Are you considering selling your home in the Bay Area? 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!
While updating and enhancing your home is a great way to attract more potential buyers, it’s important to avoid overdoing it or making upgrades that don’t add value to the property. In fact, some upgrades may even repel potential buyers. Therefore, before embarking on any major home improvement projects such as knocking down walls or visiting home improvement stores, it’s important to consider making only essential repairs and upgrades that will result in a substantial increase in the home’s value. This will help to ensure that you get the most bang for your buck and avoid wasting time, money, and resources on upgrades that won’t pay off in the end.
Don’t Add a Pool Unless YOU are Swimming In It
Adding a pool to your home does not necessarily mean you can add the entire cost of the pool to the value of your home. In fact, some homeowners have spent over $50,000 on adding a pool to their property, only to see a few thousand added to their asking price. Unless you plan on keeping and using the pool for an extended period of time, it may end up costing you more than it adds to the value of your home. Point blank: A pool doesn’t provide returns.
Don’t Get So Personal
It’s best to avoid unique and personalized designs that might not appeal to a wide range of potential buyers. This could include overly stylized kitchens or bathrooms, and any other rooms with very specific designs. Instead, it’s a good idea to stick to more neutral color schemes and styles that are likely to appeal to a larger audience. If a room has bold colors, consider repainting it in a more neutral tone, which is often less expensive than completely remodeling the space.
Don’t Decide for Your Buyers
It’s better to provide credit to buyers for necessary repairs or upgrades instead of doing them yourself, especially if they are significant changes that could impact the buyer’s preferences. Allowing buyers to customize the home according to their preferences is a great incentive. For instance, buyers may appreciate having the opportunity to select their preferred countertops and lighting fixtures. Keep in mind that upgrades made based on your personal preferences may not be as valuable to buyers. So, it’s essential to consider the potential impact on the overall value of the property before making any changes. Point Blank: Don’t make upgrades based on your own personal enjoyment or taste.
Leave the Basement Alone
If you have an unfinished basement in your home, it is best to leave it as it is. The cost of finishing the basement is not worth the amount of value it will add to your home. Most buyers prefer to renovate these areas according to their own tastes and needs. If you have not renovated your basement while living there, it is not necessary to do it now that you are trying to sell. An unfinished basement gives buyers the opportunity to make the space their own and add value to the home in their own way. Point Blank: An unfinished basement is best left that way.
Make the Space Intentional
It is advisable to keep the rooms in your home as they were originally intended. For instance, if you have an extra bedroom, it’s better to leave it as a bedroom rather than converting it into an office. This will allow potential buyers to decide how they want to use the space. Converting a room can have a negative impact on the perceived value of your home. A 4-bedroom, 2-bathroom home will attract more interest compared to a 3-bedroom, 2-bathroom with an additional den, all else being equal. When you try to turn a room into a multifunctional space such as a gym/office/library/breakfast nook, it can become confusing. So, it’s essential to plan your space with a clear purpose in mind. Point blank: Plan your space with purpose.
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!