When upgrading or updating, smart home owners will seek features that aren't only desirable to them, but also what will add value to the home when it comes time for resale. It's important to know where you will see a return on your investments; especially if you know you won't be staying in one home for longer than 3-5 years.
Here are a few tips to keep in mind when choosing housing upgrades and updates for resale that may or may not be worth the expense:
High maintenance houses. Most buyers aren't looking for homes that require too much upkeep and maintenance. The majority, also aren't looking to fix a house up. They want move-in, start living ready!
Swimming pools are a prime example of a high-maintenance feature that may turnoff many buyers. They look at the upkeep of it as too costly and too much work.
Another turn off can be extensive gardens and landscaping because buyers will view this as time consuming and too much upkeep. If you do install extensive landscaping, you must make sure when you list that it looks absolutely pristine. This helps buyers feel it may not need that much work and may get them over the hurdle.
Over-the-top. Home owners don't necessarily want to have the most upgraded home on the block. That's because when they go to sell it, they likely won't make all their money back on the upgrades if the home becomes overvalued for the neighborhood. So while granite countertops, stainless steel appliances and all the top finishes are always an attraction, home owners need to ask whether such features are too much for their neighborhood, particularly if the other homes just have moderately priced cabinets or features.
Too personal. Too many customized interior or exterior choices, such as a Nascar/Hunting/Sports/Antique/Italy themes (all things we've seen) taken to the extreme, may turn off buyers or attract low offers because buyers may have differing tastes see the decor and finishes as something they have to spend money on doing over before they can live in the house.
It's never a bad idea to meet with your realtor or stager prior to making updates just to ensure you're on track to receive a good return on your investments. |