Whether you're planning to sell your home immediately, or sometime in the future, your home's resale value is a top consideration when you plan any upgrades.
There are upgrades that will boost your real estate selling potential, and upgrades that can harm your chances of selling. Any upgrades you make could have an affect on your home's final selling price, and also the speed at which you close the sale.
With so much at stake, it pays to carefully consider where to invest your money when you plan your home upgrades. The following dos and don'ts of home upgrades can help you prioritize which renovation projects would be worth pursuing.
Home Upgrades That WILL Return Your Investment >>
Do Upgrade the Home's Major Systems: Plumbing and Electrical
Most real estate buyers would reasonably expect to be able to move into a functional, safe home with all major systems working correctly. If your home has faulty plumbing or electrical systems, expect it to be a deal breaker.
It's crucial to fix safety issues such as those posed by faulty wiring. It's also a good idea to fix time and money-wasters such as leaky faucets, clogged pipes and outdated or nonfunctional valves. While reliable plumbing valves and fittings don't affect the home's appearance, their presence is critical for buyer satisfaction.
Do Upgrade the Kitchen
When potential buyers step into your kitchen for the first time, you want their first impressions to be favorable.
The countertops play a big part in determining the outcome of this critical emotional response. If your current countertops look dingy or unappealing, they need attention before your home goes on the market. Cracked or chipped tiles should be replaced, or the countertops could be redone all together if the damage is extensive.
Replacing outdated countertops is one of the smartest kitchen renovations you can perform. Many real estate agents recommend upgrading to granite or natural stone countertops in order to boost a home's resale value. This advice only makes sense for you if such an upgrade would harmonize well with the rest of your kitchen's design.
Re-painting the kitchen is an investment that can be expected to pay for itself, assuming you choose a color palette that's both on-trend and appealing.
Do Freshen Up the Bathroom
Potential buyers are attracted to homes offering clean, inviting bathrooms. If they're lacking in your home, it's advantageous to attend to that situation before listing your home for sale.
It's worthwhile to freshen the paint in the bathroom, and to make sure all the grout is fresh and clean. Replace any damaged tiles that are present, and any broken or outdated fixtures.
If your toilet and bathroom fixtures are old and decrepit, it could be worth remodeling and upgrading to new high-efficiency models. This will save the future owner significant amounts of money on utility bills, and is a fantastic selling point when your home changes hands.
Do Enhance the Home's Curb Appeal
It pays to attend to details on the home's exterior since the outside of the home is the first thing a potential buyer will see. In the recent past, homeowners recouped most of the costs for exterior improvements such as replacing their entry doors and repairing damaged siding. Tending to your lawn and garden can be very beneficial, since an average return at resale for costs associated with landscaping is extremely high.
Home Upgrades That WILL NOT Return Your Investment >>
Don't Install a Swimming Pool
Swimming pools don't offer sellers much in the way of return on investment. They can even hurt your chances of selling a home, because many potential buyers view them as liabilities.
A swimming pool can incur high unwanted expenses for insurance, maintenance and upkeep. Pools also pose drowning hazards to children and pets, which means that homeowners must take extra care to prevent such accidents from occurring.
However, if you do already have a swimming pool installed, it's a good idea to fix any visible damage to it before listing your home. Otherwise, potential buyers could run screaming from the deal, making a sale unlikely.
Don't Bother Renovating a Home Office
Not everyone wants or needs an office at home, so home office renovations might turn out to be a waste of money. In the recent past, homeowners have had challenges recovering their upfront costs on home office renovations when it came time to re-sell.
These are just a few suggestions for prioritizing your upgrades and increasing the likelihood that your home will sell quickly, and for an attractive price.