Are you considering selling your home in Front Royal? If so, you might be thinking about making a few repairs and upgrades before you list it. Some changes can be lucrative, paying off in the long run. However, not all upgrades are created equal. We will let you know which upgrades to avoid!
Updating and beautifying your home is a sure-fire way to get more potential buyers in the door. However, many sellers make the mistake of making too many upgrades or upgrading things that do not increase the property value. Some people even make upgrades that end up turning OFF buyers! Before you take a sledgehammer to the bathroom wall or make a trip to Home Depot, consider making only necessary repairs and only the upgrades that will pay for themselves by substantially increasing your home’s value.
Don’t Add a Pool Unless YOU are Swimming In It
You will not be able to add the price you pay for a pool onto the previous value of the home. It doesn’t work that way. We have seen people spend over 50k to add a new pool, only to be able to add a couple thousand to their asking price. Unless you plan on swimming in the pool yourself for years to come, a pool will end up costing you more than it adds value. Point blank: A pool doesn’t provide returns.
Don’t Get So Personal
It’s prudent to steer clear of excessively personalized designs, whether it’s intricate kitchen or bathroom layouts or any other features that you perceive as unique. Opt instead for more subdued, neutral environments, as overly bold colors or highly customized spaces may deter potential buyers. Simplifying bold-colored rooms and opting for a more neutral palette can significantly enhance the appeal of your home. Remember, a simple coat of paint is far more cost-effective than a complete room overhaul. And speaking of cost-effective measures…
Don’t Decide for Your Buyers
In the event that your property requires evident repairs or upgrades, it’s advisable to refrain from undertaking them yourself. Instead, consider offering a credit to the buyer, affording them the opportunity to customize the home according to their preferences. This can serve as a compelling incentive, as prospective buyers are often drawn to the prospect of personalizing the details of their future residence, such as selecting countertops and lighting fixtures. By providing buyers with the flexibility to make these decisions themselves, you enhance the appeal of the property and increase the likelihood of attracting interested parties. Point Blank: Don’t make upgrades based on your own personal enjoyment or taste.
Leave the Basement Alone
If your home features an unfinished basement, it’s advisable to maintain its current state rather than investing in renovations to complete it. The expenses associated with finishing a basement often outweigh the potential return on investment. Additionally, many buyers prefer to undertake such renovations according to their own preferences and specifications. If you haven’t opted to renovate the basement during your occupancy, there’s little incentive to do so now as you prepare to sell the property. Point Blank: An unfinished basement is best left that way.
Make the Space Intentional
It’s essential to maintain the original intended function of each room within your home. For instance, if a space was designed as an extra bedroom, it’s advisable to present it as such rather than repurposing it as an office or any other function. By preserving the intended use of each room, you afford prospective buyers the opportunity to envision how they could utilize the space according to their own preferences and needs. Converting rooms from their original purpose can diminish the perceived value of the property and potentially detract from its appeal in the eyes of buyers. For instance, a home boasting four bedrooms and two bathrooms is likely to garner more interest and traction in the market compared to a three-bedroom, two-bathroom dwelling with an additional den, particularly if both are priced identically. Furthermore, multifunctional spaces such as gyms, offices, libraries, or breakfast nooks can introduce confusion and ambiguity to prospective buyers, potentially undermining their ability to envision the space’s utility and detracting from its overall appeal. Point blank: Plan your space with purpose.
What are the Neighbors Doing?
It’s advisable to conduct a thorough examination of comparable properties within your neighborhood and aim to position your upgrades and enhancements somewhere in the middle range. Overzealous additions or renovations that elevate your property significantly above the prevailing standard may inadvertently narrow your target market to high-end buyers, potentially alienating those who are seeking homes within a more moderate price range typical of the neighborhood. Furthermore, such excessive upgrades may deter prospective buyers who are attracted to the neighborhood’s ambiance and amenities but are unwilling to pay a premium for features that exceed the local market’s norms. Striking a balance in your upgrades ensures that your property remains appealing to a broader spectrum of potential buyers while aligning with the prevailing market conditions of the neighborhood. Point blank: Keep your property competitive within your neighborhood, but don’t take it too far!