Those listing a property for sale want to get the best price possible, so it’s common to launch a remodeling project to boost the home’s value. While basic repairs and simple renovations will make it more attractive to prospective buyers, over-improving can cost you when it’s time to sell. Whether an extensive renovation project is a good idea depends on the state of the local market and the unique characteristics of your neighborhood. Here’s a brief guide about when to improve a property for sale.

Buyer’s vs. Seller’s Market

Whether you should invest in an expensive kitchen remodel depends largely on whether you’re listing in a buyer’s or seller’s market. When demand is tight and buyers are competing over every property in the neighborhood, higher demand will naturally drive up the price. Under these conditions, your renovation project might not increase the value enough to make your money back. On the other hand, when there are fewer buyers, you might have to do more to capture their attention.

The Quality of Your Neighborhood

The property value depends on a variety of interrelated factors, from the size of the house to market trends and especially the other homes in the neighborhood. Unfortunately, the ones around your property for sale put a ceiling on how much you’ll be able to get, no matter how much is invested. While a full chef’s kitchen may make sense if you’re selling a house in a neighborhood where these features are common, it’s unlikely to add much value if the other properties in the area are selling for considerably less.

If you’re planning on listing a property for sale anywhere in the Coon Rapids, MN, area, EXIT Realty Nexus has the local market expertise and tools to help you achieve the fastest sale possible at the best price. Their real estate professionals will also help you decide where to spend your renovation dollars, maximizing the returns on your investment. Visit their website to learn more about the benefits of going with EXIT, follow their Facebook for news and updates, and call (612) 281-1033 to speak with an agent today.