I often work with home sellers that have upgraded their home. These upgrades can be as simple as new appliances or as complex as a full remodel. In order to maximize your home’s sales price you must have an accurate list of everything you’ve done and the associated costs.
This helps with the sales process because a detailed list supports a higher asking price and can be incorporated into the property brochure and marketing materials. Be aware that not every Realtor advises their clients properly on this issue. It’s common to see listings being advertised with a big dollar amount spent on upgrades or remodeling with nothing to back it up. Unless it’s documented and in writing, most buyers and their agents believe the numbers are inflated and not realistic.
Additionally, any upgrades will increase the cost basis of your property which ultimately affects how much is taxable profit when you sell the house. You should always speak with your accountant regarding your cost basis and a detailed list will be important to them.
If your home sale requires an appraisal, and most do, the appraiser will also appreciate an itemized list of upgrades to help support the sales price. Buyers can pay over the appraised amount for a home but they rarely do, so it’s best to provide the appraiser will all relevant information.
Please call me at 702-605-7480 if you’re considering putting your home on the market. I’ll be glad to share my 15 years of experience in the local luxury real estate market and show you how it can be used to your advantage.
