Should I Remodel My Home or Sell Fast for Cash? Part 2
As homes get older, they will eventually require extensive remodeling jobs. When the home starts to become an eyesore or needs significant repairs, homeowners have two options: they can either make the upgrades and spend a small fortune or they can sell the home for a fair price and move on to a new one.
In this two-part article, we are weighing the pros and cons of remodeling a home. As we discussed in the last section, if you do decide to remodel, you need a strategy in place to take on this daunting task. As we will discuss in this section, some jobs are so expensive that you may just want to work with a professional real estate investor that provides cash for homes in Raleigh, NC.
Concerns With Remodeling
If the condition of your home is above average and you live in a great neighborhood, it may be worth your time and money to remodel. For many homeowners with an undesirable home or tens of thousands in needed repairs, it may be best to sell your house fast in Raleigh, NC.
Here are some of the challenges of taking on a remodeling project:
- Budgeting: A kitchen or bathroom renovation can cost anywhere from $10,000 to $30,000. Flooring, cabinets, countertops—any of these upgrades can cost as much as $5,000 apiece. Sometimes in order to remodel, you need to take on projects that don’t offer aesthetic upgrades. For example, HVAC units, plumbing, and electrical work can cost tens of thousands of dollars collectively. It’s easy to see how the price of a remodeling job adds up quickly.
- Age of the Home: The older the home, the greater the chance of more work being required in the remodeling process. Issues with piping, wiring, and plumbing can become a nightmare in remodeling when you strip away those walls and see the inner workings of your home. A new roof can easily cost over $20,000.
- Permitting and Contractors: Whether it’s a major renovation or a smaller project like replacing a garage door, it’s important to make certain that you have the appropriate permits in place. Another issue is hiring the right contractor to perform quality work on time and within your budget. Often, a homeowner hires the wrong contractor and goes way over budget.
Remodeling an outdated home comes with many challenges. Many homeowners who require upgrades elect to save money on expensive remodeling projects and accept a fair offer from a home buying service. If this sounds like the right option for you, contact Real Estate Solutions Providers today.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.