There is a difference between upgrades and maintenance. Upgrades add value while maintenance issue makes the home more sellable. Below is a list of upgrades and maintenance items that will either add value or make it easier to sell. When I say make it easier to sell here is what I am talking about. If there are three homes for sale in your neighborhood and they all have renovated kitchens and bath and are very similar in price. If one home has new windows, roof, and HVAC that house will, more than likely, sell quicker because that work is already done.
Upgrades on your home may sound like a good idea, but you have to keep in mind that you need plan it really well in terms of time frame and expenses. Significant upgrades will add value to your home.
Choosing the renovations you will make is very crucial. Two things to think about:
- Don’t do the upgrades right before you sell the home. If you do you will not get the best return on your investment. Here is a good example – I had a couple whose house would not sell – the kitchen was the issue. Other home sales in the area had similar prices but the kitchens were renovated. I suggested a price drop to offset the kitchen. They decided to renovate the kitchen. They spent 18,000 to renovated the kitchen – we increased the price the of the house but it eventually sold for the price it was originally listed at. It was mainly due to the current market and home sales.
- Be careful on what type and at what level of upgrades you do. You don’t want to put in a custom kitchen when all the homes that have sold have laminate counter tops and original cabinets. You will not get your money. The general consensus is that you should get at least 3-5 years of your renovations to get the value back. So plan ahead and enjoy the renovations. Don’t pay for someone else to enjoy them.
• Remodeling your kitchen – Remodeling your kitchen will help in the buyer’s perception about your home. Having updated appliances will also increase the value of your home. You should also upgrade the counter tops and cabinets of your kitchen to be more efficient for the next home owners.
• Renovating a bathroom – Upgraded bathroom is a plus for most of the home buyers. A remodeled bathroom includes new fixtures, shower, or sink. By doing this your will have a higher selling price. When a bathroom is remodeled it creates a better atmosphere at a home.
• Add a Deck - A deck is a good addition to your home if you have enough space. A deck is one of the best things that can create an indoor and outdoor flow in your home. Adding this will be a plus factor for buyers since there is a place that they could have indoor-outdoor entertainment place for their own convenience.
• Wood Flooring – This is a very popular upgrade in a home. Most people want wood flooring in their main living area, steps, and hallways. For the cost you will get your return.
• Adding on addition – if you decide to put on addition to your home – square footage brings lots of value
• Finishing off a basement – Give home owner’s additional places to go and the additional square footage adds lots of value
• Replacing windows – Replacing your windows will not just improve the aesthetic and resale value of your home, but will also make your home more energy efficient. Having bigger windows for air flow and sealed edges will protect the temperature from coming or going out of your home.
• Upgrading HVAC system – An upgrade or check-up of your HVAC systems will not only keep your home to its optimum performance but will also attract buyers since the house is free from one of the usual problems in homes. Another selling point is its energy efficiency. If all your HVAC systems are working properly, the energy consumption will be lower.
• New Roof/gutters – if your roof is in in need of repair – get it replaced it will save you more in the long run
• New Appliances – New Appliances are a plus for buyers it will give them piece
The roof, windows, etc. do not have to be new. If they are a few years old that still creates a piece of mind for any buyer. These upgrades and maintenance items will add value or make your home sell easier. You may opt to hire a professional for all of your planned upgrades or simply plan it on your own and do some research. All you have to do is consider your budget and time frame.