It might seem counterintuitive to invest money in a home you’re selling. Wouldn’t it be better to save that money for improvements on your next home?
Even though the home sale market has improved impressively, buyers still pay more for homes they can move right into without having to do work. This is not to say that buyers won’t buy homes that need updating, but they need to be able to see the potential. And the property needs to be priced right for the market, taking into account work that needs to be done.
For example, recently a home was sold in the desirable Crocker Highlands neighborhood in Oakland, Calif. It was owned by one family for more than 50 years. The property had deferred maintenance and a dated décor.
If the listing had been put on the market before it was partially updated, it would have been harder to sell and would have sold for less than it did with the repairs and tasteful upgrades.