Upgrades To Avoid When Selling Your Home!
You may be tempted to update or remodel some things in your home in attempts to bring in more potential buyers, which can work, but you also have to know what’s necessary and what’s not. You want to be sure that any upgrades you do make are actually increasing the property value and not just wasting your money. You also want to be sure that any upgrades you make don’t turn off potential buyers. The main goal here is to be sure that you only make necessary repairs that will substantially increase the value of your home.
Don’t Add a Pool
Most people assume that if you spend 40k for a brand new pool that you can just tack that on to the list price, but unfortunately that is not how it works. In most cases, a brand new pool would only add a couple thousand to your asking price. Unless you plan on utilizing that pool yourself for years to come, a pool will end up costing you more than it adds value.
Don’t Get So Personal
Try to avoid overly customized designs. Things that you may love a buyer may absolutely hate. It’s best to keep things as neutral as possible, especially since buyers will be looking at the home picturing themselves in it. If the home is over customized or too gaudy, it will be hard for a buyer to envision themselves there and the potential of remodeling the home to their taste.
Don’t Decide for Your Buyers
If there are obvious repairs or upgrades needed, don’t make them. Instead, provide a credit to the buyer, so they can have things done the way they want. It can be a great incentive when buyers have the ability to decide on the details of the home. People will be attracted to the idea of choosing their own countertops and lighting fixtures.
Leave the Basement Alone
If you happen to have an unfinished basement your best bet is to leave it alone. The costs to finish the basement will most likely not be beneficial. Many buyers will choose to renovate those areas on their own terms. If you have not renovated it while you lived there, there is no reason to do it now that you are trying to sell.
Make the Space Intentional
Keep the rooms as they were intended. If you have an extra bedroom, keep it a bedroom, not an office. It’s important to allow the prospective buyers to decide how they want to use the space. Converting a room can knock down the perceived value. . A 4-bedroom, 2-bathroom home will get more traction than a 3-bedroom, 2-bathroom + den at the same price. Also, a gym/office/library/breakfast nook can become confusing.
What are the Neighbors Doing?
Try to take a look at other homes in your neighborhood and keep your upgrades somewhere in the middle. Without doing this you may do too much with your upgrades and will then be targeting high-end buyers. If your neighborhood is known for that it could possibly backfire and alienate buyers who love your neighborhood but don’t want to pay the high price.