Here’s how you can decide if you should upgrade your home before selling.
Unless you live under a rock, you know that our market is absolutely on fire. With that being the case, many sellers have asked me recently if they really need to make any improvements before they sell. After all, won’t there be a ton of demand anyways?
The answer is that it depends on the unique features of your home. Your floor plan, flow, paint, and everything else matter greatly when it comes to selling. Let me give you an example to illustrate my point.
“$10,000 worth of updates got my client an extra $75,000. ”
Good friends of mine were selling a home they had lived in for 20 years. The house was in excellent condition, but they hadn’t made any upgrades during that time. I knew their property had unique features that would command a high price; all they had to do was make some basic updates.
All we did was replace the carpet and paint for a cost of $10,000. We listed the home at a high price of $550,000, but it sold for 18% over the asking price at $650,000 with a lease-back agreement. There’s no way to know for sure, but my experience tells me that without upgrades, they probably would have received $575,000. That’s still a good deal, but nowhere near their full potential.
This is why it’s so important to work with someone who understands your local market. Upgrades made sense in this example, but they might not make sense for you. If you have questions about what you should do, please call or email me. I’d love to help!
