Updated: Jan 7
It is common knowledge that upgrading your home can help to boost the sale price, but it can sometimes be difficult to recoup the costs associated with these upgrades. If you are planning to take on a few home improvement projects before you list your home for sale, you should make sure your to-do list does not include these expensive upgrades. While there are plenty of upgrades that are worth your time and money, the upgrades that made this list should be avoided.
Upgrade #1: State of the art utilities
If you have to replace your pipes or wiring, you might opt for higher quality building materials. While buying parts that will last is not a bad idea, do not expect buyers to pay a premium for these upgraded building materials. In fact, if the entire neighborhood has high-end utilities installed, this might be an expectation for buyers rather than an upgrade.
Upgrade #2: Extensive landscaping
A well-maintained yard is an important feature for any newly listed home. However, an intricately landscaped yard will not increase your home value any more than a simple flower bed and a row of neatly trimmed shrubs. Landscaping is highly dependent on personal preference. While you might love having a water feature and a koi pond, prospective buyers might see it as a negative feature that will require constant upkeep.
Upgrade #3: Backyard pool or hot tub.
While you might love the idea of lounging by the pool on a hot summer day, many people see a pool as a money pit or a safety hazard for small children. If you decide to get a pool or hot tub in your backyard, make sure you are installing it for the right reasons. If you are getting a pool so that your kids have somewhere to play with their friends during the summer, go ahead and complete the installation. If you are adding a pool in an effort to increase the sale price of your home, you should concentrate your efforts elsewhere.
Upgrade #4: Up to date flooring and fixtures
The latest home interior trends change incredibly quickly. Something that is in style one day can appear dated a few months later. When choosing flooring, countertops, fixtures, and appliances, do not default to the latest trends. A timeless look will attract more buyers than a trendy design. Choose a color pallet that you love, not necessarily one that reflects the latest trends.
Upgrade #5: Solar panels
Solar panels can be a great way to cut down on energy costs and reduce your carbon footprint, but you will not recoup their value when you sell your home. In fact, if you buy solar panels on a payment plan, you might be responsible for paying off the remaining balance before selling your home. Make sure that you are installing solar panels because it is something you want to do, not because you think it will attract potential buyers.
Getting ready to sell? To learn more tips and tricks to make your home more marketable, contact our team today.