{"id":1956,"date":"2021-08-12T20:04:30","date_gmt":"2021-08-12T20:04:30","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1956"},"modified":"2021-08-12T20:04:30","modified_gmt":"2021-08-12T20:04:30","slug":"best-use-time-money-comes-renovations","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/best-use-time-money-comes-renovations\/","title":{"rendered":"The Best Use of Time (and Money) When It Comes to Renovations"},"content":{"rendered":"
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The Best Use of Time (and Money) When It Comes to Renovations<\/p><\/div>\n

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In the current sellers\u2019 market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. That\u2019s where a trusted real estate professional comes in. They can help you think through today\u2019s market conditions and how they impact what you should \u2013 and shouldn\u2019t \u2013 renovate before selling.<\/p>\n

Here are some considerations a professional will guide you through:<\/p>\n

1. With current supply challenges, buyers may be willing to take on projects of their own.<\/strong><\/h4>\n

A more balanced market typically sees a 6-month supply of homes for sale. Above that, and we\u2019re in a buyers\u2019 market. Below that, and we\u2019re in a\u00a0sellers\u2019 market<\/a>. According to a recent\u00a0report<\/a>\u00a0by the\u00a0National Association of Realtors\u00a0<\/em>(NAR), our current supply of homes for sale, while rising, still remains solidly in sellers\u2019 market territory:<\/p>\n

\u201cUnsold inventory sits at a 2.6-month supply at the current sales pace<\/em><\/strong>, modestly up from May\u2019s 2.5-month supply but down from 3.9 months in June 2020<\/em>.\u201d<\/p><\/blockquote>\n

So, what\u2019s that mean for you? If you\u2019re a seller trying to decide whether or not to renovate, this is especially important because it\u2019s indicative of buyer behavior. When there\u00a0aren\u2019t enough homes<\/a>\u00a0for sale,\u00a0buyers may be more willing to purchase a home that doesn\u2019t meet all their needs and renovate it themselves later.<\/strong><\/p>\n

2. Not all renovation projects are equal.<\/strong><\/h4>\n

You don\u2019t want to spend\u00a0time<\/a>\u00a0and money on a project that isn\u2019t worth the cost or is too niche design-wise for some homebuyers. According to an article by\u00a0Renofi.com<\/em><\/a>, basing home updates on what\u2019s trendy right now can be a costly mistake:<\/p>\n

\u201cThe last thing you as a homeowner want to do is center your home design around a passing fad<\/strong>\u00a0\u2013 even worse, one thats design quality won\u2019t last a good while.\u201d<\/em><\/p><\/blockquote>\n

Before making any decisions, talk to your real estate advisor. They have insight into what other sellers are doing before listing their homes and how buyers are reacting to those upgrades. Don\u2019t spend the time and money to be trendy \u2013 if your buyer wants to upgrade to the newest fad later, they can.<\/p>\n

3. If you\u2019ve already made upgrades this past year, your agent can help spotlight them.<\/strong><\/h4>\n

If you have already completed some renovations on your house, you\u2019re not alone. The pandemic kept people at home last year, and during that time, many homeowners completed some home improvement projects.\u00a0HomeAdvisor\u2019s<\/em>\u00a02021\u00a0State of Home Spending Report<\/em><\/a>\u00a0found:<\/p>\n

\u201c35% of households that completed an improvement project undertook some type of interior painting, while\u00a031% completed a bathroom remodel and 26% installed new flooring<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

Let your real estate professional know if you fall in this category. They can highlight any recent upgrades you\u2019ve made in your house\u2019s listing.<\/p>\n

Bottom Line<\/strong><\/h3>\n

When it comes to renovations, your return-on-investment should be top of mind. Let\u2019s connect today to talk through any upgrades you\u2019ve already made and to find out what you should prioritize before you sell to maximize your house\u2019s potential.<\/p>\n<\/div>\n<\/div>\n<\/article>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h5>\n","protected":false},"excerpt":{"rendered":"

In the current sellers\u2019 market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. Here are some considerations a professional will guide you through: Finish Reading The Best Use of Time (and Money) When It Comes to Renovations<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[15,10,18,16,49,42,23,40,63,20,12,48,13,389,388,273,274,28,54,47,19,71,390,6,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1956"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1956"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1956\/revisions"}],"predecessor-version":[{"id":1958,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1956\/revisions\/1958"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}