When preparing a home for sale, it’s easy to assume that upgrading everything will lead to the highest return. However, that’s not always the case. Yesterday, during a walkthrough with a client, I was reminded how often sellers overspend on renovations that don’t align with what buyers are actually looking for.
The key question you need to ask is: Is the investment worth the return? Hare some insights to help you decide:
1. Understand Your Neighborhood
In certain areas, original features can actually be a selling point. For instance, take this home in Chestnut Hill, Philadelphia: 128 W Meade St.
This property didn’t require a new kitchen or bathroom—buyers in this neighborhood appreciate the historic charm of these homes. With just a fresh coat of paint and a deep cleaning, it sold for $30,000 over asking price.
2. Don’t Overdo It
Overspending on renovations that don’t match neighborhood expectations can work against you. Think of it like putting luxury rims on a basic car—it may look great, but it doesn’t fit.
The key is to make strategic updates that complement the home and its location without going overboard.
3. Work With a Knowledgeable Agent
A great real estate agent will understand the nuances of your neighborhood and help you decide what’s worth updating. From knowing which finishes buyers are looking for to determining what improvements will maximize your ROI, the right guidance can make all the difference.
