If you’re thinking of taking on a summer renovation project, you might do a double-take when you see the price. The cost of lumber is soaring. We’ve seen estimates that the increased cost of materials is leading to a subsequent $30k rise in the total price for building a new home.
Yet, home renovation costs are also spiking. Home renovation costs increased by 50% in 2020.
The pandemic lockdown enabled Americans to finally decide to take on that reno project they never had time to do before. Also, demand for renovation materials increased significantly as did for labor. Supply chains struggled to fulfill customers’ demands and so costs soared. And experts don’t see those costs going back down any time soon.
Now, if you’re thinking of selling your house that needs a new roof, new foundation, or expensive renovations, reach out to us. We will help you save time and money from doing an expensive and time-consuming renovation or home repair. MarketPro Homebuyers will buy your house “as-is” and get you the best price for your home in cash. Contact us today at (301) 970-9861 to talk to our team about selling your home.
Advantages of Selling Your Home Now Rather Than Doing Renovations
While the HGTV DIY craze makes it seem desirable to renovate your home, it costs a lot of time and money to renovate. Plus renovations are a huge disturbance in your life and can cause chaos, especially if you are working from home.
What are the advantages for selling your home “as is” rather than trying to renovate or repair issues? There are many. First, if you were thinking about moving to a new location, you can do it more quickly by selling your home “as-is” and for cash. With money in your pocket, you can look for a new home that is considerably larger or more turn-key than your current one. It can be in a better neighborhood or a place with the best schools or in an entirely new state.
Second, you can avoid living in a construction zone in your home. There is a reason that people in those HGTV shows do not live in their houses while the renovations are underway. They are taxing your daily lives. Renovations are hugely distracting and disruptive to your everyday life, particularly if you are teleworking, doing home-schooling, conducting your small business from your home office, or have small children running around. To avoid living in a reno-zone, you’ll have to rent an apartment or stay in a hotel room, which gets expensive very quickly.
Third, dealing with contractors can be a headache unto itself if they are not professional, are terrible communicators, or have labor/material shortages. While the contractors themselves may be pleasant, often they have to deliver bad news that your reno project will cost thousands of dollars more than anticipated and take longer to complete due to a wiring or structural issue. Also, there are currently massive labor shortages. In addition to the increased price of materials, these factors will make your renovation project much more expensive and take longer to complete.
Finally, skipping those renovations can enable you to sell your home “as-is,” and the sale will be much faster to a cash buyer. Then, you can purchase that turnkey dream home you always wanted. You would be able to move into your new house right after closing and not have to worry about expensive and cumbersome renovations. Or, you can ditch owning a home altogether and buy that RV you always wanted and travel.
With a cash buyer, you will have options for a quick and easy “as-is” sale without the usual inspections, extra closing costs, and other realtors who want a commission.
We at MarketPro Homebuyers can help you sell your home more quickly with all-cash offers and not have to bother with expensive renovations. Contact us today at (301) 994-7355 for a free quote on your house!