STOP Spending Money on Things That DON’T Build Equity!
There’s something to be said about renovating your home FOR YOU. If something about your home is driving you mad and you can’t deal with it any longer, then go for it. Do your research and make sure to check out my last blog post “Top 5 Things to Consider BEFORE Renovating Your Home”. Your home should be your sanctuary - it should bring you peace and comfort. Which brings me to my next point: If you’re going to renovate your home, you should at least try to do it well before you’re even thinking about putting it on the market. That way, you actually get to enjoy the fruits of your labor. Why spend thousands of dollars on a project right before you put it on the market?!
However, if you are renovating your property to sell, STOP wasting your money on these things. Everything in home renovations, when it comes to selling your property, goes back to the 80/20 rule. Every decision you make should appeal to 80% of the masses - if not, don’t do it. The risk of alienating your potential buyers should be top of mind as your goal is to obtain multiple offers on your beautiful property. Thus, stop spending money on these 5 things:
Buyer-specific design choices
Elaborate landscaping
New windows - unless your window has a major crack in it, DO NOT REPLACE IT. Although you might notice that your windows are older, a buyer might not mind and will likely budget to replace them later down the road.
New HVAC - Same goes for the HVAC system, unless it is broken or leaking, do not replace this item. Work on repairing it first, and if it cannot be repaired then replace it.
The most important rule is to NOT overbuild your property. If your neighborhood cannot keep up with the investments you’ve made, you will likely not be able to recuperate your investment when you’re ready to sell.
If you have any questions, feel free to contact me directly by scheduling a one-on-one appointment!