Are you considering selling your home in Chicago? If so, you might be thinking about making a few repairs and upgrades before you list it. Some changes can be lucrative, paying off in the long run. However, not all upgrades are created equal. We will let you know which upgrades to avoid!
Updating and beautifying your home is a sure-fire way to get more potential buyers in the door. However, many sellers make the mistake of making too many upgrades or upgrading things that do not increase the property value. Some people even make upgrades that end up turning OFF buyers! Before you take a sledgehammer to the bathroom wall or make a trip to Home Depot, consider making only necessary repairs and only the upgrades that will pay for themselves by substantially increasing your home’s value.
Don’t Add a Pool Unless YOU are Swimming In It
Adding a pool to your home may seem like a luxury upgrade that could attract buyers, but in reality, it often doesn’t provide a substantial return on investment. The cost of installing a pool can be significant—often tens of thousands of dollars—yet the added value to your home’s sale price may only be marginal. Unless you personally plan to enjoy the pool for years to come, it’s generally not worth the expense. Point blank: A pool doesn’t typically increase your home’s value enough to justify the cost.
Don’t Get So Personal
Avoid overly personalized or highly customized designs when preparing your home for sale. While you may love bold colors or unique design features, they can be off-putting to potential buyers who prefer a more neutral palette. Instead of investing in costly renovations, consider simple updates like a fresh coat of paint in neutral tones, which can significantly improve the appeal of your home without alienating prospective buyers.
Don’t Decide for Your Buyers
If your home requires obvious repairs or updates, consider offering buyers a credit instead of making the changes yourself. Providing a credit allows buyers to customize the home according to their preferences, which can be a strong selling point. Buyers often appreciate the opportunity to choose their own countertops, lighting fixtures, or other personalized details. Point blank: Avoid making upgrades based solely on your personal taste; let the buyers decide how they want to customize the home.
Leave the Basement Alone
If your home has an unfinished basement, it’s generally advisable to leave it as is when preparing to sell. The cost of finishing a basement can be substantial, and the return on investment may not justify the expense. Many buyers prefer to renovate basements according to their own preferences and needs, so if you haven’t renovated the space while living there, it’s usually best to leave it unfinished when selling. Point blank: An unfinished basement often holds more appeal to buyers who see it as a blank canvas for their own customization.
Make the Space Intentional
Maintain the original purpose of each room in your home when preparing it for sale. For example, if you have an extra bedroom, present it as such rather than converting it into an office or gym. Allowing prospective buyers to envision how they can use the space according to their needs can enhance the perceived value of your home. A clear and purposeful layout, such as a 4-bedroom, 2-bathroom configuration, tends to attract more buyers than a modified layout with ambiguous spaces. Point blank: Plan your home’s layout to maximize its functional appeal to potential buyers.
What are the Neighbors Doing?
Consider the overall market and neighborhood trends when deciding on upgrades for your home. It’s essential to strike a balance—aim to keep your property competitive within your neighborhood without over-improving it for the local market. If neighboring homes are modestly upgraded, going too far with high-end renovations may price your home out of the market for potential buyers who are attracted to the area but not willing to pay a premium. Point blank: Ensure your home’s upgrades align with the expectations and market dynamics of your neighborhood.
Selling your home in Chicago involves strategic planning and wise decision-making, especially when it comes to repairs and upgrades. While enhancing your home’s appeal can increase its marketability, not all improvements yield a significant return on investment. By focusing on necessary repairs, avoiding overly personalized renovations, and respecting buyer preferences, you can maximize your home’s value and attract more potential buyers. Remember, the goal is to make your home appealing and competitive within your neighborhood’s market while ensuring that any investments you make contribute to a successful sale.