Like Madonna, Las Vegas is constantly reinventing itself. I always say it’s the only city where once a hotel or casino is ten years old… they simply blow it up and build a new one! Restaurants and nightclubs here regularly spend millions of dollars on renovations just to keep up with design trends, but it’s worth the cost because you’re either hot or not. Business owners know that they need to stay on top of trends to meet the consumer’s expectation or risk losing customers. Likewise, when you put a house on the market, it can be beneficial to update the home’s design to better appeal to tastes of potential buyers.
The building boom in the early 2000’s left Las Vegas with a plethora of homes that are fifteen to twenty years old. There are plenty of properties with incredible lots, stunning views, and smart floor plans, but many of them suffer from outdated design elements. That’s why it’s important to enlist the help of an interior designer or professional stager before bringing a house to market. A simple refresh can go a long way.
One problem that arises when selling a luxury home is that you have to compete with new construction. Buyers stumble into these elegant model homes, decked out with every upgrade possible, which creates unrealistic expectations for buyers. A price sheet in a new home sales office may show a base price of 700K-800K, but when the builder sells these models, they will usually fetch double the price, possibly 1.4MM-1.6MM. Buyers walk through these 1.6 million dollar models, but they see a much lower price tag. This creates an unrealistic comparison for buyers looking at new versus resale homes.
While I don’t advocate imploding your home and rebuilding it, to get on a more competitive level—and to ultimately put more money in your pocket— it’s best to think like the people running the Las Vegas Strip. When you’re selling a home, remove anything dated and replace it with something fresh. Stay up to date on the current trends. It is amazing how a simple deep clean and declutter of the home will boost a home’s appeal. If you don’t have an eye for design, hire someone who does. Updating some key components is a simple and cost effective step you should seriously consider.
I understand that there are many circumstances where it’s just not practical for sellers to renovate or invest in updating projects. They might not have enough time, money, or energy to deal with the work involved. So, if you’re not in a position to update your home’s aesthetics, just keep in mind that buyers tend to “over” discount your home if they feel there is too much work to be done.