenure when making renovation decisions
The length of homeownership is the time homeowners stay in their homes before selling. “Over the last decade, homeowner tenure rates across the country have been increasing year-over-year, on average, until 2020. Beaudry says that in 2021, the tenure rate declined from 10 years in 2020 to 8 in 2021, according to the National Association of Realtors.
Take into consideration your short-term needs and overall well-being
Beaudry says that it all comes down to making your home more enjoyable. It is vital to do your homework for you, with many homeowners now working remotely over the past few years. He suggests you design your renovation to meet your needs and those of your family.
Beaudry warns against getting too excited if you don’t plan on selling your home anytime soon.
Renovations that aren’t worth the investment
If you hear the term “major” in the same sentence as your renovation project and are not in a permanent home situation, it might be worth giving it more thought. Consider other options or ways to improve your space without having to do a complete overhaul. Beaudry says it is essential to calculate your costs and compare them with your future gains in a home sale.
Buyer’s vs. The Seller’s Market: How it Affects Renovation Decisions
It is difficult to predict the market in which you will sell your property. However, renovations can significantly impact your property’s value depending on whether or not you are paying the buyer.
Beaudry says that traditionally when a buyer is looking to buy a home, they need to make it as attractive as possible. This includes potential renovations they might need to do.
Safe Bet Renovation Ideas – Even if it’s not your forever home
Beaudry says, “Safety is ensuring your home is comfortable for your current, long-term, or short-term needs. This depends on the tenure.” To avoid reducing the property’s value in the future, you should tackle urgent renovations. Modernization of your home, including smart-home technology upgrades such as thermostats, smoke detectors, and smart locks. These technologies often attract home buyers and add market value to your home.