The Problem with Over-Upgrading

When you think about selling your house, the first thing that likely comes to mind is all the upgrades you wish that you’d done. You wish you’d changed the flooring in the kitchen, you wish you’d taken down the wall between the dining room and the living room. Selling your home seems like the opportune time to get those projects done so that you can get the most money on the sale of your house, right?

 

Absolutely wrong. Imagine this scenario. Ann inherited a house when a relative passed away, and she wanted to get the most money she could from it, so she did some serious upgrades. Initially, the estate agent estimated that the house would sell for about $150,000. Ann decided she could do better than that and spent over $60,000 putting in new flooring, new cabinetry and rewiring the entire house. After she put all that money in, the house was only able to sell for $180,000. Yes, she was able to get $30,000 more out of the house, but she actually lost money.

 

Over-upgrading can definitely make you lose money. When you’re selling your house, small upgrades become an absolute must. A fresh coat of paint, new window treatments, new door handles or new cabinet hardware can be a nice upgrade that can make your home look better without a lot of added expense. Remember: when you’re selling your house, you do have to put a bit of money into it, but make certain you look at the upgrades that will help you sell your home for more. 

 

Interested in learning more about which upgrades might help you sell your home faster? Contact us today.

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