How Much Should You Upgrade Your Home

Regardless of whether you are planning to sell your home now or sometime in the future, you can start making improvements now.  Too often, people wait until they want to sell to do the improvements which they have always considered. Then as a realtor, I am frequently told by a seller that now their home is just the way they always wanted it to be and they are leaving without enjoying what they did.  So- don't wait!!  Of course, cost is a major consioderation, so here are some guidelines provided by the real estate maven, Barbara Corcoran.

Home value is the key ingredient in determining how much to spend.  Barbara's advice:
Home Value:  $250,000 - spend $10,000 to $20,000.
Home Value:  $500,000 - spend $20,000 to $50,000
Home Value:  $1 million+ - spend $30,000 to $100,000.

In each case, what is important is a "good first impression."  Cosmetic appearance is first on the list and involves painting.  Depending on your budget, paint what potential buyers are going to see first, such as the front door.  Walls should be painted a neutral color, a light color but not a "stark" white.

Second, replace or fix Structural items.  These include items that are broken and don't work, unsightly flaws, such as water stains, and updating, based on what you can afford of appliances, fixtures.  The look created by a new faucet, door handle, light fixture, ceiling fan, etc. can make a big difference in how old and worn a home looks.  A bonus is that new paint and new fixtures make a home look "clean" and that wins bonus points with buyers.  Also you feel good living in an "updated" home.

Third, focus on your landscaping.  Make sure it is "maintained, particularly close to the house and what buyers see from the street. Based on your budget, you can update your foliage, shrubs and flowers.  Again, remembering this is a "first impression."

For any budget, it is important for a home to look very clean.  Included in cleanliness is getting rid of "stuff," all those items you have been collecting for years and catching dust.  Pack up these items, have a garage sale or donate them to charity.  Clutter does not make a good impression and sometimes causes buyers to look at the "stuff" and not the house.  Make sure the house looks bright.  New paint helps, as well as letting light in from the outside and ncreasing the wattage of lamps.  Last but not least, do your best to be neutral about your house and its appearance.