Conversation With a Seller
"Hey, Curtis, can you add to the listing comments that we replaced all the springy door stops? We had to buy 10 of them, took me all afternoon!"
"Sure, I can do that."
"Fantastic, I just thought a potential buyer would be interested to know."
"Of course, the internet will light up when they see this. Your listing will probably go viral."
Ok, not a real conversation—but not far off. I'm using it to make a point.
Some improvements make your house more valuable, some make it more saleable, and some do both.
Upgrades vs Updates
Upgrades include new windows, shingles, plumbing, electrical service, major landscaping, a complete bathroom or kitchen remodel, or similar improvements to the systems that operate your home.
Updates include paint, new lino in the front entrance, a new faucet in the kitchen, a new backsplash in the bathroom, or similar "small" projects.
Upgrades make your home more valuable. When a home has had many upgrades over the years, it indicates a well-cared-for home. Buyers like well-care-for homes and will pay for them.
Updates make a home more saleable but not necessarily more valuable. If you spend $2500 on a painter (maybe get rid of the forest green like your kids have been moaning at you about), you've helped make your house more saleable. A buyer might choose yours over a competing listing with some '90s decor.
If you're sitting on both updates and upgrades, congratulations, it means your home will set the price mark in your area.
You should always do updates before going to market. Cleaning, touching up paint, repairing a leaky faucet, raking the lawn. That is unless you don't care how much you get for your house.
You should (just about) never do a bunch of upgrades. There too costly
and you won't get your money back. If you've let it go this far, it's too late.
Adjust your price to reflect that your bathroom has a seashell sink and cut 'er loose.
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