If you are a home seller and planning to update your home in order to get a higher sales price, you might want to read this post from Sally K. & David L. Hanson and then call your local trusted Realtor before spending any money:
We have the privilege of working with all kinds of Buyers and Sellers in a variety of communities and price points…very intentionally….and we enjoy the variety that this brings to our practice.
Working with Buyers new to the area or referrals to first time buyers brings a different dimension than working with people upsizing and downsizing in the same areas. There are dreams to be fulfilled...and sometimes the thought is...."If I can buy a house for $X then I can upgrade....kitchen, bath...exterior with multi-level decks, add outbuildings, the list continues and visions of "making it their own" dance through their heads. Mmmm...quartz counters....new flooring from hardwood to ceramic...lush carpet....that wall removed...island added to the kitchen...spa bath with large walk in shower.
That money not spent on the mortgage can now be used for "Dream Fulfillment" and the house will be the grandest in the neighborhood...the city...the county ! Then in a few years.....they dream of moving on and benefiting from all that "equity" found in those dream improvements and repeat the process.
Hmmmm.....As a Buyer's agent....when we advise Buyers on "living the dream" with their improvements to a house...we add a temperment of reality. There are downsides to being...the BEST house on the block, neighborhood..in the city in the county. IF improvements are made with the intention of great financial benefit...that may not always be the case.
It may be that the house you choose to improve is in a neighborhood that wll not likely command a price that reflects the "equity improvement dream" when it comes time to sell it. Our crystal balls are not always clear...but within a few years....large five figure appreciation regardless of the improvements may not be the case.
There is wisdom in hiring a Buyer's agent with experience...one who can help you decide if improvements MAY bring the equity you have in mind..OR ,,,you may choose to make the improvements because that is how you choose to live and financial gain...a relatively short stay in a home is not a life plan. Everyone has their reasons for doing what they do...an experienced agent can help ...but not guarantee the results !
If you or anyone you now is looking for experienced real estate agents in southeastern Wisconsin to help you with Selling or Buying a property, call Sally K. and David L. Hanson, Broker Associates with Keller Williams, we are honored to be of assistance in all things real estate.