Preparing your lake home for a sale? Not all upgrades were created equal while some improvements can boost the value of your home, others can make it difficult to close a sale. Real estate agents in Greenwood, SC advise against these upgrades.
- Extensive landscaping
- Excessive customization
- Swimming pool
- Bedroom reduction
- Maintenance systems
- Custom wallpaper and murals
If you like the sight of lush greenery, it makes sense to want to go all out on landscaping. But hold off on installing a koi pond, zen garden, waterfalls, and other high end landscaping features. These costly upgrades will not boost the value of the property. It might even put off some buyers, since extensive landscaping requires more maintenance. Your best bet is to keep the yard clean and simple. Make sure that the grass is trimmed and that there aren’t any brown patches. Bring in a few potted flowers to add a burst of color to the yard.
Building a deck would be a smarter upgrade. In its annual Cost vs. Value Report, Remodeling Magazine states that a wooden deck cost homeowners across the United States $10,950 on average in 2018. These decks often have a $9,065 resale value, allowing sellers to recoup 83% of the costs.
A wooden deck not only allows buyers to enjoy Lake Greenwood’s unique waterfront setting, it’s also a great spot to relax and entertain friends and family.
Excessive customizations, such as a fireman’s pole in the middle of the living room, a mosaic of your pet dog, or a cat theme throughout the home, may come across as quirky to some, but it can hard for your Realtor Greenwood, SC to sell these features to potential buyers.
To preserve your lake home’s resale value, keep the décor as neutral as possible. Depersonalize the home before putting it in the market by removing personal collections and other items that mark it as yours. This will make it easier for buyers to envision themselves moving into the home.
An outdoor pool might seem like the ultimate luxury, but some buyers see it as a liability. A pool requires regular cleaning, refills, pH testing, and new filters. It’s also a safety hazard for families with small children, who can fall into the pool. Moreover, living close to the lake might make an artificial pool seem redundant.
Installing a pool can cost an upwards of $40,000, and that’s not including warranties, winterization, and water utilities. You’ll have to foot the bill for maintenance and repairs until a buyer comes along and makes an offer. Pool maintenance can cost anywhere from $3,000 to $5,000 each year. Have a pool installed only if it’s something that you and your family will truly enjoy. Just don’t expect it to increase the value of your property when it comes time to sell.
Buyers generally prefer large private bedrooms. This is especially true for lake homes, which receive more out of town visitors than usual. Buyers will need more space, not just for guests, but also for their pets and belongings.
Instead of reducing bedroom size to make way for a walk-in closet, it is more advisable to add a bedroom to a lake home. You can do this by converting the attic or basement.
However, think twice about adding an extension to the home – the added square footage can cause a discrepancy with the county tax office, potentially derailing a sale.
In South Carolina, the buyer typically pays for the appraisal – in order to secure financing, the property must be worth the asking price. But if you have listed your home’s square footage prior to the extension, issues can arise after the appraisal, since taxes may increase. Be sure to update the home’s square footage at the county tax office.
It’s worth upgrading your lake home’s HVAC system to a modern one, especially if you intend to use the property yourself. However, don’t make the mistake of thinking that it will increase your home’s value.
HVAC system upgrades are par for the course, especially when it comes to luxury properties. While it may make some buyers pay attention, it won’t justify a higher asking price in and of itself.
Commissioning a wallpaper or mural can give your home more character. But it might not be the best use for your money. Buyers have a difficult time looking past wallpaper and wall art. Moreover, they can be notoriously difficult to remove or cover up, and some buyers may not want to deal with the extra work.
Instead, put your money towards quality finishes and a winning color scheme that can liven up your home’s interior.