Things To Consider When Buying And Selling A Rennovation

If you're a potential buyer purchasing a renovated property or a seller interested in starting an update, there are a few things to think about when considering the real value of a renovation. Establishing the value placed on a renovation requires some experience and knowledge and Fran Campbell Team would like to help you understand how renovated properties are priced and valued. Our Lake of the Ozarks real estate agents have experience in this arena and understand the local market. In addition to assisting you with the home buying process, we have considerable experience evaluating a home's condition. From sellers considering their own renovation to those looking to purchase a home with the work already done, we can help you understand the ins and outs of valuing a renovation. 

Price

The seller essentially sets the price of the home by what he or she is willing to accept as an offer, however, when potential buyers feel good and enjoy the home, the more likely they are to make a higher offer. The value of a renovation may or may not affect the offer, but the quality of the renovation could make a difference where buyer's preferences are concerned. Typically, quality renovations are worth doing to ensure the highest sale price as possible.


Market

By renovating your property to sell, improving the home to bring the highest price possible is likely your goal. A deeper understanding of the market will help to ensure that the sale price of the home will cover or exceed the cost of the renovations. This is definitely something to consider prior to embarking on what can be an expensive, time consuming endeavor. By contacting an agent at Fran Campbell Team, we can share a current market analysis of your home pre-renovation and discuss what upgrades may be best for your home.


Quality

A job well done, whether by yourself or a hired professional, shows. Whether the project is a complete overhaul or simple update, you want the work to be of high quality. A well thought out design is important and a great design can add the most value to the renovation. From the internal aspects of the renovation like electric and plumbing to the light fixtures and kitchen counter, you want all your choices to reflect quality work.


Flipping

For most, the hope when renovating a property is that the money put into it results in an increase in the sale price. Often renovations are needed to simply bring a home up to the value and standards of other homes in the area. If you're seeking to "flip a home" (buying an under-valued home, repairing it, and selling it at profit), you may be on the hunt for something that requires major renovations. Our agents have considerable market knowledge and are ready to help you find that opportunity. 

The key to evaluating a renovation is understanding the end result. What was achieved, how was it achieved, who did the work and with what quality of materials, are all questions a potential buyer should ask when considering purchasing a renovation. The budget, time, inconvenience and enjoyment of the renovation are things for the seller to consider. Fran Campbell Team-RE/MAX Lake of the Ozarks is just a phone call away - by understanding the market and the scope of the renovation, together we can help sellers determine what their Lake of the Ozarks property is worth or assist potential buyers in making an offer. 




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