Kitchen and/or bathroom upgrading and remodeling are the home improvements most likely to offer the best return on investment by attracting buyer interest in the Las Vegas Property. However, before going overboard, you should limit your upgrades only to a level that makes your home more marketplace competitive then neighboring properties.
Check with your Las Vegas Realtor and an appraiser to find out how far to go on your upgrades before investing large sums of money in these projects. For instance, should you just replace faucets and sinks, or cabinets, vanities and countertops, or a complete remodel of both kitchen and bathroom or bathrooms?
Your goal in these upgrades is to spend just enough money to encourage buyer enthusiasm and as mentioned, give your Las Vegas Home enough of an edge over the competition to get an enthusiastic buyer reaction.
If you plan on replacing kitchen and/or laundry room appliances, go for mid-priced units, and keep a balance. In other words, don’t mix expensive high-end appliances with those in mid-range price.
If your home has non-functional space that can be used to turn, for example, a half-bath into a full bath, an upgrade such as that will definitely improve your homes attractiveness to buyers.
Replacing single pane with double-pane windows throughout the home can be expensive, but the return on investment is usually very good.
Upgrading your driveway with brick, pavers or decorative surfaces offered by contractors adds a lot to enhancing a home’s curb appeal, but be sure that the appearance of the upgrade matches the architectural style of your home.
It’s important to be aware of the fact that the return on investment that you can expect from an upgrade depends on what neighboring homes have to offer. It is additionally important to note that it would be a costly mistake to upgrade your property to a level far above neighboring properties, and will likely price your home out of the market.
Prior to making any decisions regarding upgrades, talk to your listing agent. Your listing agent is your best source of information regarding what similar homes for sale in your neighborhood have done to upgrade their property.
Another advantage of intelligently thought out upgrades to your home that are attractive to buyers, such as a sparkling new kitchen or elegant bathroom, is that you can more easily negotiate a selling price that is as close as possible to your original asking price.
Builders, for example, will eagerly offer upgrades to a buyer in place of lowering their selling price.
However, there are no absolutes in upgrading, and how much of your outlay of funds you can recoup can be a crapshoot as the market continues to fluctuate.
If you have done your homework, and have thoroughly analyzed the marketplace before making any upgrade commitments, your chances of getting a good price for your home while minimizing your cash outlay will be vastly improved.
Tony Sena is a Las Vegas Real Estate Broker/Salesperson and Designated Property Manager with North American Realty of Nevada. He currently oversees a team of 10 real estate agents and manages the Property Management Division. He can be reached at 702.376.0088.