The basics are the things that every buyer expects when they purchase a home. Example: a roof that doesn’t leak, functioning gutters and downspouts, a dry basement, a reliable furnace, solid floors, walls that are in good repair, retaining walls that work, and functioning plumbing and HVAC systems. Potential buyers of any home—even first-time buyers—have a checklist that includes all of these amenities. In upscale properties, the basics might also include a certain number of bedrooms, bathrooms, and multiple-car garages, and any other features common to the neighborhood.
This doesn’t mean you have to upgrade all of it. You can focus on regular maintenance and smaller, cheaper improvements that keep everything in good working order. Adding the basics to a home that lacks them doesn’t add value; it merely brings the property up to the standards of the rest of the homes in the neighborhood, ensuring that you can ask a comparable price.
On the other hand, while you do want your house to stand out from the competition, you shouldn’t make upgrades that greatly exceed the neighborhood standard. Not only will you end up losing money, but you may also scare off potential buyers. In short, before you invest tons of money in an elaborate renovation project, consider what the competing properties in your neighborhood have to offer. Find out how similarly priced homes in your neighborhood measure up and make improvements based on your specific marketplace.
