Improvements to Avoid When Trying to Increase the Value of Your Home
We all want to increase the value of our homes. This is especially true when we are trying to sell our homes and that value will determine how much money we are able to walk away from the closing table with. With this in mind it is important to learn which improvements will pad your pockets when all is said and done and which will leave them wanting more. So what are the things you don’t want to improve or upgrade before selling your home?
Windows
You will read a lot of conflicting information on windows when it comes to adding value to your home. The long and short of it is this. If you are going to be living in your home then by all means go for more energy efficient windows. They are likely to pay for themselves rather quickly. If your plans are to sell, new windows, even the energy efficient variety, do little to improve the monetary value of your home and are not likely to pay for themselves. It is much more cost effective to clean them up, wash them well, and perhaps add a fresh coat of paint.
Central Air Conditioning
This is a high ticket item that rarely pays for itself when you are planning to sell. It may seem like a necessary investment but the additional value it will add to your home is not worth the sizable investment. It’s a much better plan to let that sleeping dog lie and invest your money on improvements that will have a greater wow factor at closing.
High Ticket Luxury Items
Making improvements on a house you are selling is a gamble. It is absolutely necessary to remember that you do not want to price a house out of the neighborhood range with upgrades. It is better to make sure the home appears finished and polished than to spend a small fortune on upgrades that will be difficult to recover.
Buyer Specific Improvements
What this means is that some improvements are not generic or designed to appeal to a wider audience. You do not want to invest heavily in improvements that only a certain type of buyer will love. Avoid vivid colors or a very specific style of decor. This will limit your market or lower your offers by those who consider your improvements to be something that needs to be corrected.
If you have plans to remain in your home then any improvement that will improve your personal enjoyment of your home is a good investment. If you know you won’t be living in your home very long you should carefully consider where you spend your investment dollars so that they will reap the greatest benefit. Doing this will maximize your profit while minimizing your investment.
Another important thing to remember when it comes to improving your home is that you cannot ignore maintenance. It makes no sense to replace walls or flooring if the roof leaks. Take care of the structural issues before addressing cosmetic issues or you will find yourself spending money after money repairing items that you’ve already replaced or improved.