Your home has sheltered and protected your family for many years. While the memories might make it look beautiful to you, there’s no denying it’s seen better days. But is it worth remodeling old houses before you move?
Unfortunately, there’s no one-size-fits-all answer to this question.
We’ve put together this guide to walk you through some of the most important pros and cons of remodeling old houses to help you decide if it’s the right step for you. Make sure you keep reading below to learn more!
Pro: Improve the Value of the Home
The biggest benefit of remodeling your home is improving its value. With the right upgrades, you can add tens of thousands of dollars to your asking price when you list your home for sale on the market.
Just make sure you know where to focus your money. It’s easy to get overwhelmed with the remodel, spend too much money on the wrong things, and fall into debt.
Some of the home remodels with the highest ROI include the following:
- Bathrooms: up to 102%
- Kitchens: up to 98%
- Deck/Porch: up to 90%
- Basement: up to 90%
- Windows: up to 89%
Start with these projects first then move onto other renovations if you still have room left in your budget. It can also be a good idea to make energy-efficient changes, which can even give you some tax benefits.
you’ll get more money when you sell
Con: You Might Not Get Your Money Back
It’s easy to put a lot of money into an old house renovation; it’s a lot harder to make all that money back during the sale. In fact, there’s a good chance it won’t happen.
The average payback of a home remodel is between 56% and 76%. The exact amount depends on where you live and what kind of changes you make. So while remodeling your home will give you more money during the sale, you’ll have to spend more money in the long run.
Pro: Attract More Buyers
Your house will look much nicer after a remodel—the before and after may even be unrecognizable. Since all the features are new, it will easily attract more interested buyers.
This means you won’t have trouble selling your home.
You’ll have more offers coming in, so you’ll be able to pick the best one and start the closing process without waiting months (or even years) to make the sale. If you need to move out of your home and relocate somewhere else quickly, a remodel will help you do that.
Con: It Will Cost More Money Than You Think
You might think the remodel will cost $25,000, but the final number will likely be much higher. No matter how much your budget or how careful you are, a remodel will always cost more money than you expect.
There’s a good chance you’ll encounter surprise problems along the way that weren’t part of your plan. However, at that point, it’s too late to turn back. You’ll have to shell out more money to deal with the issues so you can finish the project.
It’s also easy to make mistakes, which means you’ll have to pay extra to correct them or buy more materials. Whatever you think the remodel will cost, add another 10% on top of that for hidden costs.
Pro: You Don’t Have to Move
Why were you planning to move?
If it was simply because your family outgrew the space, a remodel can solve the problem. By adding an extra room or two and expanding the living space, you won’t feel so cramped. This is especially a good option for people who love their current neighbors, location, or neighborhood.
Your children won’t have to transfer to a new school. You won’t have to find new friends in a different city. Remodeling your home can make the “moving” process a lot easier.
However, you may still have to move out for a short period of time while you’re working on the remodel. You may be able to live in your house during the renovations, but be prepared for a lot of noise and dust.
Con: It Takes a Long Time
Remodeling a house is not for the faint of heart. It several months to finish the project, and if you’re making major renovations, it can take even longer than that.
If you’re remodeling your house just to raise the value and move, this might not be a good fit for your schedule. When you add the time it takes to finish the remodels to the time it takes to sell a home, you might have to wait a whole other year (or even longer) before you can finally move.
This isn’t possible for some families who need to relocate fast, so it may be better to sell the home as-is without worrying about the upgrades.
Remodeling Old Houses: Is It Really Worth It?
The answer to this question just depends on your circumstances. If you have the time to spare and want to make as much money from the sale of your house as possible, remodeling old houses might be a good option. For families that don’t have a large budget or a lot of flexibility in their schedule may want to skip this project.
But what do you do with your home if you can’t renovate it?
Our team at Lisa Buys Austin Houses will buy your house from you right now—no matter the condition. Don’t wait to get in touch with us today!