Thinking about selling your home in Lubbock? You might be contemplating some renovations before listing. While certain improvements can boost your property’s value, others might not deliver the return you’re hoping for. At Electrum Properties, we want to share which upgrades to avoid so you can save time, money, and frustration!
Enhancing your home’s appeal can certainly attract more potential buyers. However, many homeowners fall into the trap of over-improving or focusing on upgrades that don’t actually increase property value. Some renovations might even deter buyers! Before investing in major changes or heading to the hardware store, consider focusing only on necessary repairs and strategic improvements that will genuinely boost your home’s value enough to cover their cost.
Don’t Add a Pool Unless YOU are Swimming In It
The cost of installing a pool rarely translates to an equivalent increase in your home’s value. We’ve seen homeowners invest over $50,000 in a new pool, only to increase their property value by just a few thousand dollars. Unless you’re planning to enjoy that pool yourself for several years, it’s typically a financial loss. Point blank: A pool doesn’t provide returns.
Don’t Get So Personal
Steer clear of highly customized designs. This includes elaborate kitchen layouts, unique bathroom features, or anything you consider one-of-a-kind. Consider neutralizing boldly colored rooms with a fresh coat of paint – a much more cost-effective solution than completely redoing a space. And speaking of making changes…
Don’t Decide for Your Buyers
When faced with obvious repair needs, consider offering a credit instead of making the fixes yourself. This empowers buyers to customize the home to their preferences, which can be a powerful selling point. Most buyers appreciate the freedom to select their own countertops, fixtures, and finishes. Point Blank: Don’t make upgrades based on your own personal enjoyment or taste.
Leave the Basement Alone
If your property has an unfinished basement, it’s best to leave it that way. The investment required to finish a basement rarely pays for itself in added value. Many buyers actually prefer the blank canvas of an unfinished space they can customize to their needs. If you haven’t needed to renovate it during your ownership, there’s no compelling reason to do so now. Point Blank: An unfinished basement is best left that way.
Make the Space Intentional
Maintain rooms according to their original purpose. Keep a bedroom as a bedroom, not an office. Let potential buyers envision how they’ll use the space themselves. Room conversions typically reduce perceived value rather than enhancing it. A 4-bedroom, 2-bathroom home generally attracts more interest than a 3-bedroom, 2-bathroom plus den at the same price point. Multi-purpose spaces can confuse buyers and dilute your home’s appeal. Point blank: Plan your space with purpose.
What are the Neighbors Doing?
Survey the homes in your neighborhood and position your improvements in the middle range. Excessive upgrades might target high-end buyers who aren’t looking in your area. You’ll also alienate buyers who love your location but can’t justify the premium price. At Electrum Properties, we help homeowners make smart decisions that benefit both their wallet and their community. Point blank: Keep your property competitive within your neighborhood, but don’t take it too far!