If you’re considering selling your home, you might be considering whether or not to add updates before you put it on the market. There is no definite answer to whether or not updating your home is the right decision and no guarantee that you will recoup your investment, but if it is something you are thinking about, here are a couple of things to consider:
If you choose not to add updates, you will end up selling for a lower price than similar homes with upgrades. However, in many areas home with updates and a higher price tag will still sell more quickly than older homes with discounted prices. If you’re on the fence, this is something you should discuss with your realtor. A good agent will be able to give you info about comparable homes and provide you with information about whether or not updates or a discounted price will be more likely to help you sell. In addition to selling faster with updates, you may find that it’s a less costly route in the end too. Buyers who put offers on homes that need updates (whether it’s paint, flooring, appliances, fixtures, etc.) will often request a credit off of the home price. In a lot of cases, the discount that buyers request is significantly more than the amount it would cost the seller to just make the updates themselves, especially if you shop around for good deals. Again, this is something that you should consult your agent about.
So, to update or not to update? This is a question that each individual seller needs to answer for themselves. You should definitely consider the cost-effectiveness and return-on-investment that updates would provide. But remember, there are no guarantees in the real estate market. With the differences in the real estate market even from neighborhood to neighborhood, definitely consult your agent for information about what might be the best decision in your local market before making the decision that is right for you.
Are you considering selling a home in the Sussex County area and looking for a great agent to be on your team? Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.