All You Need To Know About Pre-Sale Renovation
Buying a newly built property is always exciting, but you may need to sell your already existing home, which is not exciting at all. Whether you are a part of a seller’s market or a buyer’s market, you will always need to make some minor renovations to your property to sell it for higher dollars.
Nowadays, buyers prefer to value a property that is present in good condition and also ready for the new owners. Nancy Robinson is a Regional Vice President for Coldwell Banker Residential Brokerage in California; she said that only a small section of the population wants to have a project while buying a home. An even smaller proportion of people have an idea about how to do a project.
While buying a property, the buyer always wants to purchase a fully prepped home. Generally, in the top seller’s market, the property needs to be in good condition and presented in a way to attract potential buyers.
Importance of Pre-Sale Renovation
Every seller wants to avoid any kind of hassle while selling the property, like making minor or major repairs and spending a large amount of cash to pay for them. According to a survey report, almost 52% of the population believes that renovating a home or making home improvements are one of the most stressful and time-consuming aspects of selling a property.
In order to eliminate all the pain and stress of the sellers, real estate brokerages have introduced new services in order to finance and supervise presale renovations. Renovating property for selling it up for top dollars is entirely different from renovating a property for yourself.
The pre-sale renovation company aims to work with the homeowners only who have a real estate agent because they can easily rely on these agents to identify the required renovation that can make sense in each market. These real estate agents have promoted the merits of presenting a property before taking the photos and scheduling displays.
Sellers and Pre-Sale Renovating Firms
Many real estate professionals have made the presentation a part of their value proposition. However, until recent times, if people wanted to make additional improvements and decorative enhancements, all an agent could do is offer recommendations to reliable contractors. That means the seller is supposed to dip into his pocket in order to cover all the costs.
But now, many companies are offering an additional valued service that is aimed to save the sellers from stress and the upfront cost of the home renovation process before putting that home for sale into the market.
These pre-sale renovation companies enable people who have built equity in their homes to fix and flip their property rather than accepting the lower return on investment that always comes from working with a house flipper. These renovation companies have partnered with professional real estate agents in order to provide the homeowners with streamlined pre-sale renovation services.
Pre-Sale Preparation Is Essential To Secure A Buyer
Due to the falling prices of the properties, patient house seekers have appeared again who have previously missed out in the boom with an opportunity. Although each buyer is looking for a bargain, nobody wants to buy a lemon. People who want to buy a property at lower rates also want to minimize the chances of their property falling in value.
Real Estate Professionals have revealed that properties in good condition are performing way better than those that need improvements. Belle Property Annandale principal Robert Clarke says that “Presentation is the key to secure a buyer in the hottest market.”
The more effort you put in to make the best product, the better it will sell in the market. Nowadays, you can easily find various pre-sale home renovation programs that are striving to meet the requirements of today’s buyers. Buyers are always looking for quality modern houses with contemporary design standards.
Tips To Follow For Pre-Sale Home Renovation
For landholders, who do not have enough budget to upgrade their homes before putting them into the market for sale, the pre-sale renovation company is offering the finest renovation project planning, funding, and management. Real estate professionals always know what buyers are looking for.
People who invest in presale home renovations in order to meet the expectation of the buyers can sell more quickly than others in the market. They will also earn thousands more after selling their property. These pre-sale renovation companies offer the following services.
- A proper renovation plan to bring the home up to modern standards
- Full project management for 2-6 week renovation
- A complete home renovation funding
- Home sales, advertising, and marketing support
Factors to Consider Before Choosing a Pre-sale Renovation Project
These pre-sale renovation services are for those homeowners who do not have enough budget and need financial assistance and help with project management to sell their property to potential buyers in a profitable way.
Companies that are offering pre-sale home renovation services have a sound experience in determining the details of specific renovations that can deliver a positive ROI value. These firms can also help you avoid unnecessary home improvements that are time-consuming, risky, and costly. You need to consider certain key factors before signing a pre-sale renovation agreement.
- Property is unable to sell “as it is.”
- Homeowners have adequate time to sell
- Homeowners have sufficient equity and cash safety net
- Current Market is a stable seller’s Market
- Real Estate professionals have pre-sale renovation knowledge
- Reliable Financing Firm is Available
- Project management is provided
- Entrusted Parties are Aligned
Following are the types of Pre-sale renovation projects.
- Property Types
- Maintenance and Up-gradation
These pre-sale home renovation services are being provided by real estate brokerages such as Compass. The overall cost of a pre-sale home renovation project varies depending upon the type of pre-sale renovation you have opted for. The reconstruction process will cost much as compared to the maintenance only. These renovations are usually done by adding certain attractive features to the house so that it can make the buyers purchase the property