If there are no repairs or upgrades needed in your home and if it is in spectacular condition, you may expect to get very close to your selling price – and you probably will! If your home is in top shape and all that the buyer needs do is bring his or her toothbrush and unpack their belongings, your house will attract a great deal of interest, and many buyers will realize that there is not much room to maneuver on price. Essentially, this is the goal that every seller is working towards.
However, most homes that go up for sale are not in near perfect condition, or in top shape, and sellers must decide whether to fix a lot or fix a little – keeping in mind that research shows that sellers who do make repairs to their homes only receive a percentage of that cash outlay back at the closing table in the form of a higher priced sale (i.e. return on investment is not oftentimes 100%). You may spend a lot of money on installing floor tiles or re-carpeting the whole house and find that some potential buyers find your choice of flooring not at all to their liking.
If you do decide to make a major upgrade or expenditure, here’s some advice to you that will help you recoup as much of that investment as possible. Keep the style and colors neutral. Soft, muted colors do not make a strong decorating statement and will allow potential buyers to project their own sense of taste and design on the house. It’s often shown that bathroom and kitchen remodels bring the greatest return on investment.
Don’t forget that a buyer will more than likely perform an inspection on your home, which will oftentimes uncover basic repairs. Please realize that making basic repairs is simply going to bring your home in line with average price per square foot in the neighborhood, rather than inflate the price like some upgrades may allow. Sellers may want to consider obtaining a professional home inspection before you sell.
If you have the skills and are able to make repairs or upgrades on your own without hiring professional help, you will make your money go farther and be more competitive with similar homes in your area, but be careful on what projects you take on, don’t go over your head only to find out that the “upgrade” is actually a “downgrade” because the final product does not look well done.
And finally, keep in mind that you do not want to pay to upgrade your home so that it is the highest priced home in the neighborhood, you’ll have a difficult time maintaining that high price point during negotiations because the neighborhood will provide you little assistance in supporting the price per square foot that the home warrants, perhaps in another higher end neighborhood.
Keith Munsell 
