Sellers are dropping thousands on renovations for their homes prior to selling, with many realizing they have spent much more than anticipated. Forbes reports that LendingTree’s latest survey found sellers spend an average of $10,000 on home upgrades or repairs prior to selling. The majority of sellers, 51%, said they spent more than expected. These big bucks are going into upgrading kitchen appliances, bathroom upgrades, and fresh interior paint. Baby Boomers seem to have the most fear when it comes to selling and spending money on upgrades, and Millennials have little fear and spend more on average.
More than one in five (22%) Baby Boomers are most stressed about making costly home repairs and upgrades to sell their home. Twenty-two percent of Baby Boomers fear that their home won’t sell, compared with 15% of Gen Xers and 10% of Millennials.
Another 22% surveyed felt their real estate agent pressured them to spend a significant amount of money on repairs and upgrades before selling their home. Still, 31% of sellers reported not feeling any pressure at all.