When you’ve spent years in the family home, the idea of downsizing can be confronting, liberating or a strange mix of both emotions.
Downsizing often signals the end of not just a chapter but an era in your life. The kids have left home, and the house now feels empty without the hum of family activity.
Careful planning is required for a successful downsize – both in terms of financial planning, and planning the sale of your long-held home. It’s always safest to see a qualified financial advisor and crunch your numbers, while having a preliminary chat with a real estate agent can also give you a better understanding of the work you’ll need to do to prepare your home for sale.
As experienced local agents, we know many families make improvements to their homes over the years that owners instinctively believe will add value.
But not every enhancement is a winner with prospective buyers, and sometimes it’s a smart play to take a reality check to gauge the value of your home in the current market.
Below is a list of features that owners love but which can polarise buyers. The lesson here is to not assume any of these features immediately add value. When selling your home, you may need to take action to minimise their impact.
- Swimming pool – Homes with swimming pools are most likely to find young families as their potential purchasers as few other demographics want the hassle of maintaining a pool. Despite popular belief, pools may only add a marginal value to your home (it depends on the quality of the pool and it’s integration into your design), but they can significantly reduce your market of potential buyers.
- Spa or hot tub – Unless it’s a time machine (!), you’re going to draw a blank with most buyers here. The maintenance costs and the fact they take up space are the most common complaints. If it’s portable, consider selling it separately.
- The garage is a gym – Most buyers want a garage, and those who are into physical fitness are happy to pay a monthly subscription to a local gym. Before your home goes on the market, clear out the garage and make space for the cars.
- Garden of dreams – The preference these days is for low maintenance gardens. Buyers sometimes see lost weekends on their knees, pulling out weeds. A lovely garden appeals to a specific section of people. If you want to enhance your garden before a sale, make low-maintenance improvements your goal.
- Home theatre – To many buyers, this is super-cool and they’ll pay a premium for the built-in electronic wizardry. Others only see technology that is quickly outdated and the need to repurpose the space into something more practical.
- Built-in aquarium – This is usually the pride and joy of a homeowner, but it causes most buyers to draw a deep breath. Not only are they not into tropical fish, but the maintenance headache fills them with dread. This feature can drastically reduce your pool of potential buyers.
If this article has got you thinking about selling and you have questions, please reach out. We can discuss current buyer preferences, price trends in our area and the best style of marketing campaign to maximise the value of your current property.