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5 Reasons Selling Your Home As-Is Can Save You A Lot Of Money.

How to calculate the profitability of a house renovation?

June 8, 2020

When considering any home updates you will want to keep in mind that spending more than 10-15% of your homes value in a single room rarely pays off when you go to sell the home.  For example if your home is worth $100,000 then spending over $15,000 on your kitchen or bathroom may not get you the return on investment you were expecting.

In addition to how much money you’re looking to spend on your home you want to consider where you're getting the money from.  If you paying in cash, taking out a loan or applying for credit be sure to set aside or apply for about 10-20% more than your expecting to invent into your home.  This will hopefully cover the costs of unexpected projects you might uncover through the process of a remodel.  Alternatively, you may decide to do a few more things while you have a contractor at your disposal. Ultimately, you will want to have a pretty good guess as to how much money you will have left after the project.

Now that you know how much you can spend on the renovations, it’s a good idea to prioritize  the remodel and ask yourself the following questions.  What do you want this project to do? What details are required to make that happen? What are you willing to compromise on? What are you willing to splurge on?  Once you answer these set of question, you should be able to create a fairly accurate spread sheet of each project that is associated with your remodel.  This can include each portion of the project and the estimated cost for labor and materials.

After breaking down the costs associated with the materials, you’ll want to begin setting appointments and curating bids from multiple contractors.  You’ll want to stick with the middle of the road bids as a low offer might should appealing but can lead to errors and wind up costing you even more money in the future.If you're looking to spread your budget further you may want to consider doing some of the preparation and finishing touches yourself.  For example doing some pre-demolition can save you many house of otherwise paid labor.  Furthermore after the main projects have been completed, consider installing the fixture and painting on your own.  Utilizing your contractor for the major tasks that can’t be done on your own or require specialized skills.

Once you’ve chosen the right contractor have them look over your cost breakdown, and ask them if they can find any details you may have overlooked in your initial planning.

Though, if you're looking to upgrade your home for the sole purpose of selling it, you should consider scheduling as appointment with McCright Properties.  We buy home for cash in their as-is state.  This means there is no need to go through the process of updating or remodeling your outdated home, we will give you a fair offer for your home today!

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