Are you planning to sell your luxury home? While it can be tempting to make some upgrades before listing your property, it’s essential to accept that some luxury home upgrades make more sense than others. In fact, although there are luxury home upgrades that provide a return on investment, there are just as many that don’t.
To help you determine which luxury home improvements to tackle, we have created two lists: the best and the worst upgrades for luxury homes.
Worst Luxury Home Upgrades
Not all luxury home upgrades are created equal. These are some of the upgrades that are most likely to drain your bank account:
- Bowling alleys — While they might sound cool and interesting, no buyer is going to pay more to have a bowling alley onsite.
- Home theatres — It can be fun to have a theatre room with a cinema-like ambiance, but it’s not going to increase the amount you should ask for your luxury home.
- Elaborate pools — While adding a pool can increase the value of your luxury home, adding an elaborate pool isn’t necessary. Waterfalls, several pool areas and extravagant slides and landscaping won’t mean much to a buyer.
- Complete kitchen remodels — If your luxury home has a kitchen that looks good and can be updated with new hardware or appliances, leave the renovation at that level. There’s no need to gut the kitchen area and replace everything.
- Adding more square footage — Think that you’ll just add another room or two to your house? Only do it if you plan to stay for a while and enjoy the additional space. More square footage isn’t going to pay for itself in your listing price.
Best Luxury Home Upgrades
The following luxury home upgrades definitely make the grade! They have been shown to improve the perceived and real value of luxury houses, and they are great upgrades to consider:
- Updated appliances — Fresh, new appliances are always a great investment if you’re going to list a luxury home. From a new refrigerator to a state-of-the-art washer and dryer, the appliances you choose will look make a difference on the value of your home.
- Appropriately-positioned skylights. Have a room or area that’s noticeably dark? Brighten it up with skylights or windows. Buyers love to feel like a home is well-lit, because without natural light, a space can seem gloomy.
- Steam showers — The steam shower is growing in popularity, and it could make your master bathroom seem like a spa to buyers. Steam showers are known for their healing and relaxing properties. Since everyone can use a little pampering, this amenity could appeal to a wide range of luxury home investors.
- Computer-controlled devices throughout the house — A state-of-the-art luxury home can be incredibly attractive. Work with a professional to install panels that will allow you to turn on lights anywhere in the house, change the temperature in any room, raise/lower the window blinds and more with the touch of a button.
Preparing for Your Luxury Home Upgrades
Before you begin your upgrade projects, it’s helpful to contact a reputable realtor group that specializes in luxury home buying and selling like CENTURY 21 Core Partners. Getting advice can help you avoid missteps in the selling process, and improve your chances of getting the bid you want on your luxury property.