Many sellers are under the impression that they need to remodel their homes to get top dollar. But that is a deceptive idea.
Suppose you can sell your house for $1,000,000 in its current condition, and $1,080,000 all fixed up. That sounds like a big difference. But if you need to put $80,000 into the house to get that higher price, then you just break even, and it is a literal waste of time.
Before you start throwing money and time at your house, look over this list of things that, in my experience, could be a waste when selling.
1. Don't partially remodel
Most of the time you won't recoup your money, especially if you're not remodeling the entire house. For instance, if you remodel the kitchen, but leave your 1990’s baths alone, then buyers will still want to pay for the 1990's house, not the updated version you were going for in the kitchen.
2. Don’t bother with cosmetic fixes that don’t show
DO fix small things that are highly visible. For instance, do touch up mildewed grout around a tub, replace a cracked windowpane in the entry door, patch a small hole in the drywall, and consider replacing dirty or mis-matched electric switch plates, if they're easily seen.
Compare the problem to the surrounding area. If the problem stands out, and a fix will make it simply blend in, then that might be worth doing. The idea is to remove things that cause friction in a buyer’s attention.
Don’t bother with replacing switch plates that are behind the furniture. If your hallway carpet looks faded, throw a runner over it instead of replacing the carpeting. If your blinds don't close all the way, leave them open for showings.
Most buyers run in and out of a property so fast that they won't notice those little details on the first pass. If they fall in love with the house, make an offer, and have an inspection, they'll see what's really there...and by then they're probably hooked on the house and will forgive little cosmetic details.
3. Don't bother updating your furnace or water heater
As long as they're fully functioning, that is. The home inspector will point out the age of these systems to buyers who can make their own decisions. Replacing them in advance could cost you thousands of dollars that you may not recoup in the sale.
I've seen many home sellers stand in front of a buyer, proudly listing extensive upgrades to the plumbing, electrical, and HVAC systems of the house. And I've watched the buyer's eyes glaze over, not interested in the slightest. Seldom is a buyer interested in paying for the functional features of a house unless they've fallen in love with it first. Sell the sizzle first, then present the steak after their mouth is watering.
4. Don't make partial upgrades to the bathroom or kitchen
Replacing the 1990’s kitchen faucet with a modern goose neck won't add anything to your home’s price. Nor will buying an expensive light fixture for the bathroom to replace the cheap one you've been living with for the past decade.
If the kitchen faucet is dripping or so corroded that it looks unsightly and not in keeping with the rest of the kitchen’s cleanliness, then consider a replacement.
Much more important is deep cleaning in the kitchen and baths, and the whole house. If you need to carve out mildewed grout, that's a fix that makes sense because the mildew is a turn-off. But if you simply have dingy tile, then you don't need to re-grout the entire shower-surround just to brighten it up. It won’t make your house more valuable.
Questions to ask yourself…
Ask yourself these questions before putting money into fixing up your house to sell:
- Will this item deter a buyer from making an offer on my house?
- Could this repair cost me more than I’ll get back for it at closing?
- Will this problem cause my house to sell for less than other comparable homes in the neighborhood?
- Is a buyer likely to change it anyway, no matter what I do (like repaint with another color, or remodel the entire bathroom)?
“How can I be sure I’m putting my efforts into the right things?”
The best thing you can do is have an experienced Realtor like me go through your home with you to point out the best places to put your effort and money when preparing to sell. I’ve been in hundreds of homes and seen what people pay for and don’t.
My complimentary walk-through will give you a road map to follow, so you get the best price you can for your home, without spending so much money or time up front.
Call me to set an appointment. Ideally, do this several months before you plan to sell, so you have plenty of time to work through the details.
