Home improvements are always a good idea. To a point, that is...
We typically caution people against making expensive upgrades if they are planning on selling their home in the near future. On the other hand, if you plan on keeping your property for 5, 10, or 20 years, don't hesitate to do what you like with the place. Feel free to rip up the carpet and put in those expensive marble floors you've always wanted.
You're unlikely to get your money back if you make huge upgrades before moving. If you add tens of thousands of dollars to your asking price because you install an unnecessary home theater, you're going to scare buyers away. Rather, you should do little things that add up in a big way if you want to get a return on your investment.
Instead of putting in luxurious marble floors, lay some 16-inch tile or something else that will maintain the value of your home. Increase curb appeal by investing in landscaping, cleaning the gutters and roofs, and painting. Inside your home, you may want to consider upgrading your countertops, faucets, appliances, and kitchen cabinets. Something as simple as changing the handles on your drawers and cabinets can make a huge difference.
In short, you need to be strategic with your home improvements. If you want to attract buyers and up the value of your home, do a bunch of little things instead of one huge thing.
If you would like more advice on how you can get your home ready for the market, don't hesitate to reach out to us. We would love to be your source for real estate information here in Cayman!
