Major improvements- extreme care must be taken when considering carrying out any major improvements on a property that you plan to sell.
Say for example you decide that an in-ground spa or pool may be an attractive additional feature for a potential buyer, which in some instances may be the case. But not all buyers look for these features, and in fact, some may request that the properties they view do not have a pool or spa. So let's say you go and spend the $35,000, and these are of no particular interest to the right buyer, in 9 cases out of 10 you will rarely get compensated to the full value of what it has actually cost you.
The same can be said for major renovations. A lot of the time you may save money by having a slightly lower asking price and you are not trying to cater for someone else's taste, especially when you don't even know what their taste is cause you haven't met them yet!
Let the buyer do the renovations to the home to their own taste and let them spend their own money. A budgeted renovation of $100,000 can easily blow out by 20- 30% and it is a heart breaker of a job to have to tell someone who has just spent $100,000 on renovations that they have increased the value by only $60,000-$70,000.
By all means do the minor repairs and general maintenance to present the home in a good light but always be mindful of large cost items as they may be hard, or impossible, to recoup.
There is no set rule for doing improvements so each case should be evaluated on its individual merit before you commit to spending your hard earned dollars.
What we do… Think of us as you would of anti-virus software you install on your computer to detect and eliminate a virus before it causes damage. We help home sellers to detect and eliminate issues which are typically caused when agents (who have their own agenda) give poor or misleading advice.
Unfortunately, there is a growing number of people who contact us when a problem has already occurred… remember you install anti-virus software on your computer to avoid getting a virus, so please contact us first so you can avoid problems with your sale.
We will always tell you in plain English what effect any advice from an agent will have on your sale and whether its good advice (in your best interest) or it’s going to cause you a problem in which case we will make alternative suggestions for you to consider.
PLEASE NOTE: We DO NOT pass your details onto anyone else, we do not on sell your email address or phone number to marketing companies or any such like or real estate agents. Your personal details go no further.More Selling Tips...
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