It is generally believed that any upgrades and repairs to the real estate shall fetch you a handsome return by adding to the market value of the property, it’s not always true. In many cases, the unnecessary additions and repairs lead you to overprice the property and then it sits on the market for a little longer when you’ve put it up for sale. Let’s jump right into some of the common mistakes that should be avoided when it comes to repairs and upgrades.
Extensive Professional Landscaping
Landscaping decisions have to be based on personal preferences, not because they make business sense. You can build an entire amusement park in your backyard if you want but don’t expect it bring your good return on the investment. That zoo in your backyard might hold immense value for you being an animal lover, for the typical buyer, at best, it will not mean anything and a nuisance at worst.
You must have paid a handsome amount to replace the sewer lining or to replace that aluminum wiring by romex, but don’t expect it to increase the sale value of the house. Such utility enhancements are usually seen as nothing more than maintenance probably made them years before you. Now we’re not suggesting that you shouldn’t get state-of-the-art wiring done around your house, but it’s not exactly considered a genuine upgrade. In certain quarters, it’s actually seen as standard, and its absence can hurt your prospects of selling the house for a good price.
The thing with swimming pools and spas
Much similar to the landscaping decisions, this decision to install a swimming pool in your backyard or a spa inside your bathroom can only be based on personal preferences. It may give the impression of the expensive property and a luxurious house when seen through the TV commercials, where adults are shown enjoying a glass of wine in the personal spa, in reality, however; most people are hesitant to deal with the upkeep and safety issues that a swimming pool or spa brings along.
In fact, many would choose to have the facility removed when negotiating the deed for the sale of the house. This only goes to deduct the seller’s profits. So by all means, have a spa or a pool if you wish, but don’t do so hoping to increase the value of your estate.
The Thing about Painting
Painting your house just before putting it up for sale can be a low-cost value booster for your property only when you do it yourself. Otherwise, it’s not a primary factor that the appraisers will judge the value of your property on and in the typical business sense, your investment into having the house painted won’t pay off.
No matter how hard the salespeople from the solar panel company insist that installing solar panels will boost the value of your property, it is just not true. Sure, it may be a more environmentally thing to do, but when it comes to boosting your estate’s sale value, it will not do much. Moreover, if you the solar panels externally financed, you will not even be able to sell your property before paying off the balance.
Most enhancements and repairs are what you personally like or value. But when it comes to adding value to the property, think objectively from a buyer’s perspective when deciding on most upgrades and do keep in mind the above-mentioned mistakes to not make.
Selling your house and getting the right price for it in Orlando, Florida is not an easy task. Megan Dowdy Realty has you covered.