Should I Update My Home Before Selling?
Updated: Feb 25, 2022
You've made the decision to sell your home. For whatever reason that might be, one thing you know for sure is that you want to get the best price possible, right? Or maybe not?
Getting the best price possible doesn't always make sense when you need to spend thousands of dollars to sell your home for that price.
Buyer's Perceived Value Of Your Home
You've seen TV shows where flippers walk away with thousands over the asking price but before you dive in and start updating your kitchen, let's take a look at the factors that contribute to price.
Your home is worth the land it sits on plus the size, quality and condition of the home itself.
Your land's perceived value to buyers will take into account; the location, size, usability, views and even how well maintained your gardens are. If your neighbor has five cars on his front lawn or there is a broken down ute on the street corner, this is going to potentially decrease the perceived value of your land.
Your home's perceived value to buyers will also take into account; the size, layout, age, condition and overall aesthetic look and feel of your home. A home that is ready to move in, that has minimal red flags and is beautifully upgraded, will attract more buyers to rush in and want to see your home. However, the question is, "how much more will I get for my home if I upgrade?"
Get a CMA (Comparative Market Analysis)
The first step is to ask your realtor for two CMA's. One to give you an idea of what your home could sell for if you didn't upgrade it and what it could sell for if you did. This data is going to be extremely powerful in determining how much you should spend on upgrades, or if you should even upgrade at all.
It is a good idea to address any immediate concerns before going to market. If your home has termites, leaks or structural damage, it would be advisable to get these issues fixed to avoid major speed humps on your home selling journey.
Simple and inexpensive work to present your home in the best possible light include de-cluttering or vacating your home and having it staged, thoroughly cleaning your home (especially important during the pandemic), painting, maintaining the garden, fixing loose door knobs and fittings, ensuring your smoke detectors, carbon monoxide detectors and water heater strapping is all complying with current regulations. These elements will clean up the overall presentation and saleability of your home.
Next, consider what it would cost to upgrade the exterior of your home, your kitchen, bathrooms and flooring. Once you have this figure, go back to the CMA's provided by your realtor and do the math.
If you are considering upgrading your home (either for yourself or with a view to sell your home), please contact me to request a CMA.
Simply email firstname.lastname@example.org with your contact details and your home's address.
Within 24 hours and you will armed and ready to make the decision on whether or not to upgrade your home.
METIS Real Estate 415.521.6813 | email@example.com | katebarnesrealtor.com
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