These four upgrades will cost you more than they’ll earn you in a sale.
The market is hot, which is causing a lot of homeowners to want to prepare their homes for sale. What upgrades should you avoid before putting your home on the market? If you’re planning on doing these upgrades because you want to enjoy them and live in the home for a while, then go ahead and do them! However, if your goal is to move soon, certain upgrades will not get you a good return on your investment. Therefore, here are four upgrades you should avoid making:
1. Hardwood floors. If you already have hardwood floors and want to refinish them, go ahead and do that. Shop around and find a good vendor to do it professionally. However, if you’re looking to install new hardwood floors, I wouldn’t recommend that. The cost of this generally exceeds the amount that you’re going to get in return.
2. Crown molding. Again, you will not get a good return on your investment by adding this, especially if you’re adding it to bedrooms and hallways. The same is true for wainscoting. These things do not increase the value of your home.
3. Accent walls. These can be very beautiful and may add a lot of enjoyment for you, but they won’t give you much in return. I would recommend spending your money elsewhere, like in the kitchen and bathroom, or on inexpensive upgrades like paint and landscaping. Those are high-return value items.
4. Furnace, water heater, and air conditioning unit. If those are working well, replacing them does not increase the value of your property. If any of them are run-down or on their last leg, it’s important to get them in good shape. Just know that those repairs aren’t going to add value to your bottom line.
If you have the money to spend and plan to stay for a while, do what makes you feel good and enjoy your home! These are just my recommendations for urgent sellers. If you have any questions, call me at (901) 591-8100. I look forward to hearing from you.