Tag Archives: home upgrades

Should You Update Your Home or Sell It As-Is?

When you decide you are ready to sell your home, there will be many decisions to make like selecting a firm and agent to represent you, determining the list price and when you want to list your home. Before you get to the listing stage, you will need to determine if you plan to sell your home as-is or if there are improvements you want to make before listing.

Improvements come in all different sizes so depending on the age and condition of your home, there may be small improvements you can make or larger improvements that can change your home significantly. If you want to sell your home for its maximum value, it will need to be updated and have all systems in working order. What if your home is not in that condition currently? Is it worth making changes? It depends on what needs to be done and how much it will cost.

If your home needs repairs (not updates) like a new roof or repairs to an HVAC system, those should be made. When homes have major components that are not working, buyers will likely offer significantly less for a home. If your home is just dated, the updates are likely to cost more than the return they will be bring so it may not be wise to proceed with updates if the only reason is to increase your value. Depending on the market you live in, it may be necessary to update your home to help it sell if you live in a competitive market. If your home is not updated, you will want to remember that you will not be able to price your home the same as an updated home that recently sold because it won’t be comparable.

If you are thinking about making updates to your home but plan to live in it a few more years, the return is likely to be worth it. Historically, homes appreciate on an annual basis, so the appreciation coupled with the enjoyment you get from the updates you make to your home, are more likely to make the updates worthwhile. There are also some updates that usually have a greater return on investment than others.

When you are trying to decide what is best for your situation, you do not have to make the decision alone. As your trusted real estate advisor, I am always willing to have a conversation about your real estate investments and offer advice based on my experience and knowledge. I am available to you before, during and after the sale for real estate advice not just when it is time to sell.

 

Nancy Davidson
Mammoth Village Properties
760 937-2301 mobile
nancy@mammothcountry.com
www.MammothCountry.com
CA Broker’s License #01264041

Nancy Davidson is your ultimate real estate resource for Mammoth Lakes, CA and The Eastern Sierra. Visit my website for detailed information regarding today’s real estate markets.

Image by Jesse Bridgewater from Pixabay 

——————————————————————————————-

Skip these Five Upgrades if You Want to Increase Your Home’s Value

When you are thinking about home improvements, it’s easy to get excited about having the latest and greatest features in your home to enjoy. Even if you have no intention of selling your home soon, you will need to eventually and wouldn’t it be great if the changes you made also increased the value of your home. Many people assume that all upgrades increase their home’s value but that isn’t the case and the amount of the increase is rarely equal to the cost of the improvement. If you want to make sure you aren’t spending money on things that don’t count, skip these five upgrades and opt to improve another area of your home.

    1. A swimming pool will not add value to your home. Though a pool seems luxurious to most people and like it would be a fun thing to have in your backyard, many people don’t want the responsibility of a pool to maintain and worry about the danger it could be as well.
    2. Extensive landscaping can look beautiful, but it will not change the value of your home. Landscaping can change drastically in a month if it isn’t property maintained so because it isn’t a permanent improvement, don’t expect it to change the value of your home. If you are trying to sell your home, it may very well appeal to buyers, but they won’t be willing to pay more for it.
    3. Routine home maintenance updates won’t increase the value of your home. Did you just replace your 30-year old roof or install a new HVAC or new carpet? While this is great, the return on investment is zero. A home is expected to have all of these things functioning when a buyer purchases your home. Having a new roof may mean they like your home more than your neighbors but doesn’t mean they will pay more for it.
    4. Upgrades that are inconsistent with the rest of your home aren’t going to improve your home’s overall value. If your home is in a moderate neighborhood and you install a luxury kitchen or bath similar to those found in million-dollar homes, you won’t see a return on that. Buyers will base their purchase price on the total space your home has and if you over-improved a room with updates that don’t make sense with the rest of the house, your home likely won’t be the price range of someone that is looking for those features or can afford them.
    5. Invisible upgrades like extra insulation, new pipes or updated electrical wiring won’t improve the value of your home. Even if these things really needed to be done, they won’t make a difference to a buyer of your home.

All of this doesn’t mean you shouldn’t add these items if you really want them. Your house is more than its value. While you live in it, enjoy every minute and if exquisite landscaping and a beautiful pool help you enjoy your home, then add them. Just remember when it comes to sell that your payment was in your enjoyment and won’t be in the sales price of your home. Contact me today to determine what home updates would be best for you. I will be happy to answer any questions you may have, help you to find your dream home and/or determine the value of your existing property.

 

Nancy Davidson
Mammoth Village Properties
760 937-2301 mobile
nancy@mammothcountry.com
www.MammothCountry.com
CA Broker’s License #01264041

Nancy Davidson is your ultimate real estate resource for Mammoth Lakes, CA and The Eastern Sierra. Visit my website for detailed information regarding today’s real estate markets.

Image by pjmverbeeck from Pixabay 

———————————————————————————————————————-