Are you considering selling your home in Southwest Michigan? 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
When it comes to designing a space, it’s important to keep in mind the balance between customization and functionality. While unique and bold designs may seem exciting, they can also limit the resale value of a property and make it difficult for future buyers to envision themselves in the space. Therefore, it’s often wise to avoid overly customized designs, such as intricate kitchen and bathroom layouts or other features that may be too personalized.
One way to strike this balance is to consider toning down bold color schemes and creating a more neutral environment. This can be achieved through the use of neutral paint colors, soft furnishings, and accessories, which can help to create a more timeless and versatile space. Not only is this approach more cost-effective than a complete redesign, but it can also help to appeal to a wider range of buyers and increase the potential resale value of the property.
Ultimately, the key is to design a space that is both functional and aesthetically pleasing, while keeping in mind the potential impact on resale value. By finding a balance between customization and practicality, it is possible to create a space that not only meets your current needs but also has long-term value.
Don’t Decide for Your Buyers
If there are obvious repairs or upgrades needed, don’t make them. Instead, provide a credit to the buyer, so they can have things done the way they want. It can be a great incentive when buyers have the ability to decide on the details of the home. People will be attracted to the idea of choosing their own countertops and lighting fixtures. Point Blank: Don’t make upgrades based on your own personal enjoyment or taste.
Leave the Basement Alone
Do you have a house with an unfinished basement? If, so… leave it that way. The costs to finish the basement aren’t worth what you will get back. Plus, many buyers will choose to renovate those areas on their own terms. If you haven’t renovated it while you lived there, there is no reason to do it now that you are trying to sell. Point Blank: An unfinished basement is best left that way.
Make the Space Intentional
When designing a home, it’s important to keep the original intended purpose of each room in mind, particularly when preparing it for sale. If a room was designed as a bedroom, it should be presented as such, rather than being converted into an office or other non-bedroom space. This allows prospective buyers to envision the full potential of the space and how it can best meet their needs.
It’s essential to note that room conversions or changes can actually reduce the perceived value of a home. A 4-bedroom, 2-bathroom home, for instance, will generally attract more potential buyers than a 3-bedroom, 2-bathroom home with an additional den that has been converted from a bedroom. The perception of having fewer bedrooms may make the home less appealing to families and those who require extra bedroom spaces.
Creating spaces that are too multifunctional or confusing can also be a mistake when designing a home. Instead of a gym/office/library/breakfast nook all in one space, it’s better to create purposeful and well-defined spaces. Overly multifunctional spaces can become cluttered and confusing, making it hard for potential buyers to envision how to use the space.
In summary, it’s vital to plan your space with purpose, keeping the original intended purpose of each room in mind when designing a home. By doing so, you can create spaces that appeal to a wide range of potential buyers and help them envision themselves in the space, leading to a higher perceived value and a faster sale.
What are the Neighbors Doing?
Take a look at other homes in your neighborhood and keep your upgrades somewhere in the middle. If you go too far with your add-ons, you will be targeting high-end buyers. And maybe your neighborhood isn’t known for that. In addition, you will alienate buyers who love your neighborhood but don’t want to pay the high price. Point blank: Keep your property competitive within your neighborhood, but don’t take it too far!