Many sellers, today, consider their homes to be significantly more valuable because of some of the updates/upgrades they have performed. Sometimes, they can add value, but more often than not it's considerably less than the seller thinks it's worth.
The good news, is the home will normally be more attractive and more desirable with these improvements. Richard Weisser gives us a great post about this subject:
In the HGTV era of real estate sales, I run into a lot of sellers that insist that every upgrade that they have ever made should increase the value of their home.
However, here in Coweta County Georgia, that is simply not the case. Stainless steel appliances or granite countertops or hardwood floors may really make a house stand out. And a well maintained home with many upgrades may be just the thing to prompt a fence-sitting buyer into action.
But these enhancements do not translate directly to price. And while they may garner a modest premium by narrowing the degree of wiggle room in the negotiation process, the rate of return on expenditure is fractional.
And many items, such as a new roof or a new HVAC system are maintenance items, and do not add value either. Buyers expect a roof and an air conditioner when they purchase a property, so these details are indeed inducements but may not affect the market value of the property.
Homeowners should only consider upgrades for their personal enjoyment and lifestyle, and not as an investment. And they should perform all necessary maintenance as it is warranted.
The bottom line is the bottom line! And there is no workaround for over-improvement.
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