Is it important to update, and can I get my money back?
This is a classic home seller’s dilemma. And, like so many questions, it really depends on your
specific situation. There are a number of improvements that are “no brainers”…so, let’s take a look at those first. The least expensive investments with the greatest returns are undoubtedly the following:
1. Fresh paint. Choose a neutral color, and give the interior a bright new look. You may want to consider doing some early packing, and not re-hang all of your pictures. Less clutter will make rooms appear larger, and the new owner will appreciate not having to fill holes.
2. Landscaping. A carefully manicured lawn, and weed-free beds are an indication that the property is well cared for. Mulch and some color in the flower beds go a long way toward creating that important curb appeal.
3. Replace carpet and vinyl. New flooring in a neutral color allows the buyer to feel that they are moving into a “new” home.
All three of those improvements tend to encourage a stronger offer on your property, because the prospective buyer is not moving in with a laundry list of “to-do’s” which are likely to be estimated at a higher cost than you’ll actually pay. By doing them in advance, you preclude a buyer for reducing his offer price by the amount he feels he’ll need to invest.
Other additions that aid in marketability are minor kitchen and bathroom remodeling, such as replacing dated counter tops and appliances, and refacing/replacing out of style cabinets. Because these improvements can be a bit more pricey than painting and landscaping, be sure to include your Liz Moore REALTOR in the decision making process. Not only will your agent be able to advise you whether or not the project makes sense, he or she will also be able to guide you to affordable and reputable contractors to do the work.
Carefully consider any major renovations such as room additions, garage conversions, swimming pools, etc. It’s important that you make those investments to enjoy while you are living in the home, because chances are that you will not recoup but a fraction of your cost. Garage conversions, for instance, may add a great bonus room or extra bedroom, but when it comes time to sell, you’ll have to subtract the value of the garage that you no longer have. If garages are customary in your area, the loss will most likely exceed the gain.
If you’re a seller who has been wondering if it might finally be time to sell, email us at concierge@lizmoore.com, or click below, and we can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.
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