Whether you are the emotional type, strictly business or somewhere in between, selling your home is a major life event and people stress and overthink how to ‘do it right.’
When it comes to the topic of presale renovations, many people start with the wrong mindset. They look for things to improve in the home so that they can make more money at the closing table. I am here to set the record straight. This is a misguided plan.
In general, your home will sell for the highest price only when the buyer aligns with why the house is worth more to them. Most of the time, this has to do with where your home is located, the schools that service the neighborhood, who lives next to you and the layout of your home. In short, whatever attracted you to buy the home is what will likely attract the next buyer.
Now, think back. Did you buy your house because it had a brand-new bathroom? or a Sub-Zero refrigerator? I doubt it. So why are you thinking of renovating the bathroom or the kitchen on your way out the door? If your answer is because you will make more money, you are flat out wrong. You should renovate for one reason only: to enjoy the renovation and improve your time in the home.
In all my years in real estate, I have yet to see a new kitchen that cost X ever yield X plus a single penny. In most cases, you lose significant money. If you are talking to a real estate agent who is encouraging you to upgrade, STOP! They are being self-serving and dishonest with you. Upgrades and renovations do serve a purpose. It helps you speed up a sale. And agents who encourage you to do them are doing so because they will earn their commission in less time and with less effort.
I always tell people to save their money for renovating where they are going next. It allows them to enjoy the upgrade and customize their future living experience. Money much better spent.
Now, also understand that spruce ups are not renovations and can get you more money out of your home sale. For example, changing your front door hardware to a more modern look or painting/staining the front door absolutely add value. One of the best bangs for your buck is putting colorful flowers out front and paying the gardener a little more while on the market. Hire a handyman to tighten hinges, oil squeaks and touch up paint. Finally, change out as many dull lightbulbs with warm-white LED 100w-equivalent bulbs. A bright home is a happy home and you will sell faster.
You can always contact me for more details or a home analysis.
Real Estate Update
As of January 24, the Pinecrest market is a strong buyer’s market. A healthy $1M+ market has 6-9 months of inventory. Pinecrest currently has 21 months of inventory to absorb. If you’re ready to move, I can assist you with local expertise, realistic expectations and truthful guidance. It’s easy to get started at miamihal.com/getstarted.