Before selling their home, many homeowners think about doing some DIY renovations. The hope is that the small repair jobs will increase the value of the property and sell for more. While it’s true that some renovations can add value to your home, is it always worth the cost?
Read on to find out about some of the risks of renovating your own home before you list it on the market.
When renovations are necessary before selling
Of course, in some cases, some home repair jobs are essential if you want to sell your home for top dollar. For example, you should usually arrange for a seller’s home inspection if you plan on selling their home. This may flag up repair or maintenance issues that you should sort out before listing your home.
Risks of DIY renovating before selling
When should you be wary about carrying out home repairs to prevent losing value on your home? Here are 4 things to keep in mind.
1. You don’t have the skills
Some jobs should definitely be left to the professionals if you need to do certain renovations in your home. For example, tiling, laying hardwood floors, or building a retaining wall are jobs that need professional experience. You may end up losing money if you need to call a professional in to fix the job.
2. The DIY repairs may hurt your home’s value
Unless the need for renovating certain areas of your house were mentioned in a home inspection report, your repairs may not add value at all. For example, some renovation jobs may cost more than the value they add. Or, a bad paint job could knock a few $100 of the selling price.
3. Renovations take longer than you expected
Another problem that DIY enthusiasts run into is when the repairs take longer than they imagined. This has caused some homeowners to delay the sale of their home or be forced to offer their home for a lower value because of unfinished renovations.
4. Undertaking work professionals must carry out
To make sure that your home passes a property inspection with flying colors, leave certain repair jobs to licensed professionals. Removing asbestos, repairing gas appliances, or carrying out electrical repairs could cause issues selling your home if professionals with the appropriate qualifications didn’t do the work.