If you plan to sell your home this spring and summer, you are probably wondering if it makes sense to renovate before you go live. We are here to bring some clarity to the situation!
BEC Innovations has spent significant time and effort to quantify the return on investment (ROI) of renovations and feel confident in our understanding of what is a good investment versus what won’t return your money. For example, we completed a bathroom renovation in December 2022 in Hendersonville and once we were done, we asked our real estate agents to come in and do a Comparative Market Analysis (CMA) on the property. With that information, we were able to ascertain what the value was before the renovation versus what the value is after the renovation. In this particular case, the value of the property increased by an extra 10% compared to what the renovation cost! For every dollar that was spent on the renovation, an extra $0.10 was added to the property value immediately – ASTOUNDING! Think of what that equity will be when it comes time to sell, in a few months or a few years or decades.
So: what does this mean?
It means that if you are able, it is our recommendation to renovate before you go live so that you can reap the benefits of the ROI upon your sale. Not only will you bring in more value than what the renovation costs, but having renovated bathrooms and finishes makes your overall property shine, highlights superior maintenance and care and attention for your home. People want to buy homes that people have loved and taken care of, and an updated bathroom is a great way to showcase how much you’ve cared for your home.