09 May WHAT AGE IS YOUR PROPERTY?
Knowing when and what to update is a fantastic way to get your property in tip top shape. If you have anything that dates back too far to remember it may be time to update it. So where does your property rate on the scale of being fresh and up to date? We have a mini exercise you can do to figure it out.
Go from room to room and rate each walled area on a scale from 1 to 5. With 1 being very old and a 5 being fresh and up to date. When doing this remember to do each walled area, so everything along the wall including furniture. So you will end up with multiple scores in each room or area.
When finished with the room, tally up the score for the entire room and then take the average. If the room scores below a 3, you need to seriously look at updating! If the room scores a 3, you may want to look at updating a few minor things to give the room a fresh look. If your room scored a 4 or 5 then kudos! This is exactly where you want to be.
In a highly competitive market, you should think about what kind of updates your property needs. This doesn’t mean you have to do them all but you should think about consulting with a professional to see which ones could get you the most return on your investments.
Also remember that there are several homes that were built quite a bit ago that have some elements that you don’t want to update because it would reduce the asking price. Although in most cases, some kind of update may work wonders.