| Do you have a house to sell and don't know if you | | | | theoretical ceiling price. In essence, instead of thinking |
| should do any renovations first or just sell it as is? It's | | | | "How much more will a house sell for if it's renovated" |
| quite a common dilemma for sellers. One one hand | | | | you should think "How much less will it sell for because |
| you know that it would be worth more after | | | | it's not renovated." This type of thinking more closely |
| renovation, on the other hand, there are lots of | | | | resembles the thinking of a buyer, and allows you to |
| questions to be asked- what repairs to do? What | | | | put yourself into buyer's shoes and see from their |
| repairs will get the money invested back. What repairs | | | | perspective. |
| would result in getting back more than it cost to do | | | | Now that you know how buyers think it should be |
| those repairs? And of course the ever popular - is it | | | | easy to realize that the buyers will pay less for a |
| even worth it to do any renovations and dealing with all | | | | house that has "problems" or at least anything that |
| the associated problems and headaches that will arise | | | | buyers perceive as problems. As such it's not as much |
| during a renovation, when the price difference may not | | | | about if the house is newly renovated or old, but rather |
| even cover the cost of renovations? | | | | do buyers see it as a negative or not? For example, a |
| It is important to understand how the sales price for | | | | five years old kitchen that is kept in a nice, clean |
| any house works. A house has a maximum price - the | | | | condition is unlikely to be seen as a problem even |
| price ti would be worth if it was brand new. That price | | | | though it's not bran new, yet a newly painted siding |
| is the ceiling so to say, and without remodeling it's very | | | | might be seen as a huge negative if it's been painted |
| unlikely to sell for more. On the other hand if the house | | | | bright orange - not everyone wants to buy an orange |
| is not brand new than it will sell for less than this | | | | of a house. |