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What is your upgrade worth to a buyer?

By
Real Estate Agent with Lim Team with Keller Williams Realty Jacksonville
It's another chilly morning in Jacksonville.  Sitting here drinking my third cup of coffee, I started thinking about how happy I am that I added a woodburning fireplace when we were having our home built.  The builder was putting in a gas fireplace, but I insisted on woodburning.  I love sitting in front of a warm fire on the chilly days.   That got me started thinking about how a feature I enjoy so much might actually be a negative for the buyers who will eventually be looking at our home.  We often sit in the homes of potential sellers and they bring out a big list of "upgrades" that they have added to the home.  However, as a homeowner you have to be careful about the upgrades you make.  Certain upgrades can devalue your home (ex: odd kitchen cabinets or floors that are too unique).  Other upgrades might add value you to, but will not add to the purchase price you can get to your home (ex: gutters), others are simply expected in a home in your price range (ex: closet shelves, fencing).  If you are thinking about selling your home don't make any improvements hoping to increase your home's value without talking to a qualified real estate professional or you might be pouring money down the drain.

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William Collins
ERA Queen City Realty - Scotch Plains, NJ
Property and Asset Management

Stephanie,

Thanks for the post. This is such a problem. Homeowners need to understand that the improvements are for their comfort and not necessarily for the prospective buyer. I am also always amazed when sellers think that a new furnace or hot water heater adds value. It is a mechanical structure that needs to be there in working order, it is not a viking stove or some travertine floor. It's all about educating  the client!

Feb 01, 2007 11:12 PM