So, here’s the breakdown. The most effective way to increase the value of a property is by making aesthetic upgrades – NOT by making improvements to mechanical systems.
Buyers will pay more if there are…
• Freshly painted rooms, painted in Pottery Barn earth tones
• Removal of wallpaper
• Newly refinished hardwood floors
• Updated kitchens/baths
We encourage people to consider some of these aesthetic improvements pre-closing. However, kitchens and baths are not among the upgrades that we encourage in the weeks or months leading up to listing. Making those changes during that period of time that a buyer is living in the house and enjoying the upgrades is strongly advised and will, ultimately, increase the value of the home upon sale.
On the other hand, buyers will not be inclined to spend more money to purchase a property because a furnace (which they assume is going to keep them warm in the middle of a March blizzard…) is three years old versus nine years old. Likewise, a buyer will not offer more money because a roof is new. A roof that is keeping them dry and is less than 20 years old is satisfactory enough. In short, buyers assume that mechanical systems will function and do their necessary and appropriate job after closing.
Of course, there is an exception to this rule. If the mechanical systems in a home are not functioning, then this is certainly something that should be addressed before listing your property. With the unpredictability of recent weather patterns, no new homeowner wants to be in need of a new furnace or roof right out of the gate!
Brought you by Howard Hanna Real Estate Services
Eric Bengel Howard Hanna Real Estate