If you’re getting ready to sell your home in the Twin Cities, you might be brainstorming a few upgrades that can help you increase your asking price — what a great idea! But know this: Not all upgrades will net you a return on your investment. At Home Avenue, we’ve been providing comprehensive flat-fee real estate services for over 30 years. In that time, we’ve learned a thing or two about which upgrades are worth it, and which home improvements are better left undone. If you’re planning a few upcoming renovations, avoid these ones unless you’re thrilled by the thought of losing money:
#1: Updating Too Much
Update your home according to the area in which you live! One of the biggest (and most expensive) mistakes sellers make is simply doing too much. Unfortunately, no matter how nice your home’s interior, if you live in an average neighborhood, prospective buyers are expecting an average asking price.
It may seem like a great idea to “wow” your viewers as soon as they walk through the door (and you’re not wrong)! That said, any upgrades you install must fall in line with the value of the other homes in your area. Keep in mind that prospective buyers and their agents are well aware of the average price per square foot in your neighborhood, so if your asking price is well above average, get ready to sit on your sale indefinitely. Ultimately, you’ll end up lowering your asking price if you want your property to sell.
#2: Technology Upgrades (Over-the-Top Smart Tech)
We get it: Smart home technology is all the rage these days. But, that doesn’t mean your prospective buyers will appreciate the same features you do. And, if they don’t find your tech upgrades appealing or potentially useful, they probably won’t be willing to pay extra for them. If your home already features tech gadgets, it’s fine to leave them be, but if you’re planning to use tech tools to boost your home’s resale value, avoid over-the-top features like:
- LED shower heads
- Expensive sound systems
- High-end lighting systems
Features like these are not only expensive to install but they also rarely recoup their investment. If you’re going to put smart technology in your house, opt for gadgets that most buyers are familiar with, like smart thermostats, smart doorbells, and home security systems. Keep in mind, though, that appraisers may not factor in any of those features into your overall property value.
#3: Wall-to-Wall Carpet
If your carpet looks less than impressive, don’t tear it out and replace it before you sell your home! Instead, hire a professional carpet cleaning company to spruce it up. Installing new wall-to-wall carpet is, honestly, a waste of time and money.
Not only do most prospective buyers prefer the aesthetic appeal of wood or tile, but they also gravitate toward lower maintenance flooring options, and carpet doesn’t fit the bill. Professional carpet cleaning is a small investment compared to new installation, and chances are your buyers will tear out the carpet and replace it with the flooring of their choice anyway.
#4: Master Bedroom Addition
If you own an older home that doesn’t feature a modern master suite, you may be tempted to upgrade the layout to include more impressive sleeping quarters — don’t make that mistake. A master bedroom addition is an extensive undertaking, and one that could take months to complete, depending on contractor availability.
Not to mention, adding a room to your home is expensive, and you’re unlikely to recoup your original investment. In fact, depending on the neighborhood in which you live, you may even lose money. Sure, an extra bedroom may sound attractive to prospective buyers, but your home’s resale value probably won’t reflect the time, effort, and money you put into the project.
Getting Ready to Sell Your Twin Cities Home? Contact Home Avenue Today
At Home Avenue, we believe you should get to keep more of your hard-earned money from home sale in your pocket. That’s why, for over 30 years, we’ve been helping homeowners successfully buy and sell their homes with our comprehensive, flat-fee realty services. Whether you’re looking for low-commission realtors or you’re leaning toward an FSBO MLS listing service, our team is ready to help you make your sale happen. To learn more about our real estate services in the Minneapolis/St. Paul metro area, feel free to give our team a call at 952-929-7355 or connect with us online!