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[SIZE=3]Our house was built in 1998, just old enough that it could use some updating: new exterior paint, carpet, light fixtures, re-finished hardwood floors, etc. Do you think we should fix it up (ourselves) before selling it, or leave it as-is and put it out there at a lower price? We have already bought new stainless steel appliances, all white mill work and door hardware and painted several rooms. Our backyard is also in some need of landscape help and additional trees etc. [/SIZE]
[SIZE=3]What are the most important things to update/remodel? Is it worth it?[/SIZE]
My husband and I have been out shopping for homes (Southern California) and let me offer you my opinion. In this market, I would say no. As a buyer, right now, I am not going to compensate you the full value of your upgrades. We are looking at 3 homes right now, one is higher priced but all "upgraded", 2 are significantly less but not upgraded. Here's the thing, in the upgraded home, the upgrades are not to my specific taste, in the non-upgraded homes, I know I can survive the old kitchen, wallpaper, etc. for a while, but do the upgrades to my tastes. The perceived bargain is worth it to me.
I would say that somebody that is willing and able to buy right now, is going to be in it for the long haul and would prefer to get the good buy vs. the granite/stainless for the quick turn in 2 years to make the $100K profit. To be honest, our motivation for staying on the sidelines is we are seeing home prices drop $50K--100K by the WEEK. The thought of missing out on that kind of bargain is terrifying to us.
A realtor may have a different opinion on this, but this is my perspective as a buyer in a crazy downward spiraling market.
It depends on the area. In our area homes that are not updated and still have lots of floral wallpaper, outdated light fixtures and plumbing fixtures, etc are not selling no matter how low the seller drops the price. There are two by me that have sat. One has been on the market for too long but the flipper that bought it did not do it to the specs for the neighborhood (no granite, wood floors or such). Another has really droped their price (by almost $100K) and it is NOT selling even though it is in a prime location, good floorplan, etc. The kitchen has horrible floral wallpaper all over it, fixtures are outdated, carpet in the bathroom (no-no in this area), etc. Yet a house down the street can go up and be totally updated have a listing price set to be the highest in the neighborhood and sell in less than a month for close to list price if not the actual asking price. Buyers here EXPECT it to be done and don't accept anything less.
I'd make sure the house has what is on par for the neighborhood when it comes to upgrades. Clear out clutter to an extreme (not just put up personal pics and such). Get everything more neutral. Clean carpets and such and make it shine. Thin out furniture and closets to make it look bigger. There are some things you can do that won't require you to spend tens of thousands of dollars and still put your house ahead of everyone elses.
Yes you should update the home. There is a difference between updating and upgrading. Updating involves maintaining the home, and yes painting the home IS maintenance. Now if you have Formica counters, I would not upgrade to granite.
If your carpets are dingy looking, hardwoods scratched, paint weathered, then yes maintain the home and update it. It will help you sell the house.
I agree with threeactingup that you will not be compensated for upgrades, but buyer will react negatively to the "datedness" of a home. Buyers will take the cost of updating the home and add more deductions for taking the time to do it themselves. Most people want a home ready to go with no deferred maintenance.
Have your water heater, and furnace serviced while you are at it. It will make the home inspection go that much smoother. I'm seeing a lot of dirty furnaces on home inspection reports.
I would for sure update it but not upgrade to much. Go and watch some programs on tv like designed to sell and there are many others. They even tell you what not to do and tell sellers what they did good or on what they have over spend. It is fun to watch and you get some good tips for free. There are really some very creative people that show you how to update without spending a lot of money. My home is 2 years old and I have so much fun doing some things myself that I have seen on these shows and so far I have spend not to much to make my home look nicer and make it different to other homes in the neighborhood, with in the back of my mind that this home one day will be sold or rented, so I used natural colors, so people can change them easy if they want.
I think it depends on the age of the buy. When I was young I had no problems doing home improvements, but after 40 years old, I do not want to be bothered. I am tired of painting , tired of do it yourself, I want to move right in and go buy great furniture and thats it!!!!!!!!!!!! So if you get a young eager couple they will be thrilled to update.
Hmm, see this is where it gets tricky. You said you bought new stainless steel appliances but how does the rest of your kitchen look? I remember when I was looking, one house advertised granite countertops but they were sitting on top of old, struggle-to-open cabinets. The floors were old vinyl with a few tiles missing. Appliances were horrendous. If the rest of your kitchen isn't updated with the appliances, then that could be a turn off.
Also, I would strongly suggest hiring a professional to refinish your floors if you've never done it before. Not saying you wouldn't do a good job but for the sake of selling at a decent price you may want to get a pro. Again, only if you've never done it yourself before.
If you are willing to sell at a much lower price, then you can leave as is. Good luck!
I think it depends on the age of the buy. When I was young I had no problems doing home improvements, but after 40 years old, I do not want to be bothered. I am tired of painting , tired of do it yourself, I want to move right in and go buy great furniture and thats it!!!!!!!!!!!! So if you get a young eager couple they will be thrilled to update.
Exactly! I don't ever want to strip wallpaper and paint over an ugly mural again.
Prple,
Here's my suggestion. Have your Realtor show you homes that are on the market and are similar to your in size, age and the price range you'd like to sell it at. This is your competition. If these homes are updated, you should definitely update yours, or significantly lower your price expectations. I don't know what the market is like in your area, but in a buyer's market there is a lot of inventory to choose from and you'll want yours to stand out. Sometimes even minor cosmetic improvements can go a long way.
Like threeactingup, I am a real-life real-world prospective buyer. Just have not bought into the real estate economic wreck yet this week, but shopping hard and ready on the sideline.
Our experience is that is hard to find anything is not been home-hacked or "updated" as folks more charitably put it. If you want to sell to us, or thousands of others like us -- do not screw with it. List "as is," post a price, and say negotiable. Go live your life and make your money how you earn it, and do not screw with the house.
We are looking in terms of Product and Price. None of the mindless jargon of real estate ninnies like -- Curb-appeal, envy of your friends, fresh remodel, on and on . . . which to us, really say "We are hoping you buyers are bigger idiots than us who own this thing we cannot move."
jmho, but suppose I would bottom line it as -- If HGTV or a typical real agent is advising it -- DO NOT. If these folks had clue #1 about what they speak, would there be this glut of all the same stuff they cannot move?
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A prospective buyer's opinion
