A plan to remodel is an excellent approach if you want to sell your home and maximize its value – but beware of falling into the traps that could cost more than they earn.
A significant influencing factor that owners often forget when preparing for sale is the preferences of buyers need to rule – not your own taste. So it’s important to identify features that will command a price premium when it comes to sell.
As an experienced neighborhood agent, I work with local buyers every day and know intimately what gets them excited and what turns them off a property.
Buyers love a great kitchen and bathroom but can recoil if you’ve gone too upmarket. They may question your asking price and wonder what percentage of it has been determined by the upgrades and your need to make money on them.
So before you start thinking about spending money on an upgrade, let’s have a conversation about the most cost-effective improvements that can positively influence the sale price.
Below are some common mistakes where sellers overspend that are best to avoid.
- Gourmet kitchen – You risk limiting your pool of potential buyers by going the full Gordon Ramsey. If your prospective buyers are not gourmet chefs, they’ll see this as an unnecessary cost. Most owners never get their money back if they invest too heavily in a new kitchen.
- Bathroom sanctuary – A similar principle holds for the bathroom as it does for a kitchen. Keep your remodel in proportion to the quality of the rest of the home. Otherwise, you’ll never recoup your investment no matter how fancy your European tiles are.
- On the tiles – Taste is subjective, and what you might appreciate does not necessarily win the favor of buyers. So, avoid patterned tiles. Just as I recommend with wall colors, keep them simple and neutral if you’re planning to sell soon.
- Wall-to-wall wallpaper – Patterned wallpaper can be overpowering if it’s a feature of the entire apartment or house. Many buyers will consider it a headache to remove. Instead, opt for fresh paint of neutral colors to win buyers over.
- Textured walls and ceilings – Many buyers will dismiss a home at the moment they see this feature. It’s hard and expensive to remove.
- Carpet everywhere – Carpet is not in fashion right now. Hardwood, bamboo and laminate floor coverings are more prized. Carpets hold the dust and are considered not to be healthy. Hardwood flooring can add between 2-5% to your sale price, say some surveys.
- Lavish lights – We all love a chandelier but maybe not in our living rooms. Light fittings make a huge visual impact, and if you’ve gone over the top you’ll turn away many buyers.