Planning on selling your home because you are downsizing or retiring and moving to a senior community? You may want to upgrade your home a bit so that you can position your Halifax home competitively for resale. The question is, what types of renovations should you make to position your home competitively in the Real Estate Market.
Don’t Improve Your Home Beyond Values In Your Neighborhood
If your home looks shabby because you fell behind on normal maintenance, you may need to make repairs to sell it and make it appealing to buyers. Beyond that, your goal in fixing up your home is to make it comparable or slightly better than other Halifax homes in your neighborhood.
Do not make it too high for the neighborhood values. If you live in a neighborhood of $150,000 homes, prospective buyers will be unwilling to pay $250,000 because of upgrades you did. Your home will be competing with other homes in your neighborhood so don’t overprice your home.
While you or your family might have enjoyed certain types of improvements such as an in-ground pool, you should not go overboard when you renovate. These improvements do not offer a good cost-to-value ratio and allow you to recoup your investment. A pool may be an impediment to a buyer with small children, who see a pool as a safety hazard.
Improvements That May Not Increase Value
Realtors warn against investing in specific improvements if you hope to recoup your investment. These include:
Having a manicured lawn and beautiful plantings will make your home a magnet for buyers while not increasing the selling price. If your outside needs work before you sell, pay to have your property made neat and appealing. Don’t overdo your landscaping so much that potential buyers feel they might need a gardener to maintain it.
Ripping up worn carpeting and replacing it may give your home a quick facelift, but buyers don’t want carpeting. Hardwood floors are in vogue, as many consumers regard carpeting as unsanitary and full of chemicals. Carpeting your home with inexpensive carpeting will not suit many buyers and the Halifax Buyers may not like the color or style.
If you replace your plumbing or electrical lines, you benefit buyers with upgraded mechanical systems. Buyers expect the basics to be in good working order, you cannot expect to recoup your investment for maintenance upon sale.
Stone counters, spa bathrooms, and stainless appliances are appealing buyers may not want to pay extra to have them. These are improvements for you to make to increase your own enjoyment while you are living in the house. They might not bring you a return on your investment at a sale. In upscale neighborhoods, many of these features are standard. Upgrading to match other homes in the neighborhood will not put you in a position to command more than market value.
Consult A Real Estate Professional Before Making Improvements
If you are thinking of selling your home, the best way to determine which improvements will benefit resale value is to give me a call. While you can do research on your own about the area, I can shortcut the process for you, based on my knowledge of area and neighborhood comparables.
If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
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|Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991 Roy specializes in helping retirees with their later in life real estate transactions. If you are contemplating a move and would like a complimentary copy of Roy’s guide to downsizing entitled “Preparing to Downsize” please click here|