A question posed to many Real Estate agents quite often is, “Should I renovate my home before putting it on the market for sale?” There isn’t a yes or no answer to this question. It is heavily dependent on a few factors. The primary factor that you should consider is this, what are the homes selling in your geographical area like? If the homes in your area similar to your home in age and condition then you should consider NOT doing any renovations.
You need to canvass the homes that are listed in your neighborhood and see what the listings are like. If your home comparable to the homes in the area than renovating may very well put your home in a price range that is not reflected in your area making it much more difficult when it comes time to sell as you will need to increase your asking price to recoup the money you have invested in renovating. If, on the other hand, the majority of the homes in your area are new or newly renovated than you may be able to invest some time and money into some renovations.
This is in order to compete with the other inventory and the prospect of making that back will increase if you can keep the costs in line with what is currently selling. Remember also, that the renovations you decide to do (if any) will also determine what you are able to recoup. Kitchens and bathrooms tend to bring back more return on investment than say a man cave or dining room renovation.
Keep in mind that some renovations can actually have a negative effect on return, things such as in ground pools will almost never make back what you have invested and can even turn some buyers away from your property. So, doing your homework is essential before running out to the Depot and loading up on lumber and nails. Make sure that you will be able to recoup that investment.
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Indiana law requires you to complete 90 hours of education to qualify for the Indiana Broker License. This is an entry level license that allows the you to perform real estate related functions on behalf of the consumer, under the guidance of a managing broker.
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