Are you planning to sell your property? Then you might have thought about all the works that you’ll have to do to put it in good condition. Chances are, you already talked to contractors or you may have listed all the things that need to be done to make sure you’ll get top dollars for it. While some upgrades are necessary, there are a few that are not worth your time or effort. Let’s go over some of those before you decide to jump into repairs.
Upgrades to Avoid Before You Sell Your House
Making upgrades and repairs to your property is one sure way to get prospective buyers. But one mistake that homeowners do is overdoing it. They tend to go crazy with repairs and sometimes end up adding items that do not necessarily add value to the property. The worst-case scenario is that potential buyers could be turned off by it too. So before you get too excited and start busting down walls, make sure to read this blog about what upgrades to avoid before you sell. From there, you can decide which upgrade is really needed and could substantially increase the value of your home.
- KNOW YOUR MARKET – The goal of the repair is not to be the nicest house on the block. Your goal is to increase traffic and to appeal to a number of buyers necessary. You have to know your market and see what it demands. For example, if most houses in the area have a porch or a grilling pit, then it’s safe to say that this is what buyers are looking for. But if you find out that not everyone has it, you better not add it! A few people will be willing to spend money on adding these things so you may not get the return that you are actually looking for.
- DON’T ADD A POOL UNLESS YOU ARE SWIMMING IN IT – Adding a pool cost approximately $50,000 and trust me, you will never get back what it takes to put up a pool. It’ll probably add $10,000 — give or take to your house’s overall value. It’s not worth it — unless of course you’re putting it up for your family’s enjoyment or you’re the one who’s gonna use it. So if you think that adding up a pool will increase the overall value of your property, then you are absolutely mistaken.
- DON’T GET TOO PERSONAL – Avoid a design that is too specific. You may think that one specific design is pretty and elegant looking but not everyone will think the same. Watch out for overly designed kitchens, bathrooms, bedrooms or any part of the house that you feel “unique”. If you’re planning to paint some of the rooms in bold colors, you may want to rethink that and paint it with a neutral color instead. Try creating a neutral environment as possible. You are trying to get as much traffic as you can and not everyone has the same preference as you.
- DON’T MAKE DECISION FOR BUYERS – If there are items that need fixing, instead of making them yourself, try to consider asking your buyer how they need it to be done. This will make them feel in control and free to make adjustments on their own. They’ll see it as a creative opportunity to put their own ideas in the house and make it personalized based on their own needs. People are often attracted to the idea of renovating and choosing their own countertops and lighting fixtures.
- DON’T MESS WITH THE BASEMENT – Do you have an unfinished basement? It is best to leave it as is. Just like the “swimming pool” you’ll never get the return that you are expecting on this repair. And, most of the buyers will want to renovate it under their own terms. There are many things to consider for this one, so it is best to leave it at the hands of the buyer.
- DON’T MAKE THE SPACE INTENTIONAL – Have an extra bedroom? Don’t decide for yourself and make it an office or an entertainment room. Let the prospective buyers decide how they will use the space for. A “4 bedrooms – 2 Baths” will get more traction than “2 bedrooms- 2 baths -1 den – 1 gym”. Making it intentional will only lower down the perceived value of the property. Plus, if you post it like that, it will only confuse buyers.
- WHAT ARE YOUR NEIGHBORS DOING? – Take a look at other homes in your neighborhood and keep your upgrades at par with what they have. If you go too crazy with the add-on, you will have to target high-end buyers. And maybe, your neighborhood is not known for that. Your house will end up sitting in the market longer than you expected.
I know, these things seem a lot to think about. If you want to skip all the hassles repairing cause, you may want to consider selling to a credible home buying company. Not only do they make your life less complicated, but they’ll also ready to buy your house without any repairs.