I met with a seller a couple months ago in a nearby suburb, and ultimately we could not agree on price, so I didn’t take the listing. I will price a sellers home wherever they want, but it has to be within reason or I have to take a pass.
One of the major sticking points we had in our conversation was the worth of several new updates. In the last five years, the seller and his wife had the roof replaced, the siding re-stained, and a new furnace put in. They believed that these updates would increase the value of their home.
Truth be told, basic updates of this nature sustain the value of your home; they do not increase it. Good maintenance is a basic requirement; it is not an enhancement. For example, if you have a roof in dis-repair, a buyer could use that as a negotiating point to knock down your price, but they are not going to see a new roof as a reason to pay substantially more than comparable properties.
You have to add luxury amenities or stylish enhancements to raise the value of your home. Buyers like to see hardwood floors, stainless steel appliances, and updated baths. Even design elements like great paint color and contemporary moldings will add value. By the time, buyers have learned you have a new furnace, they’ve already made their judgments about the value of your property.
