Update Your Home and Enjoy Now, Sell Later!

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

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?

all spiffed up and ready to sell!

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

 

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Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Topic:
Home Selling
Location:
Ohio Warren County
Groups:
Ohio Active Rainers
Cincinnati Real Estate
Advice for Sellers
Tags:
selling your home
updating your home

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Rainmaker
3,817,311
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good evening Liz and Bill Spear ,

I so agree with you. I met with some sellers who called me off and on over the last 20+ years about updates. They are now ready to make a move and their house has all the bells and whistles so will sell quickly but they've enjoyed the updates over the years! A win/win!

Mar 22, 2017 07:07 PM #1
Rainmaker
3,610,420
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Liz and Bill. I believe in living like I'm moving always. Well done.

Mar 23, 2017 06:48 AM #2
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Dorie, It's what we've practiced in our own home.  We're about to redo our kitchen, and it'll be the last major thing we'll ever need to do.  We'll sell some years from now, but every room in our home with the exception of the kitchen has already been updated.  From there out, it'll just be maintenance items.

Sheila, We like to enjoy the fruits of our labors, so do it early :)

Mar 23, 2017 01:29 PM #3
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Bill - Ain't that the truth. So many sellers tell us they wished they had done their updates earlier so they could have enjoyed them.

Mar 23, 2017 04:06 PM #4
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