When it comes to selling your home there are some updates that are ‘money makers’ and there are others that are just a waste of money. You really want to spend your money on upgrades that not only look good but ones that will pay off!
Here are the 10 worst upgrades for selling your home.
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1. Wall-to-wall carpet.
If you are replacing your carpet flooring before you sell, hardwood is a must. That is what buyers are looking for. Carpet just doesn’t work for anyone with pets or allergies plus it’s tough to give it a quick clean. If you have hardwood now, take a close look at it – does it need any repairs? refinishing?
2. Whirlpool baths, indoor hot tubs and saunas.
Once upon a time they were considered desirable but now many buyers find them passe and are afraid of what extra costs will be involved.
3. Colourful bath fixtures.
If you are updating the toilets, sinks and tubs in your bathrooms to get ready for sale (even if it is years away), keep the fixtures white – not almond, grey, pink etc…White is neutral and clean so it will appeal to everyone.
4. Ornate chandeliers, wall paper, textured walls and bold paint colours.
No. Do not do this. Keep it simple. Stick with neutral paint colours. Wall paper is just seen as a big removal project, textured walls were once a big trend but he trend is over and as for big splashy chandeliers – that’s a personal touch that should go with you when you move, so just put in a simple chandelier for the potential new owners.
5. Expensive sound systems and home theaters.
If you are doing updates for your home as you start to prepare it for sale, do not spend you money on this, it might attract some buyers but most audio/film buffs would rather just install this themselves. If you have a large basement that would really suit a home theater this is something your real estate agent could mention at open houses and showings.
6. Vinyl Floors
Although it has come a long way in terms of style and it is practical for pets, kids, allergies and easy cleaning – it isn’t a feature that buyers like. For only a bit more money, opt for ceramic, or hardwood. The new laminate floor that look like hardwood are a good option but at a certain price point, buyers expect to see hardwood so discuss that with your real estate agent.
7. Removing bedrooms, turning a three bedroom into a two bedroom home.
Even if one or two bedrooms are on the small side – do not eliminate one. Fewer bedrooms means you will likely get less money on the resale market. Plus anyone looking for a three bedroom will not see a two bedroom home. Two bedroom condo apartments are popular but not two bedroom homes. Same goes for 4 bedroom homes – many families are looking for 4 bedrooms so don’t get rid of a bedroom.
8. Swimming pools.
There is a lot of discussion among Realtors about pools. Buyers often love them or hate them – so if you have a big yard that would fit a pool, let your realtor ‘pitch’ that idea a open houses and showings. It’s not an upgrade worth putting in. If you have a pool – make sure it is clean, maintained and functioning. Buyers will want to know about additional costs so be sure to have that data available.
9. Appliance upgrades.
Stainless steel is certainly the ‘colour’ of choice for buyers but don’t get crazy with professional grade appliances it’s really not necessary. Plus built-in espresso machines are seen as a concern if they breakdown and wine fridges are a personal item (not everyone drinks wine).
10. Odd rooms.
If you are in an older home you probably have some attic space or neat little nook under the stares – do not spend the time, money or effort trying to convert these funky little spots into a room or bathroom. Show your realtor these spaces and he/she will simply call them ‘storage’ which IS something buyers are all looking for.
This mistakes can be costly so be sure to talk with your realtor before making any huge mistakes….
