As a Real Estate Broker here in Scottsdale and the towns around Phoenix, I am asked by many sellers whether or not they should upgrade their homes in order to help them sell more quickly.
Now, I know there are differing opinions on the subject.
A well respected Associated Press author, J.W. Elphinstone wrote recently that more people are upgrading their properties in the interest of enjoyment while they are waiting for their home to sell. He also makes the claim that “an in-ground pool increases the selling price of a home by almost 8%.”
In contrast, a Wall Street Journal Reporter, M.P. McQueen suggested , “If you’re putting your home on the market anytime soon, you may want to rethink those plans to bump out the kitchen or add an extra bath.”
My humble opinion, if you are planning on selling, Do Not Upgrade your home . Period.
Even during the housing boom, projects would rarely recoup as much as 90 cents on the dollar according to M.P. McQueen. Today, it is even less.
There are many things you can do (that are not major upgrades) to help prepare you home to sell that are quick, easy and cost-effective such as Cleaning, landscaping, new light fixtures, staging and a pre-inspection.
Curb appeal may be the most important and least expensive improvement bang for your buck.
In most cases, in today’s Phoenix area real estate market,…
if you are planning on selling soon, Remodeling is a waste of money.
You will rarely get dollar for dollar return. And the money spent, cash in bank is better safe in your bank should you need it to ride out a lengthy time on market.
A home improvement loan is expensive and you do not need the extra montly payment while waiting.
If there is an upside to a down market, it is cheaper prices. Buyer’s are looking for bargains, even steals;
There are simply, too many short-sales, lender owned properties (REO) and desperate sellers who you cannot compete with by adding on more value to a home.
Copyright © 2008 By James Wexler, All Rights Reserved. *Planning on selling? Don’t Upgrade your home!*
Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs