10 Home Updates That Can Cost You Money When Selling
Renovation shows make it look easy tear down a wall add new fixtures and boom top dollar sale right not exactly after twenty years helping homeowners sell for maximum value I have seen which updates pay off and which ones tank your return here are ten things not to do if you want to keep more money in your pocket when it is time to sell.
Reason Homeowners Renovate
People renovate for four reasons staying in the home and maintaining value personal enjoyment investment flips or preparing to sell we are focusing on the last one because buyer expectations and resale value work very differently from personal taste.
The Four Moments Buyers Notice Problems
Buyers pay attention during the showing the inspection the appraisal and sometimes a required city inspection any of these can uncover issues and certain repairs may be required to close.
1 Do Not Prioritize Cosmetic Fixes Over Required Repairs
Required means repairs that cannot be waived these are often lender required items or repairs needed to pass city or village inspections ignoring them can delay or kill a sale even selling as is does not fix this so do required repairs before spending money on pretty updates.
2 Do Not Make Unnecessary Major Replacements
Big replacements like roofs windows furnaces and AC units rarely provide strong ROI unless they are truly needed national data shows roof replacement averages 57 percent ROI windows between 63 and 67 percent a major kitchen remodel around 38 percent and bathroom remodels around 45 percent if it can be safely repaired instead of replaced fix it and save your money.
3 Do Not Make Poor DIY Decisions
DIY projects can save money or destroy value buyer confidence drops fast when they see uneven flooring bad paint sloppy tile or questionable plumbing one in ten DIY roof repair attempts ends in an emergency room visit according to data so know your limits get help when needed and remember a bad DIY update is worse than no update at all.
4 Do Not Sacrifice Function for Trends
Removing bedrooms eliminating closets converting garages or turning essential spaces into gyms or studios can kill your buyer pool buyers shop using filters bedrooms bathrooms garage count and function if you remove core features you lose interest and lower your sale price make changes reversible or avoid them entirely.
5 Do Not Add Technology Expecting Higher Resale Value
Smart gadgets look cool now but tech ages fast and most buyers do not want to maintain complicated systems solar panels smart wiring and advanced security setups have mixed ROI and can come with contracts service requirements and long term obligations install tech for your enjoyment not resale.
6 Do Not Replace Flooring Unless Absolutely Needed
Hardwood floors are appealing but replacing flooring rarely makes sense refinishing hardwood offers up to 147 percent ROI compared to new installations at 118 percent carpet replacement yields about 25 to 40 percent ROI deep cleaning restretching or refinishing is usually smarter than replacement.
7 Do Not Replace Doors If You Do Not Have To
Reports show front doors and garage doors have high ROI but you can get similar results with cheaper updates clean the door repaint it update hardware replace damaged screens repaint house numbers and refresh the entry do not overspend on full replacements unless truly necessary.
8 Do Not Invest in Expensive Window Treatments
Heavy curtains dark drapes and elaborate blinds block natural light and make rooms feel smaller buyers want open bright spaces keep treatments simple use neutral sheers or remove them entirely natural light sells homes.
9 Do Not Over Personalize Your Home
Bold colors ornate built ins wallpaper and highly specific designs can turn off buyers stick with neutral paint timeless finishes and accents that can be swapped out buyers need to imagine their life in the home not yours keep it clean simple and broadly appealing.
10 Do Not Add High End Luxury Features for Resale
Luxury additions rarely return their cost pools return about 25 to 35 percent upscale bathrooms around 54 percent sunrooms around 47 percent and home theaters around 25 percent high end landscaping can also scare buyers who worry about maintenance make high end upgrades for your enjoyment not resale value.
Final Thoughts
When selling focus on practical cost effective updates that appeal to the majority small repairs fresh paint simple fixtures and clean spaces beat expensive renovations almost every time your local realtor can guide you on what matters for your market if you need help finding a great agent reach out and I will connect you with someone skilled in maximizing your home value.
