Are you considering selling your home in Miami?
If that’s the case, chances are you’ve been thinking about making a few repairs and upgrades or renovating entirely before you sell. Hold onto that thought!
Before you do anything, you should know that not all upgrades are “equal,” – meaning they don’t all offer a worthwhile return on investment.
Some Home Improvements Should Be Avoided!
Updating and beautifying your home is definitely a tried and tested way to get more buyers through the door. However, many sellers go too far and end up spending money on upgrades that don’t increase the property value.
Some upgrades can even push buyers away in Miami! Before you take a sledgehammer to the bathroom wall or make a trip to Home Depot, take a moment to consider what repairs are actually necessary and will pay for themselves by substantially increasing your home’s value.
Don’t Add a Pool Unless YOU are Swimming In It
The price of building and installing an outdoor pool will not match the added value to your home.
It doesn’t work that way.
We’ve seen people spend well over 50K on a new pool, only to discover they can only increase their asking price by a couple thousand. Unless you plan on enjoying the luxury of an outdoor pool for years to come, it’s not worth it. Point blank: A pool doesn’t provide returns.
Don’t Get So Personal
Avoid overly designed (and personalized) decor, meaning don’t go overboard renovating the kitchen or the bathroom.
In many ways, you want your home to be unique in order to attract attention – but decor is not one of them.
The theme of your home throughout needs to appeal to a broad audience. Consider toning down bold colored rooms and creating environments that are a bit more neutral. Repainting is a lot less expensive than renovating.
Don’t Decide for Your Buyers
If there are obvious repairs or upgrades needed, fix any minor issues and leave upgrades for the buyer to think about.
Carry out any necessary repairs and casually mention the extra work you went to ensuring everything is up to date. Be smart here. Don’t say, “We fixed the broken…” Instead, say, “We’ve had all new [blank] fitted throughout…”
But, when it comes to expensive upgrades, provide credit to the buyer so they can have things done the way they want. People will be attracted to the idea of choosing their countertops and lighting fixtures. Point Blank: Don’t make upgrades based on your personal preferences.
Leave the Basement Alone
Do you have a house with an unfinished basement?
If that’s the case, leave it that way. Finishing the basement just isn’t work the return on investment. Plus, many buyers will prefer to renovate those areas on their terms.
If you haven’t found the time to sort it out, there’s simply no reason to do it now that you’re trying to sell. Point Blank: An unfinished basement is best left that way.
Make the Space Intentional
Have you converted a spare room into a home office?
If you’re selling, it’s best to keep the rooms as they were intended.
Do you have an extra bedroom? Keep it a bedroom, not an office. Let the prospective buyers decide how they want to use the space. Messing with the focus of each room will only lower the perceived value of the property.
A 4-bedroom, 2-bathroom home will get more attention than a 3-bedroom, 2-bathroom + den at the same price. Also, rooms with more than one function will give buyers the impression that the house lacks space. A gym/office/bedroom/storage area will seem cluttered and cramped. Point blank: Plan your space with one purpose in mind.
What are the Neighbors Doing?
Take a look at other homes in your neighborhood and keep your upgrades somewhere in the middle.
If you go too far, you’ll end up be targeting high-end buyers, which is a problem if your neighborhood isn’t suitable. Plus, you’ll alienate buyers who love your neighborhood but can’t afford such a high price. Point blank: Keep your property competitive within your local neighborhood, but don’t go overboard!