Thinking about selling? Considering putting their house on the market and
willing to do some upgrades that you believe are certain to attract bunches of
admiring buyers? While it's certainly a wise move to make a few
improvements, it's wiser not to overdo it. If you spend a large amount of
money on remodeling expenses, chances are you'll probably never recoup your
investment - especially in a buyer's market.
Hmm, so how do you know which upgrades are worth it and which ones aren't?
For the most part, real estate experts agree that bathroom remodels, new
kitchen counter tops and appliances, and energy-saving improvements will pay
off in the long run.
However, the view held by real estate experts is that the following four
changes or upgrades are not worth your time and money.
- Making elaborate
improvements
Take a close look at competing properties in your neighborhood and the
features that each home has to offer. Some may be larger, have more
baths or bigger yards, but the ball park average sold price is about the
same in a given area. While you want your house to stand out from the
competition, you shouldn't make unwarranted upgrades that greatly exceed
other properties in your area. So before you invest tons of money
into an elaborate full-house renovation project, think again. Not only
will you end up losing money, but you may even scare off potential buyers.
If all of a sudden an elaborate mansion appears in a neighborhood of
modest style homes it would probably stick out like a sore thumb. The
buyer may feel this home is out of place. The best advice I can give
is to find out how similarly priced homes in your neighborhood measure up,
and make improvements based on your specific area.
- Replacing a Popular
Feature
Before you consider making a major home change, such as converting
your garage into a games room, take a look around. If every other home in
your neighborhood boasts a two-car garage, you should probably think
twice. Do you really want to be the only house in the area with no garage?
Most home buyers would prefer to have a sheltered place to park their car
than a room to play ping pong and darts.
- Swimming Pools
Believe it or not, a swimming pool rarely adds value to a home these
days. Unfortunately, it usually costs a small fortune to have an in-ground
swimming pool installed and you're probably not going to recoup your
investment. The reason being that, many home buyers view an in-ground
swimming pool as a hassle with its high maintenance and safety hazard.
When a home buyer sees an in-ground pool in the backyard, they may have
thoughts of spending ridiculous amounts of money as well as time on pool
maintenance. In addition, buyers with young children often steer clear of
homes with pools because of safety concerns. In other words, home buyers
are more likely to view your in-ground pool as an inconvenience - not a
selling point.
- Bold Designs
Everyone has designed and decorated their home so that it reflects
their unique style. Remember though not everyone has the same taste. If
you are selling your home and have chosen bold design choices into the
décor, don't be surprised if all lookers are not fans. For example, if you
have pink counter tops, floral print wallpaper, orange shag carpet, and a mirrored
bedroom ceiling, one look may have the home buyers going out as fast as
they came in.
If these eclectic tastes describe your home, try to tone it down before
you plant that "For Sale" sign in the front yard. Remove the
wallpaper and slap a fresh coat of neutral-coloured paint on the walls.
Replace the carpet with laminate flooring, or new standard beige or brown
carpet. Finally look for ways to take away those extremely personal
features that would be considered "strange" as opposed to "traditional."
Home buyers should be able to imagine themselves living in your home - and
that's practically impossible to do if there is too much clutter or
mounted caribou heads peering down at them from the walls of every room.
Overall, it's good to put some cleaning and upgrades into your house before
you try to sell it. This can add value and make it more attractive to
potential buyers. However, there are some things that will not add anything to
the house's closing price at all. Keep these thoughts in mind when you're
getting ready to put up that "For Sale" sign.
(For more tips on selling your house, check out my other blogs on my blog
page or give me a call at 902-222-6909).