Have you been considering selling your home in Raleigh – Durham? If so, I’m sure you have been thinking about making a few upgrades before you list it. Some changes can definitely put a few extra dollars in your pocket in the long run. However, not all upgrades are created equal. here are a few upgrades to avoid while considering the resell of your home!
Updating and adding some extra touches to your property is usually a great way to get more potential buyers in the door, but many sellers make the mistake of making too many upgrades or upgrading things that do not increase the property value. Some sellers even make upgrades that end up turning buyers OFF! Before you take a jackhammer to the kitchen floor or make a trip to the local hardware store, first consider only making necessary repairs and only the upgrades that will pay for themselves by substantially increasing your home’s value.
No Need to Add a Pool Unless YOU are Swimming In It
You will not be able to add the price you pay for a pool onto the previous value of the home. It doesn’t work that way. We have seen people spend over 50k to add a new pool, only to be able to add a couple thousand to their asking price. Unless you plan on swimming in the pool yourself for years to come, a pool will end up costing you more than it adds value. Point blank: A pool doesn’t add any value to your property.
Don’t make it Personal
Avoid overly customized designs. This can include overly designed kitchens, baths and anything else that you consider one of a kind. Consider toning down bold colored rooms and creating environments that are a bit more neutral. A can of paint is a lot less expensive than a total room redo. And on that note…
Don’t Make Decisions for Your Buyers
If your property needs some obvious repairs or upgrades, don’t make them. Instead, provide your potential buyer a credit, 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 counter tops, hardware, and lighting fixtures. To put it bluntly: Don’t make upgrades based on your own personal tastes.
Don’t Touch the Basement
If you have a house with an unfinished basement, leave it alone. The costs involved in finishing the basement are far more than what you will get back. And again, many buyers will choose to renovate those areas on their own terms. If you haven’t fixed it up while you lived there, there is no reason to do it now that you are trying to sell. An unfinished basement is best left alone.
Make the Space Intentional
Keep the rooms as they were intended. Extra bedroom? Keep it a bedroom, don’t make it an office. Let the prospective buyers decide how they want to use the space. A room conversion will only 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. Plan your space with purpose.
Look at What Your Neighbors Doing
Go look at other homes in your neighborhood and keep your upgrades somewhere in the middle. If you go too far with your add-ons, you will be targeting buyers that are a little too high-end for the neighborhood, maybe your neighborhood isn’t known for that. In addition, you will turn off buyers who love your neighborhood but don’t want to pay the high price. Keep your property competitive within your neighborhood, but don’t take it too far!
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