Cost vs. Value

Have you ever wondered where the best place is to spend your money to prepare your home for sale? The answers may seem obvious but be careful because the real answer is it depends. Most people would automatically answer“the kitchen and bathrooms or painting and curb appeal, but again the answer is it depends.

It depends on many factors. Location, price point, demographics of buyers etc.  What’s important to a millennial, (green and energy efficiency) may not be so important to the elderly, (utility and low maintenance). Similarly an improvement in the country such as a generator wouldn’t be the best choice near the beach where a deck would be more desirable.

Know your audience and spend accordingly. New buyers often want to design and decorate to their own style. Often your style will be different than the buyers so not making improvements and starting at a lower asking price may sell the home quicker. Maybe converting the old cesspool to a new septic system or getting rid of the 1950’s boiler and replacing with a new energy efficient model would add more value than shiny granite counters and new cabinets.

Spend time to understand your market and who the target audience is. Is your neighborhood gentrifying? Is this becoming a retirement community or second home market?  Also always consult a professional. HGTV is good but doesn’t answer the questions specifically to your needs and market.

So again the answer to my original question is it depends. Every home and situation is different. There is no one right answer however some answers are better than others.

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