Too often we see home sellers decide to sell their home and they undergo a flurry of home updating. Lots of time, lots of dollars and then they put their home on the market. The good news? Those updates make their home VERY appealing to the buyers. What buyer doesn't love buying a move in ready home updated to the current trends?
But there's one issue with the update just before selling strategy.
Often updates don't provide a dollar for dollar return. You spend $30,000 on updates and perhaps you get $25,000 (or less) back in increased home value. And if you're not careful you OVERimprove for the neighborhood and while the buyers will love your home, they're not going to pay anything close to what you put into the home. Not good, right?
So what are your choices?
1. Don't improve or update, but know you'll sell for less than updated homes in your neighborhood AND that it will take you longer to sell unless you're bargain priced.
2. Go ahead and make those updates just before putting your home on the market, knowing you won't get close to dollar for dollar back, but that you should be able to max out your potential for the neighborhood and sell quickly.
3. Go update "lite" and minimize your expenses and go for the biggest bang for your buck. Pick projects that involve a refresh rather than a gut and major remodel. Take care of the things buyers most want (kitchens, baths, updated lighting) and freshen up carpet and paint.
4. Or our personal favorite, don't wait until a few months before going on the market to make updates. Get a jump on the process, a BIG jump (maybe years?). Do some projects early and get some personal use out of them instead of refreshing your home and ONLY the buyers getting to enjoy your efforts. One caveat: for this to work best, you need to stick to classic updates and perhaps NOT the most trendy because today's top trend may be tomorrow's avocado green shag carpet by the time you actually go to sell.
Need advice on what to do and not to do? That's what we're here for! Just give us a call at 513-520-5305 or email Liz@LizSpear.com. We look forward to hearing from you!
Serving Warren County Ohio's home sellers and buyers,
Liz and Bill aka BLiz