Are you thinking about selling your home in Kansas City? If so, you may be thinking of doing some repairs and sprucing up the place prior to sell. While this is generally a good idea, not all repairs or improvements add value to the property. Let’s discuss some to avoid.
Updating and improving the visual appeal of the home will definitely bring more buyers to the home. However, many sellers make the mistake of making too many upgrades or upgrading things that do not increase the property value. Some people even make upgrades that DECREASE home values. So before you run out and get your construction hat on, make sure to read below to avoid these mistakes.
Don’t Add a Pool Unless YOU are Swimming In It
You will not be able to add the price you pay for a pool onto the previous value of the home. It doesn’t work that way. We have seen people spend over 50k to add a new pool, only to be able to add a couple thousand to their asking price. Unless you plan on swimming in the pool yourself for years to come, a pool will end up costing you more than it adds value. Point blank: A pool doesn’t provide returns.
Don’t Get So Personal
Avoid custom work that has a niche appeal. In general you want to go more neutral when getting the home ready for a sale. This provides a blank canvas for the buyers who will likely end up changing things to their taste in any case. This includes things like accent walls or bold rooms. A can of paint to tone things down is much cheaper than a whole room reno.
Don’t Decide for Your Buyers
If there are obvious repairs or upgrades needed, don’t make them. A great example of this is when you have old, heavily worn carpet. For sure rent a shampooing machine and clean it to remove grime and odor, but no need to go all out and get new hardwoods installed. Instead, provide a credit to the buyer, so they can have things done the way they want. It can be a great incentive when buyers have the ability to decide on the details of the home. People will be attracted to the idea of choosing their own countertops and lighting fixtures. Point Blank: Don’t make upgrades based on your own personal enjoyment or taste.
Leave the Basement Alone
Do you have a house with an unfinished basement? If, so… leave it that way. It is quite expensive to finish a basement and you will not get all of that money back at sale. Plus, many buyers will choose to renovate those areas on their own terms. If you haven’t renovated it while you lived there, there is no reason to do it now that you are trying to sell. Point Blank: An unfinished basement is best left that way.
Make the Space Intentional
Keep the rooms as they were intended. Extra bedroom? Keep it a bedroom, not an office. Let the prospective buyers decide how they want to use the space. A room conversion will only knock down the perceived value. A 4-bedroom, 2-bathroom home will get more traction than a 3-bedroom, 2-bathroom + den at the same price. Also, a gym/office/library/breakfast nook can become confusing. Point blank: Plan your space with purpose.
What are the Neighbors Doing?
This is a huge one, and one of the most common mistakes. While you want to make the home up to standards, don’t over improve for the neighborhood. If you make the home to nice with things like marble tile and custom lightings it will start to attract high-end buyers. But maybe your neighborhood isn’t known for that. This will then also turn off buyers who want to live in the neighborhood but can’t afford the home. Point blank: Keep your property competitive within your neighborhood, but don’t take it too far!