When selling a home, its easy to get caught up in the belief that any and all upgrades will point to a solid return on investment. Yes, sometimes the upgrades are critical in selling the home (like dealing with old/hazardous/faulty wiring). Then there are upgrades that should be done to address deferred maintenance or extreme wear-and-tear issues with the home.
That understood, sellers should be prepared to accept that there are some upgrades they’re simply unlikely to see a full return on when selling a home. This couldn’t be more true than when dealing with millennial buyers who are greeting the market with a different mindset and different priorities as they seek to buy their first homes.
Let’s hit on some things these buyers might not appreciate quite as much as you do.
Trendy Home Decor
Being uber trendy is great but understand that when we’re talking about selling a home, the more distinctive the design style, the more likely you are to shrink your buyer pool. This can mean less offers and ultimately a lower sales price than what you could potentially have if you were to have more buyers bidding for your home.
Trends quickly go in and out. Sticking with a neutral palette and simplistic style will allow prospective buyers to more readily envision the space as their own.
Solid curb appeal is incredibly beneficial in selling your home but try to avoid going way over-the-top. While a beautiful English garden with perfectly manicured topiaries may be breathtaking, the prospect of maintaining it can be overwhelming, especially to millennial buyers.
Keep it simple and clean. Weeding a bed and planting easy-care plants, like boxwoods or hostas, en masse can go a long way with little hassle.
The New Roof
Leaky roofs are a must to be dealt with and will absolutely reduce the value of your home. However, a brand new roof is not something high on the priority list for most millennials and while it may boost buyer confidence in buying the home (as opposed to one where the roof may need to be replaced soon after settlement), it will not necessarily spur them to come in with a higher offer.
A Swimming Pool
Sure, joining your friends pool-side may be the height of your weekend but understand that it’s more likely to cost you a buyer than secure you one – especially where prospective buyers are more likely to be put off by the cost (and work) of upkeep along with safety hazards presented for young children.
While you may appreciate what it cost you to upgrade the plumbing or have a new junction box installed, don’t expect this to result in a higher sales price for your home. As with the roof, faulty plumbing and wiring can certainly cost you but buyers are not going to offer you more for these upgrades.
I know this is important and expensive to replace.
You know this is important and expensive to replace.
I hear and feel you on this but don’t expect buyers to offer you more for the latest systems.
HVAC systems should be in good repair and it is most always appreciated to see that maintenance has been consistently completed on these units. Just don’t expect a brand new unit to equate to higher offers.
Oh yea. I told you there was an extra item they may pay more for, didn’t I?
I’m sure you’d be SO SHOCKED on this one considering the great trends toward eco-friendly living, but… if you guessed solar panels, you nailed it, my friend. This can add great appeal to a generation that is looking for environmentally-friendly options.
Whether you agree, disagree or agree to disagree with their views and values, millennial buyers are steadily increasing in the market. Understanding what they’re really looking for can help you yield the highest return on the investment you have in your home.
If you’re interested to know how much you could actually get for your home in today’s market, feel free to give me a call. I’m happy to run a free market analysis and help you determine steps we can take to showcase your home with its greatest potential.
Look forward to hearing from you soon!