It is still a seller's market in Fairfield County, and you may intend to put your house on the market to take advantage of the much-improved home value since 2020.
You might even be making some improvements to maximize your home's saleability. However, it's important to keep in mind that not every dollar you put in will guarantee added value for your home.
Don't count on these upgrades to add much value at resale:
Carpet - even if it's brand new. People are turning away from carpeting because it is considered an allergen hazard - this is a serious concern for many people, especially families with children. If cost is a concern, engineered wood can be a cheaper option than wood floors.
Wallpaper. Not only is it costly to install, but it may not appeal to buyers who have different design styles. Instead, go with a new coat of paint in a neutral color.
Primary suite expansion. Although walk-in closets and luxurious primary baths are desirable features, the space should never be taken from other valuable living space. If you eliminate a bedroom or an office, even if you have an amazing primary suite, you may not increase the sale price when you sell.
Inconsistent upgrades. If you put in a brand-new marble countertop but keep the old kitchen cabinets, buyers will overlook your upgrade and consider the kitchen "old." When you only replace the vanity and light fixture in the bathroom, it will not be considered a renovated bathroom. Therefore, if you only put in partial upgrades, you will not see added value.
Over-improvements. If your home is one of the most expensive houses in the neighborhood, be mindful when you renovate your home, you may top out the neighborhood value.
Pools. In Fairfield County it will take 18 to 24 months to install a pool from start to finish. The cost of installation and maintenance should be considered an investment for your lifestyle rather than an investment in home value. In fact, a pool might be a deterrent to buyers who have young children.
Invisible improvements. A new water heater or plumbing may not be visible to buyers; therefore, they will not pay extra for your home. While homeowners should always keep up with the maintenance, don't expect a return on investment when you sell.
When you're considering a home improvement project, you should ask yourself if the upgrade is something you would truly enjoy or if you're just trying to boost your home’s value. Installing a pool, tennis court or a raised garden bed may bring you years of joy so that you can justify the cost. If you plan on spending thousands of dollars on a project, you should feel confident you've spent your money wisely. Before you start, set up a consultation with your real estate agent, designers and contractors.
