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September 4, 2013

Not All Upgrades Pay Off….

Filed under: Center City Real Estate,For Sellers,Of Interest To Sellers — Center City Philadelphia Real Estate Agent @ 10:27 am

There is no such thing as a Sure Thing. No surprise there. But time and time again I see Philadelphia condos where the seller has spent money in order to hopefully improve the resale value of their condo. In most instances, condo owners upgrade for their own Use and Enjoyment- but some do improve with the goal being a higher resale value. Here are common upgrading mistakes I see in the Center City Condo marketplace:

1) Wall to Wall Carpeting in a Living room.2200aarch
2) Installing a Huge soaking tub/ Jacuzzi like monstrosity
3) Replacing closet doors with Mirrored closet doors
4) Adding a Roof Deck
5) Adding Hi-Hats and / or track lighting
Now certainly there are exceptions to every rule, and in some instances, these additions can add value. But from my experience- the value added is nominal. And in some cases- can actually detract from value. Really depends upon the unit. If you have some of these features in your condo, I would NOT suggest you remove them. But spending money to add them to your existing condo may not provide you with the expected return.
Instead,
I suggest you throw some money into what buyers seem to always remember:
1) Rework your Closets-  You can buy off the shelves at Home Depot or Lowes. I call it the faux California Closet looks. And they can add tremendous value to your condo. Never underestimate the power of good closets in Center City condo value. One of the first things condo buyers do is they check out the closet space.
2) Repainting- Want some Kick-A** ideas? Visit www.Houzz.com for some fab fab fab visuals. Remember, focus on two main colors and highlight with decor pieces as the third. You needn’t paint every wall in a room one color.
3) Recaulk and Regrout Your Bathroom- This is huge, and doesn’t cost a lot. Email me and I can send you references  to
make your bathroom look 1000% better- and can be done in a day. Don’t underestimate this upgrade, please.
4) Replace all the knobs and pulls in your kitchen and bathroom. And try Pottery Barn or Restoration Hardware. This is a huge and inexpensive way to really put “icing on the cake” in two of the most important rooms in your home. And if you want to take it a step further- after you do the above 4 Upgrades- think about replacing interior door knobs. Again, a small visual cue that can really set the tone and feel of you condo.

Want my input? Call me, and I will come over and do a quick assessment of your place…No biggie.  I have been on HGTV for the decorating I did in my own home, and I won Philly Mag’s Kitchen of the Year contest back in 2005.
—–
 So I’m thinkin’……I am kinda’ groovy, you see 🙂
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