Renovate or sell — it’s an age-old question.
For residents of Bozeman, both options can make sense, given the circumstances. Here are a few advantages of renovating and selling a Bozeman home to help you make an informed decision, plus a more detailed look at the Bozeman real estate market and the home selling process.
What are the advantages of renovating your home?
Each year, thousands of Americans remodel and renovate their homes to improve them for various reasons. Renovating your home does offer a number of advantages compared to selling. Let’s examine a few of them in detail here.
Better customize your home
Already have a house you like? A renovation is probably the best way to customize it to make it your dream home. Renovating is an effective way to craft our home for your specific needs rather than deal with the time and costs associated with selling and moving to a new home.
Save money on selling and moving costs
Selling and moving can come with a pretty high price tag. If you’re only gaining a modest increase in equity from your home sale, renovating can be more cost-effective in the long run.
Increase your home value
Remodeling and renovating, when done right, can be a great way to increase your home’s value. That translates into a higher sale price if you ultimately decide to sell at a later date. Although renovations do require upfront costs, they can pay great dividends down the line by making your home much more attractive to prospective buyers.
What are the advantages of selling your home?
Although renovating has its advantages, selling is a great choice as well. Here are some reasons why Bozeman homeowners should consider putting their homes on the market.
Avoid renovation costs
Although renovating a home can help to better customize it to your needs and increase its value, it also comes with a considerable price tag. Sometimes, it doesn’t make financial sense to put thousands of dollars and a significant amount of time into remodeling your home for several reasons. Maybe you don’t believe it’ll translate into an appreciable rise in your home’s value, or perhaps you think the money can be better invested elsewhere.
A new investment better suited for you
There are many financial reasons why selling your current home and moving to a new home can be the right choice.
If you have enough equity in your house, selling and buying a new one can be a wise decision for your portfolio, as it can help to cover your closing costs and pay for any moving-related expenses.
On the other hand, you may be an empty nester looking to downsize or a retiree seeking a fresh location to spend your golden years in. In these instances, selling and moving can be the right choice financially in many cases. Whatever the reason is, selling your current home and buying a new one can often be a wise investment.
Make a profit on your current home
Nationally, the average annual home price increase over the past 30 years has been about four percent. If your home has seen strong appreciation, now could be the perfect time to turn a profit on it. Doing so can be a great way to do anything from buying a new home to padding your retirement funding.
Less time and labor-intensive
Generally speaking, selling and moving is less time and labor-intensive than renovating. A renovation can be tough, stressful, and time-consuming work and turn your home into a veritable construction zone for months or even years. However, homeowners who opt to sell don’t have to deal with this hassle.
What is the home selling process?
Does selling your Bozeman home sound right for you? Let’s break down the home selling process and see what it entails on a step-by-step basis.
First, contact a local real estate agent like Kelly Smoak to guide you through the selling process from start to finish, including negotiations between parties, navigating legal paperwork, managing the closing process smoothly, and much more.
Next, carefully assess your home and make any needed renovations or repairs. This is another area where having a real estate agent to assist you can be a critical asset. Afterward, be sure to keep your house clean and tidy in advance of any showings to make sure it’s in top shape for potential buyers.
Once your home is on the market, you’ll likely begin receiving offers at some point. Work with your agent to evaluate any incoming offers and send back counter-offers. When an offer is accepted, both the buyer and seller agree to a contract.
The next step is a home inspection, which locates and identifies any issues in the home being sold. If any issues are found, both parties negotiate a plan to solve them. After this occurs and any needed repairs are made, a closing date is set.
During the closing, keys and money are exchanged by both parties, and all the remaining legal paperwork is signed, completing the home-selling process.
What are the advantages of choosing a real estate agent?
Bozeman homes for sale are in strong demand. If you do opt to list your home on the market, it’s always a good idea to use a local realtor instead of doing it yourself in a “for sale by owner” situation.
This is because real estate agents know this process inside and out. With a professional real estate agent, you’ll have a much better grasp of how the local property market works, more easily negotiate deals with prospective buyers, and market your home more effectively through their network of contacts. A professional realtor can also help guide you through all the legal documents that need to be signed and the closing process, ensuring a seamless transition from seller to buyer.
Sell your Bozeman home
Now that you have a greater understanding of the advantages of renovation versus selling and what the home sale process entails, it’s time to decide your course of action. If you decide to sell, contact local real estate expert Kelly Smoak today for help navigating the Bozeman real estate market successfully.
