Having worked with many New Orleans home sellers at this point, we tend to hear the exact phrases or sentiments from clients when discussing upgrades or “renovations.” One of the most common things we have to consult with our sellers is that not everything is considered an “upgrade” to your home.
For example, when we meet with a new client to discuss selling their home, we ask what upgrades they have done to the property. Here are some examples we have been given. However, none of these are considered upgrades.
- New paint (especially if they paid for premium paint)
- New roof (houses are supposed to and expected to have a roof that is not leaking)
- New water heater (also considered maintenance)
- Free Little library installed (while these are adorable, they add NO value to your home)
That’s right. Your new roof is not even considered a home upgrade – it’s just a needed item for house functionality.
Sellability is different
Here’s where we want to acknowledge your updated roof, water heater, and paint job. All of these items are considered maintenance on your home and are expected. However, these items will also improve the SELLABILITY of your home. While you may not get a dollar-for-dollar return on these items considered maintenance – it will help your overall sellability. And, TBH, sellability helps get someone to pay more for your home than the one down the street.
So, what’s an upgrade then?
Here are some items that are considered actual upgrades to your home:
- New siding (change that vinyl siding to Hardiplank)
- Updated electrical wiring (old wiring is not “illegal,” despite what your dad tells you)
- Renovated kitchen
- Updated bathrooms
- New flooring (but not just any flooring…)
- New windows (y’all have no idea how much this matters)
What might surprise you
A few items surprise our home sellers when we tell them these items don’t provide any real value to their homes. To note: someone may be willing to pay more for a house with these items, but appraisers aren’t valuing them in the way you anticipate.
- Swimming Pools (We know you spent a fortune on it. They don’t really add much value, though!)
- Whole home generators (this is considered a moveable item that the seller can take with them)
- Solar Panels (We haven’t found a neighborhood in New Orleans yet that helps increase your home value)
We don’t want y’all to get the wrong idea. Many of the things you consider upgrades will help you in the long run. However, we want to shoot it to you straight about what is truly an upgrade in your home.
Ready to talk home selling? Contact us now!