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Unless your renovations lead to your own long-term comfort and convenience, I think it is wiser to look at them as 'sales aids' that give you some leverage over comparable homes without them. These days, folks are lucky to get their initial principle back, ... (much less the cost of upgrades ... and hardly ever a significant profit on upgrades!)
First, my "agent" is actually not local. She lives an hour away, and just happens to be who sold us this house b/c she's partnered up with a retired military guy that my husband worked with. So, we thought it best to attempt a sell with them when we want to sell. Her main response was that fixing up the backyard isn't going to change the homes worth, although it will make buyers want to consider it more. Nothing is as ugly as a plain backyard with just dirt in it. But that's all she was able to advise at the time.
As for the fans, you have to recall we live in the Phoenix area, fans are practically a MUST in homes out here. I'd like to think we'll get our money's worth back in the fans, at least, even though it'll overall definitely have buyers consider the house more.
Second, are you guys saying people prefer linoelum over tile flooring?? And thus, putting in tile isn't an "upgrade?"
Hire a local stager for a consultation. They will tell you what upgrades to do for the sole purpose of selling your home.
Renovate all you want, but....... you need a buyer. I've seen places around here renovated by investors, offered below market value and still sit for 18 months before being sold. Just because you offer a nice house, doesnt mean you will find a buyer.
Unless your renovations lead to your own long-term comfort and convenience, I think it is wiser to look at them as 'sales aids' that give you some leverage over comparable homes without them. These days, folks are lucky to get their initial principle back, ... (much less the cost of upgrades ... and hardly ever a significant profit on upgrades!)
Exactly, this is the point I was trying to make as well. I don't think it is wise to make renovations to a house and expect them to be paid for or otherwise increase the value of the house.
If your house is much nicer than comparable homes, then sure, it will likely be the first house offered on. But, that doesn't necessarily mean the offer will be for significantly more money. Every buyer wants a bargain.
So, make the updates if you want them, not only to increase your home's value.
if you are selling and dunno what to "upgrade"....i feel it's better to offer an allowance say for flooring, new appliances etc. just make sure the house is clean, uncluttered, broken stuffs fixed and most importantly, to price your house right. i won't believe too much of those HGTV stuff. it's important to make your house as attractive as possible...but i think most buyers are smart enough to look beyond an older faucet, countertops etc if the house is priced right. no use having a really pretty house (but perhaps not exactly to the potential buyer's taste) that's priced higher than others.
People watch too many of these shows on HGTV. Many of them are shot in Canada by the way which makes them even more irrelevent to US homeowners.
Here's what I tell my clients:
Don't bother improving your house if you're going to be putting it on the market. First because the value you add to your home will be less than what you spend improving it. Second because the improvements will be to your tastes and may turn off buyers that would have wanted something different. People don't like to pay extra for a house that has brand new cabinets then tear them out as soon as they own the house because they wanted antique white and these are cherry.
This being said . . . I work in a very in demand area. The real estate downturn has been but a minor hiccup on our radar. If you're area is extremely slow you may want to consider some upgrades, but ask your Realtor what you should install so as to appeal to as many buyers as possible and don't expect to get all your money back. As others have said, the best time to make improvements is when you move in so that you'll get to enjoy them and get your money out of them in enjoyment.
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