Home Maintenance vs Home Improvement

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As real estate agents, we often hear clients referring to the updates they’ve done to their homes (sellers) and to the upgrades they’d like to find in their new home (buyers). But unless you’re in the field of work, it can be difficult to understand what constitutes an actual improvement to a home versus what is considered to be routine maintenance & upkeep.

So, what exactly is the difference? Well, it helps to think about what needs to be done to a home to keep it in good condition, and what you want to do to a home to make it to your liking. Things that need to be done are items like replacing a roof and servicing the furnace, replacing leaking windows, and fixing chipping paint. Those would be considered home maintenance items.

Improvements & upgrades are things like remodeling a bathroom and installing stone countertops and appliances in the kitchen. Finishing a basement is an improvement. Adding a patio or deck is an upgrade.

Maintaining a home helps a property keep its market value, even when it is not necessarily upgraded in terms of appearances & aesthetics.

It is important to remember that maintenance items are considered part of the regular course of home-ownership, and by deferring them, you could potentially be costing yourself thousands of dollars when the time comes for you to sell your home. If you have not kept up with items that need to be done over time, it might catch up to you in the sales price that you are able to get for your home. When contemplating upgrades & updates, you want to be sure to do it for your own benefit and not solely for the purpose of return on investment. There is never a 100% ROI in real estate when it comes to investing money on upgrades in a residential property.

Updating & upgrading a home helps to attract potential buyers & often leads to quicker sales that are nearer to their asking price in many cases. Examples include remodeled bathrooms & kitchens in today’s “HGTV” color palettes & design styles, refinished hardwood floors, and neutral, fresh paint. Don’t forget the curb appeal! First impressions are everything and if buyers get a negative first glance at your house based on lack of curb appeal, most of the time they won’t click through to see any more pictures. Drawing buyers in is key to selling your home, and the improvements you do can give you an advantage in that regard.

However, we recognize that things are uncertain and you may be wondering if it is worth spending the money to make changes to your home. If you think it is even a possibility that you may be selling your home within the next 1-3 years, we highly recommend consulting with a real estate professional prior to taking on those projects. As real estate experts, we can help advise as to which colors, materials, and designs are inline with current buyer preferences.

Again, when planning to make upgrades it’s really about choosing materials, colors, and accessories that make you feel good. It’s your home - you should love it! And if you don’t love where you live, give us a call! We can help you sell and buy throughout the North Shore of Chicagoland and connect you with a nationwide network of trusted professionals.

The Spaniak Team - eXp Realty, LLC can be reached at www.SpaniakTeam.com or info@spaniakteam.com. Serving Northbrook, the North Shore, and greater Chicagoland areas.

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