If you are putting your home on the market, you are probably considering making updates to improve the value of the home and to ensure a quick resale. It seems obvious that making updates is a good idea for a home seller, but sometimes it may be smarter to just leave your home as it is.
What To Update
Some updates are going to add value to your home and bring in more buyers. These updates are going to be worth the investment in the long run:
Scratched Floors – If you find some scratches or dents on your hardwood floor or tile, it’s a good idea to go ahead and make those repairs. It is fairly inexpensive to refinish small patches of your flooring (an average of $4 a square foot). Fixing the dents or scratches gives buyers a better first impression of the general look of the home and may make them more likely to consider the property in their home search.
Kitchens and Bathrooms – When looking at real estate ads, you are probably going to find the realtor raving about updated kitchens or bathrooms. An updated kitchen is a great way to draw prospective buyers into the home. Updated bathrooms are also very popular with buyers.
Outdoor Updates – Curb appeal can be one of the most important factors of reselling a home. Do not underestimate the value that simple landscaping and a fresh coat of paint can have on a buyer’s first impression of a home.
What Not To Update
It is important to keep in mind that some updates may not be worth your time and money. Too many updates may actually hinder the resale ability of your home. Here are a few updates that you should probably skip when selling your house:
High-quality or Luxury Updates – Updating a kitchen with granite countertops and some stainless steel appliances will definitely catch a buyer’s eye. But be careful not to complete too many luxury updates like expensive marble floors or all new custom cabinets. You will not be living in the space after all, so just the basic updates are a better idea.
Swimming Pools and Recreation – While things like swimming pools and fire pits can add significant value to a home, they may not be worth it if you are trying to sell your home. Some future residents may not want to have to deal with the upkeep of things like pools, fire pits, or other outdoor amenities. If you are thinking about selling your home, it is a good idea to skip these updates.
Energy Efficient Upgrades – Adding energy efficient updates to your home is a huge investment, and the results are often not seen for a good amount of time. As a seller, you will most likely not be able to see any of the money, so it is a better idea to leave these types of updates to the buyers.
The appropriate updates for each home will vary, so it is important for you to adjust updates for your own situation. You may want to study homes that have recently sold in your area to help you decide which updates will draw buyers to your home. The price of your home may also affect what updates are most lucrative in the long run. Make sure to do enough research before you begin updates.
