This is one of the questions we get most often. Fortunately there usually is a good answer. The right answer is, it depends. We need to analyze your particular situation. What is the goal? How much would a remodel realistically cost? What are the benefits of selling your home vs remodeling?
Selling A Home vs Remodeling A Home: Which Should You Do
Are you thinking about remodeling a home? Maybe you’re on the fence about whether you should sell or remodel? The truth is there are many pros and cons to both, and you’ll want to learn about as many of them as possible. Throughout the rest of this article, we’ll talk about selling a home vs remodeling a home, as well as the pros and cons that each have.
Selling A Home
There are dozens of pros of selling a home. There’s only a few cons associated with it. Let’s take a look at what the top pros and cons are of selling a home:
- First good thing about selling your home is it is affordable, which means you might have to pay a fee for using a real estate agent. They take a commission, but don’t worry because this is taken from the home sale. However, you can avoid paying real estate agent fees, which we will get to in a minute. The bottom line is you won’t have to shell out a lot of money when it comes to selling a home.
- Second pro is there are numerous ways to sell your home, such as via a real estate agency, yourself or by selling to an investor, also known as a We Buy Any House company. The best way to sell a house, especially if it’s not in great condition, is to sell to a We Buy House company because they are known for purchasing homes regardless of what they look like.
- Perhaps the best thing about selling a home is you can sell it fast, but the length of time the entire process will take depends on many factors. A real estate agent will have to put your home on the market or you will have to on your own and then you have to wait for potential buyers to express interest. The entire process can be drawn out, but if you sell to an investor, then the sale can be very fast. In fact, from start to closing to receiving your cash, the process can be wrapped up within 2-3 weeks, maybe even sooner.
We will answer these and so many other questions relating to this popular question, live in our webinar! Please stay tuned to our podcast on Sep 15th 2019. If you miss it don’t worry, will will post it on this website as well as the audio transcription.
In short, the pros of selling a home are:
- Affordable fees/Zero costs in some cases
- Can sell fast
- Numerous ways to sell a home
- Stress free when sold to LittleGreenHouses.net
Do you need cash fast and do you want to sell your home in its current condition? Do you not want to put the effort and money into remodeling your home? If so, then selling is probably the best option GET A CASH OFFER >> (813) 461-6213
The Cons of selling a home AS IS
- The main con of selling a home is you might not get as much as you wanted for it. Even if your price your house at an appropriate price, you might be forced to lower it if you actually want to sell it. If you are hoping to sell your house as fast as possible and for as much as possible, then you could very well end up disappointed.
- Second con is the house can sit on the market for weeks, months or even a year or longer. Nothing is worse than waiting around for buyers when you just want to sell your house quickly. If you don’t sell to an investor, then there’s always a chance that your home will not sell within the time frame you have in mind.
- The third con is you might deal with many time wasters, which happens a lot more than you probably think. There are many people out there that have no intentions of buying a home, yet they will still schedule a viewing of a home that is being sold, go through the process of walking through the home and act like they are on the verge of buying only to not follow through with anything. If you are hoping to sell your house fast, then you will be disappointed if you constantly have to deal with time wasters.
In short, the main cons of selling a home are:
—- KEEP IN MIND THAT IF WE BUY YOUR HOUSE NONE OF THESE APPLY.
- Deal with time wasters
- If you use a Tampa Bay Realtor it can sit on the market
- Sale is dependent on buyer’s loan
- Invasion of privacy (people parading through your home)
The ins and outs of remodeling your home and selling it
Remodeling a home might be a good option for you. It’s not for everyone, though. That said, the pros and cons of remodeling a home are:
- First, remodeling your home will definitely increase the value of your home and it can easily improve the appeal of your house. When you put it up on the market, then you might be able to get far more money for it and garner more interest in the property. Bear in mind that the amount your home will increase in value by depends on several factors, but your home’s value will certainly go up.
- Another pro is you can do many things to your home, and the remodeling project can be as simple or as complex as you wish. You can do something as simple as adding a deck to your home or adding a patio and maybe updating the kitchen. You can do a full remodeling project and redo every single room in your home. The choice is up to you as to how extensive you want the remodeling job to be.
- The third good thing about remodeling is the process can be fun due to you being able to use your imagination when upgrading your home. Even if you hire professionals to handle the entire project, you’ll still enjoy being part of the creative process of remodeling your home. We do want to point out that not everyone will think remodeling a home is fun or involves creativity, but you may very well love remodeling your house.
To sum up the above, the pros are:
- Increase the home’s value
- Many things can be done to the home
- In some cases it can be a fun process
The Disadvantages of Remodeling a home to sell
- As previously mentioned, not everyone finds it fun and there are so many things that can make remodeling a home that much more stressful. For instance, you might run into a problem with the electrical or plumbing work and before you know it, you’ll incur additional costs due to having to deal with those issues. Let’s not forget to mention you have to secure permits to remodel a home, in most cases.
- Another unflattering thing about remodeling a home is it can take a very longtime. Unless you are performing simple upgrades, remodeling a home can take weeks on end or even months to finish. In some cases, it can take a year or longer, if the entire home is being remodeled. The last thing anyone who is wanting to sell a house fast is wait around for a remodeling job to wrap up. If it’s a fast home sale you’re after, the remodeling a home is probably not the option to go with.
- The last con is your home might not sell at all. You can live in the best area with plenty of things to do and in an area where the real estate market is strong, and still not sell your house. Even if you hire the best real estate agent in the region, they may not be able to sell your house. If this happens, then you essentially wasted a lot of money on upgrading your home, only to not be able to sell it.
To sum up the above, the cons are:
- Takes time
- Might not sell
- VERY RISKY
So, is remodeling a good option? If you are wanting to sell your home and your sole purpose of remodeling it is to sell it for more money, then you’ll be taking a huge risk. It’s up to you though, but we personally think remodeling is a good idea if you plan on staying in the property for years to come. And this is only if you have years of experience in the remodeling field. OR if you have tons of money to be able to get a licensed, bonded, and insured contractor that can get it done right and not run off with your money.