With the housing market red hot and interest rates at historic lows, you’re seriously considering taking the plunge and putting your home on the market.
Inventory for houses sold in the $100,000-$250,000 range dropped by 11% in the United States in February. But on the other hand, residences in the $1 million range skyrocketed by 81%.
For you, though, here comes the tricky part. Now that you have decided to sell, you have to come up with a listing price. This should be done in unison with your trusted REALTOR® but there are things you should consider when coming to the listing price.
Be careful with marking up your house too high due to home improvements. Sadly, while right for their living situation, some homeowner choices may not bring back the return on investment they imagined.
From luxury bathrooms to flooring decisions, some decor decisions won’t help raise your home’s value.
In the following article, we’ll discuss a few “upgrades” that may not increase the price of your home.
Swimming Pools
While the television image of backyard luxury almost always includes a fancy swimming pool, in reality, these backyard oases can work against you. Not only can pools blow up your home improvement budget, but they require on-going maintenance.
Even in states where temperatures skyrocket year-round—think Arizona and Florida—some homebuyers may prefer a trip to the beach or lake rather than have a permanent swimming pool in the backyard.
And due to safety considerations, some buyers may deem swimming pools too dangerous if they have small children.
Overall, swimming pools are a tough investment to recoup from your home sale.
Over-the-Top Bathrooms
Updating your bathroom is always a great choice when it comes to increasing the value of your home. Unfortunately, the typical bathroom looks aged even a decade after a remodel. Popular styles change quickly in this arena.
But what doesn’t add value to your remodel is over-the-top add ons, like fireplaces and waterfall showers. And while popular years back, whirlpool tubs are now considered a major space-eater and a pain to keep clean.
You should consider ditching the mammoth whirlpool tub for a high-end shower and a smaller tub in your second bathroom for the kids.
Carpeting vs. Hardwood
For several reasons, you may decide that wall-to-wall carpet in some rooms is the best decision. For example, you may like the feel between your toes on cold mornings, like the softness in a child’s playroom, or want to use a carpet to quiet down the footfalls in an upstairs room.
But for a return on investment, carpets are a tough bet. People prefer the classic look of solid or engineered hardwood in most rooms and tile in areas where water is a constant.
If you’re looking towards flooring as a way to get a high home resale value, we recommend looking towards hardwood floors in most cases.
Super-sized Garages
We consider a two-car garage a great selling point. However, more bays than that and it is hard to reconcile the building price with the recoup at closing.
With extra bays going from $20,000 to $40,000, you may find it difficult to recoup your investment unless you sell to a serious automotive fan.
Not All Home Improvements Add Value
Don’t get us wrong, you should always consider home improvements and keep up with necessary repairs. But it is easy for people to get carried away or make decisions that seem perfect at the moment but hinder in the long run.
That’s why you should take the time to consult with the real estate experts of the Sarah Bernard Realty Team.
Our selling, buying, and home decor experts can help guide you in getting the very most for your home.
Are you ready to get started? Contact the Sarah Bernard Realty Team and choose a Realtor who “gets you”.