Should I Update and Upgrade Before Selling?

I could write an entire book about this! But, the short answer is, "It depends". There are so many factors that go into this! How outdated is your home? What has been done recently? Where is your home located? What are other homes in the neighborhood selling for? I could go on and on!!!

This is where I use my education in Interior Design and my experience as a Realtor to give you the best answer to this question! I really need to see your home and do a little research on your neighborhood to give you the best advice. And, I'm even willing to help you choose the best options for the price range of your home, from materials, to fixtures, lighting, paint colors and accessories! Let me give you an example:

You built your new home on the water in 1990 for $375,000. At that time, you spared no expense and bought the best of everything! You now think your home should sell for $850,000.00 because updated and upgraded homes in your neighborhood around the same size are selling at around $800K to $900K. Unfortunately, you haven't updated or upgraded anything! You've kept the home in pristine condition and it's as clean as the day your moved in! You still think it is PERFECT! You've always loved your home! Should you Update and Upgrade before putting it on the market?

The answer most likely is: If you want to get top dollar for your home, you will need to update and upgrade. You could probably get closer to $650K to $700K for your home as is, or do the work and sell your home at a price comparable to the other homes in your neighborhood that have sold. This is where it gets tricky. The updates and upgrades you choose MATTER!! Things have changed a lot since 1990! Materials, hardware, and most definitely STYLE!! You can't have Bath Fitters come and cover your old tub and shower stall in a home that you want to price at $850,000.00! Don't get me wrong! Bath Fitters does an amazing job, but that type of updating belongs in homes that are expected to sell at no more that $250,000-ish. For an upgraded and updated bathroom in an $850,000 home, you need a custom vanity, granite or quarts countertop, tile throughout the bathroom or most of it, updated lighting and fixtures, new shower doors, everything! So, after you get your $10,000 - $15,000 estimate to update and upgrade one of your three bathrooms, you have to start doing some math and ask yourself, "Is it worth doing all the work when you actually might not make more money when you sell?"

This is such a difficult decision, and again, it depends!

Let's say, for example, you have nice granite countertops in your kitchen that really look great even though you had them installed in 1990! (And, that color has come back in style! Lucky you!!) But, unfortunately, the cabinets look very outdated. Can you simply re-face the cabinets and add new hardware to give them the updated look you need, which would save you a lot of money compared to getting all new cabinets? OR, does the layout of your kitchen need to be changed, making new cabinets, new hardware, and new granite countertops a necessity? How about your floors? Did you get hardwood floors in 1990? Can you simply have them refinished? (That's a lot less expensive than buying and installing new floors throughout your home!) Or, do you have outdated tile? Can you simply put a nice waterproof vinyl laminate flooring over the tile? Are your walls in good shape? Would a fresh coat of paint suffice or do you need a lot of repairs done before painting? Did you add crown molding in 1990? If not, would that help upgrade your home? Do you need to take a wall down to give your home an open feel? How about your windows? How about your appliances? Your roof? There is SO MUCH to think about! Are there some things you could do to save a lot of money so that all of your updating doesn't have to cost a fortune? Maybe!

Try to put yourself in a buyers shoes: Do you think they want to buy a home and have to remodel the whole thing? Are they OK with living in part of the home while working on other parts? Would they rather move in and have everything done for them? What would you want? My experience with buyers has shown me that most buyers want a "MOVE-IN-READY" home! To entice them to do the work themselves, they want a DEAL!! They not only consider the cost of the upgrades, they consider their time, energy and sacrifice to do the work! That could cost you more than the updating! THEY REALLY WANT A GOOD DEAL!!!

How can I help you with these decisions?

First, I would need to see your home. Second, I would need you to put your "investor" hat on and take your "home owner" hat off...I don't like to hurt people's feelings or offend anyone, but this is a decision based on the BOTTOM LINE! Money! And, NOT ON FEELINGS! This is when we are trying to figure out how much money you are going to be left with when your home sells! Third, I will make a lot of suggestions based on the layout and condition of your home. Have you ever watched "Fixer Upper"? Think of me as Joanna...before we see her on the show, she has taken the time to really think about that home and she has made final decisions about what she would do to update and upgrade it by the time she shows it to potential buyers. I will simply be seeing your home for the first time, so all I can do is suggest changes that will help bring your home into the 2020's! I like to take some time to ponder the possibilities and consider the costs involved before I make my final suggestions, but I don't always have that luxury. Next, we would need to get a contractor to come over and give you estimates, then lastly, you would have to weigh the cost of your projects and decide if you want to do the updating or not. Is it worth your time, energy and sacrifice?

Again, the updates and upgrades HAVE TO be in line with the selling price of your home! You don't want laminate countertops in homes over $300,000! You don't need to put quartz countertops in a $100,000 home! You want to do the improvements to match the home and you certainly don't want to over improve where you won't at least get your money back out of the sale!

TIP: When you are interviewing a Realtor to sell your home, ask them if they can help with these important decisions. See if they can give you suggestions or offer any advice. Do they simply refer you to a contractor? What kind of expertise do they have? Do they work with buyers and know what buyers want? Some realtors only work with sellers! You should take all of this into consideration before choosing your listing agent!

Photo: This condo had an old vanity. The sellers had a contractor add a new, free-standing, double sink vanity and they painted the brown trim around the ceiling light and the mirror. They also had new flooring put in beside the tub. It was a $2,500-$3,000 fix and well worth it to the buyer, who didn't want to do any upgrades. It made a HUGE improvement!

“The opinions expressed on this blog are my personal opinions, and they don’t reflect those of my company.”