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Most moderate homes it comes down to being able to sell at or near your asking price. If you don't do a bit of updating, they will just buy the next house that has it.
The buyer doesn't want to paint and tile and add new appliances if they don't have to and will just look for it all. Case in point my last home. All were built in 1986, all very nice as is but some had done extensive improvements. Had a rash of 8 homes sell in my enclosed neighborhood at the same time and those with the improvements sold much faster and nearer the asking price than those that didn't improve. Yes, I'm talking about the granite and appliances and opened walls.
When I sold my house last summer, I did some basic house maintenance stuff which I don't put into the home improvement category. I also tiled the bathroom floors - they were carpeted and despite trying to get them tiled at several different point while we lived there, it just never worked out. But I wanted to make sure it was done before I listed.
I don't think the tile floor increased the value per se. But I do think that having those floors be commensurate with the rest of the house (everything else was in excellent condition) meant that my house sold pretty quickly and close to asking, despite my being somewhat aggressive with asking price and telling my agent I wanted to list for about 4% more than she suggested. I ended up getting about 2% more than what she would have put as the listing price, and I'm sure a buyer would have wanted to negotiate down from that. However, I think if I hadn't put in the $1200 on the tile floors, I wouldn't have gotten my asking price and I also think that I would not have sold as quickly. I was in a good sellers market but my house had a couple of large negatives that couldn't be changed and having it be turnkey helped to counter those.
The tile did increase the value of your home if it was made a permanent floor. Floating floors (like Pergo) don't add any value. Hardwood flooring will, however add value as well.
Pools (in ground or above ground)
New wall to wall carpet
New painting throughout
Things that will add value:
Any flooring that becomes a permanent fixture (affixed to the property itself). Tile, Hardwood flooring come to mind
Kitchen upgrades: appliances (that will stay only ~ usually a stove); new cabinetry, new tile work (anywhere) or hardwood flooring
Bathrooms: the flooring applies there as well
HVAC upgrades
Interestingly enough, I was able to see the actual values added for remodels for my neighborhood recently. We have modest sized traditional homes about 20 years old in the neighborhood. Generally sells between $400-$500K and typical list time is about a week and change.
The 'expected' updates by potential buyers are generally new hardwood floors, new kitchen, new siding (long explanation there but yes, it's expected), updated baths, stainless appliances and granite countertops. The house across the street from me had no cosmetic updates whatsoever but was in great condition (e.g. siding was replaced). It sat on the market for about a year and finally sold for $150K under what homes typically sell for in this neighborhood.
For my specific situation, it makes sense to do the 'necessary' remodeling work. However, I've lived in other locations where my return on investment would be far lower. I think, like anything else, it's dependent on the local market conditions and the expectations of the buyers.
Same thing in my present neighborhood. The house across the street has been for sale for a year with a declining price. It's a great home built in the '80s but never got the "expected" updates. It has light oak, white appliances, formica countertop, carpet. The houses around it are around $400,000 and this one has dropped to $160,000. I would love to grab it and put in the "expected" and turn it around for the proper price but can't right now.
Pools (in ground or above ground)
New wall to wall carpet
New painting throughout
Things that will add value:
Any flooring that becomes a permanent fixture (affixed to the property itself). Tile, Hardwood flooring come to mind
Kitchen upgrades: appliances (that will stay only ~ usually a stove); new cabinetry, new tile work (anywhere) or hardwood flooring
Bathrooms: the flooring applies there as well
HVAC upgrades
The thing about painting, though, is that for most mid-range and below houses (in their respective markets) new paint in neutral colors can make a room feel fresh and clean, rather than dingy and old.
The thing about painting, though, is that for most mid-range and below houses (in their respective markets) new paint in neutral colors can make a room feel fresh and clean, rather than dingy and old.
Yep. Paint doesn't increase the value, but it does increase the sellability.
The thing about painting, though, is that for most mid-range and below houses (in their respective markets) new paint in neutral colors can make a room feel fresh and clean, rather than dingy and old.
I understand the statement that a laminate floor or wall to wall carpet doesn't add actual value to a home. But if the original floor is old, ugly vinyl, or worn and dirty carpet, redoing these will make the home more appealing, especially if the rest of the house is in very good shape.
I don't think redoing carpeting and vinyl floors would be a good investment in a home of about 30-40 years old, that has not been otherwise updated. I think a buyer would want to make those improvements, hence any updating by seller might just be redone.
I understand that many homebuyers rip out carpet and install hardwoods, but we have never been able to do anything like that when we have been buyers. I longed for hardwoods in my last house! But I also think that adding hardwoods to an older home might not be a good investment.
I think that getting the advice of several good realtors up front is probably the best way to get good advice about one's market conditions.
And if there is no money for change, the main thing is to have the house clean. Really, really clean. And we can almost always afford a paint job. And decluttering costs nothing.
I understand the statement that a laminate floor or wall to wall carpet doesn't add actual value to a home. But if the original floor is old, ugly vinyl, or worn and dirty carpet, redoing these will make the home more appealing, especially if the rest of the house is in very good shape. Of course!
I don't think redoing carpeting and vinyl floors would be a good investment in a home of about 30-40 years old, that has not been otherwise updated. I think a buyer would want to make those improvements, hence any updating by seller might just be redone.
I understand that many homebuyers rip out carpet and install hardwoods, but we have never been able to do anything like that when we have been buyers. I longed for hardwoods in my last house! But I also think that adding hardwoods to an older home might not be a good investment. Not true. I live in an older home in NYS and the subfloor is a wood plank. Odd, yes. Home built in the 1920's. Because the wood flooring was in such bad shape under carpet when I bought the home, I had to put new hardwood flooring. Added tremendous value in NYS. Hardwood flooring can be covered with carpeting. It can last at least 80 years or more. It is the most bang for your buck when you want to add real value to your home.
I think that getting the advice of several good realtors up front is probably the best way to get good advice about one's market conditions. True.
And if there is no money for change, the main thing is to have the house clean. Really, really clean. And we can almost always afford a paint job. And decluttering costs nothing.
So true.
I thought the thread was about what adds value? Not what makes it sell! There are myriad factors that can sell or not sell a home. When looking at upgrades, the items I mentioned are just a few that will definitely add immediate value.
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