There are five upgrades you should think twice about doing if you want to add value to your home and sell it for top dollar.
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Not every upgrade you can make to your home will increase its value. Here are five improvements that definitely won’t add to your home’s value:
1. Extensive landscaping. We always hear that curb appeal is really important, and it is, but you should scale back when it comes to extensive landscaping. Avoid shelling out $10,000, $20,000, or even $30,000 for a full re-landscaping job. Instead, try just laying out some dark mulch, raising the canopy of the trees, and sprucing things up for the photos.
2. Electrical and plumbing upgrades. When we walk prospective buyers through your house, it’s an emotional experience for them. They’re basing that experience 100% on what they can see and feel. The good news is they’re not seeing what’s behind the walls, like the plumbing and electrical systems. These systems can be very expensive to upgrade, so save yourself the money. Just consider doing some maintenance if these systems are old.
An appraiser won’t give you a credit boost just because the paint is fresh.
3. Installing a pool and/or a spa. You’ll probably spend at least $100,000 (and maybe even $125,000 or $150,000) because of all the limestone you’ll have to blast into. If you want to install a pool, do it for personal reasons, because you’ll only get around a 25% return on it when you sell the house.
4. Painting the house. Although I do consider this one of the most cost-effective improvements you can make, an appraiser won’t give you a credit boost just because the paint is fresh. Painting the interior and exterior of your home may make it more saleable, but don’t expect it to boost your appraisal value.
5. Upgrading essential features like your gutters, sprinkler system, and HVAC unit. Remember, you’re trying to make money by increasing the value of your home. If there’s an issue with one of these features or they’re older, buyers will expect that to be taken care of, and upgrading them won’t make them pay more money for the house.
If you have any questions about this or any other real estate topic or you’re thinking of buying or selling a home in our market, don’t hesitate to reach out to me. I’d be happy to help you.