You may have tried to sell your home in the past and were ultimately unsuccessful. Maybe the listing agreement expired with your agent, or you got frustrated and canceled it.
I talk to a lot of people who have been through a situation like this, and I get a lot of different feedback. However, lately I’ve been hearing from homeowners that they are going to take their home off the market, make some upgrades, and relist it.
When somebody tells me that, I ask this question in response: “When you relist the home, are you going to relist it at a higher price so you can recover those funds?” The answer is always yes.
However, this is a big concern for me. In my experience, upgrades can certainly add value to a property, but if you upgrade just prior to listing your home, you’re probably not going to get back what you put in. If you spend $50,000 on upgrades, you’ll be lucky to get $45,000 back.
The process might take longer than expected, and you might end up listing your home in a market that’s not as strong, or maybe the buyer will hate your upgrades-I’ve seen a lot of things go wrong before.
If you tried to sell your home and were unsuccessful, l recommend that you shift your focus from upgrading the property to repositioning it to get the right buyer and the right price. Repositioning your home means preparing your property to sell for the highest and best price without breaking the bank. Maybe you need to repaint, put in new carpet, or stage the home because it’s vacant.
If you’re in a situation like this, hold off on the upgrades for now. Spend some time, money, and effort on repositioning the home instead. My team and I specialize in this method. We want to attract the right buyer at the right time for the highest and best price without spending money that we know we won’t recover.
If you have any questions for me in the meantime or you or someone you know could use our help, give us a call or send us an email today. We look forward to hearing from you soon.