Are upgrads really needed if you plan on selling in the South Loop?

Asked by Helena, 60605 Thu Apr 16, 2009

I have noticed that many slightly older buildings (let's say, older than the year 2000) in the South Loop area (esp. in the low to mid $200k range) do not have upgraded features like granite ountertops, upgraded cabinets and upgraded bathrooms. Would I be wasting my money making these sorts of upgrates when I decide to sell in the future?

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12
Maria Cipoll…, Agent, Coral Springs, FL
Fri Dec 14, 2012
If you really want to get more potential buyers into your house, all you need to concentrate is in a curb appeal, fresh coat of paint, de cluttered, cleaning and get rid of any uninvitated smells. You will see the results and them you can decided if you need to proceed any further.

Best of Luck,

Maria Cipollone

Century 21 Tenace
3 votes
Ivan Sagel, Agent, Chicago, IL
Wed Dec 19, 2012
Helena,

If you would enjoy the upgrades, then do the upgrades now so that you can enjoy them. Your home is more than just an investment...

All the best,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
1 vote
Christopher…, Agent, Chicago, IL
Thu May 7, 2009
Dear Helena,

Just one more note on this. You might want to consider simply offering new buyers a credit toward them making their own upgrades if/when they buy your property. While you can definitely yield some additional monies from making smart choices and doing the upgrades yourself, a new buyer might get an additional rush from being able to make their own choices and putting their own "stamp" on the unit. Good luck.

Sincerely,
Christopher Thomas
Broker Associate, Sudler Sotheby’s International Realty
3934 N. Lincoln Ave. Chicago, IL 60613
773-418-0640 (mobile) 312-577-0985 (fax) 773-293-1200 (off)
Christopher.thomas@sothebysrealty.com
http://www.myagentchris.com
1 vote
Phil Burnsti…, , Chicago, IL
Fri Apr 17, 2009
Helena, if you need any help in making those decisions I would be happy to stop by and give you suggestions. We specialize in South Loop properties in fact our office is at 1550 S. Indiana. Matt is correct that there is a great supply of condos in the South Loop, but we have been selling them!

Please contact me at Thornton Properties, 312-880-0000 or my cell 773-255-1506
1 vote
PCS, Inc., , Lake County, IL
Fri Apr 17, 2009
Currently, the biggest sales challenge of selling a condo in the South Loop right now is the huge amount of supply (read: competition) you are contending with.
By spending the money to make the upgrades in your home currently, you will still be on par with many other, newer homes in the area...as you pointed out.
While the industry typically considers classic upgrades to kitchens and bathrooms as good improvements, you may have a better opportunity of not spending the money, but rather lowering the price.
You will have less competition at a lower price point and unless your home is in desperate nee of some improvements, I think you will have a better chance of selling in this market and in that neighborhood.
1 vote
Matt Laricy, Agent, Chicago, IL
Thu Apr 16, 2009
Helena,
I dont think money is ever "wasted" when you make smart upgrades. You will see a pretty good return on your investment if you make the right choices. You say you dont plan to sell until the future, which could be a good thing. Make some upgrades now and enjoy them. Then when you turn around to sell in the future, you will make your money back. (as long as you made the right upgrades) Good luck!

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlamericorp@aol.com
708-250-2696
1 vote
John Meyers, Agent, Park Ridge, IL
Thu Nov 28, 2013
Hello Helena,

It depends on how much you plan to spend.

Updating doesn't always mean that you will get more money for the property but will help you sell it much quicker (= savings in less property taxes to pay :-)

There are ways to update the countertops (not with granite) and spruce up your bathrooms without breaking the bank.

Just let me know if you would like some help.

Thanks,
John Meyers, Meyers Realty
e: JohnMeyers@MeyersRealty1.com
c: 847-533-7115
0 votes
Bob Brandt, Agent, Schaumburg, IL
Wed Sep 11, 2013
Another 4 year old question that begs an answer.......
0 votes
Lee Cherney, Agent, Chicago, IL
Wed Sep 11, 2013
In order to answer this question properly, I would need to know the building you live in and some more specifics of your unit. Many times, it can make sense to make some upgrades before you sell your home, but it really depends on the building, unit, price range, timing, etc. Many factors. It is best to consult with an experienced broker who can advise you on how to best sell and maximize your return!
0 votes
Matt Hoyt, Agent, Highland Park, IL
Sun Sep 8, 2013
A big part of ROI is how much you enjoy the things you decide to upgrade. If you're staying for a few years, upgrade for yourself and your personal enjoyment.
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Sat Sep 7, 2013
Hi Helena,

Thank you for choosing my answer as the best one. Let me know how everything work out for you.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com

http://www.Linkedin.com/pub/maria-cipollone/32/735/81b/
0 votes
SBellesPro, Both Buyer And Seller, Chicago, IL
Thu Sep 5, 2013
Completely AGREED with Maria!
0 votes
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