To Update or Not to Update

If you’re like most people, your goal is pretty straightforward.

• Make the most money.
• As quickly as possible.
• With the least hassle.

But somewhere along the way, the question inevitably comes up – should I spend money on updating my home or not?

 

So let’s take a look at the question together. To update or not to update?

 

We know that buyers want a discount on a property that hasn’t been updated, especially the buyers of today. After all, at The Gaskins Team, we don’t call them the HGTV Generation for nothing. Today’s buyers are well-versed in current colors and trending designs, and they want what they want. Simply put, if buyers don’t find your home appealing enough, if they can’t envision themselves living there, then you’re likely not going to get top dollar for it.

 

On the other hand, packing up and moving is stressful enough as it is! No one would argue with that. Who needs the added work and anxiety of getting updates done on your home? It’s safe to say that most find the prospect a little daunting at best, and very overwhelming at worst.

 

First, you need to figure out who to call, who’s good, and who’ll get the job done. Then you have to arrange for the estimates. Then it’s coordinating the scheduling. Finally, it’s managing the work itself. Oh yeah, and there’s one more thing. What in the world should you update to begin with?

 

While everyone’s situation is different, we’ve come to adopt some rules of thumb that have served our sellers well over the years. Here are some rules to live by – or at least, to sell by.

 

If your home needs updating (and most homes do), and if money is available, it simply makes sense to make the investment. The fact is, the more you can meet the market’s expectations, the more you’ll see buyers say “yes.” And not only that, but pricing will also be impacted positively, because the property will resonate with the buyer.

 

While it may seem to make sense to wait and see what happens after you go on the market, and then reassess updating possibilities, it’s usually easier (and more profitable) to spend the time and money on updates before you go on the market.

 

And that’s true for a couple of reasons. For one, it’s better to get the work done while you don’t have to think about showing the house. The last thing you want to be dealing with while arranging your schedule around showings is coordinating with your contractor’s schedule as well.

 

Also, let’s say you take the chance and move forward without updating. If your home sits on the market for any period of time, more times than not you’ll need to reduce your price. And should you decide to perform updates at that point, that’s even more time sitting on the market. So, spend the time and money on the front side, so you have a shorter backside.

 

To sum up, here are a few key takeaways:

 

• Take stock of what updates are needed.
• Prioritize your updates based on what the market wants.
• Put any available money into those updates.
• Complete your updates before you go on the market.

Doing so should lead to selling for the best price, as quickly as possible, and with the smallest headache.

 

Happy updating!

 

The Gaskins Team