Of course, the Maui real estate market is different from the rest of the US real estate market in a few important ways, but generally speaking buyers in every real estate market are willing to pay more for homes with certain improvements while other home improvement projects will not increase the value of your home in any significant way.
Generally, the National Association of Realtors has found that improvements that increase curb appeal will recoup more of the investment at sale than interior remodeling. While interior remodels net more return on investment than adding or improving outdoor living space like a patio, deck, or carport. Often, the improvements that net the least return are internal (aka invisible) improvements like installing HVAC, replacing plumbing, automatic sprinklers, or energy efficient appliances.
Some “improvements” may even make a home more difficult to sell. Many buyers avoid homes with pools, homes that are significantly larger than the rest of the neighborhood, or homes which don’t “fit in” with their neighbors. The backyard pool is a perfect example of a poor investment. Maui’s warm climate means that outdoor swimming is a year round activity; but the high cost of water, electricity, and labor mean that a pool’s maintenance costs outweigh the benefits. Most Maui home buyers would rather head to the ocean to cool off on hot days than deal with the hassle of maintaining a pool.
Surprisingly, some of the cheapest improvements also netted the best returns. Reseeding the front lawn, a fresh coat of exterior paint, and installing security doors all earned an average of about 75% of the investment back during home sales. Don’t dismiss cosmetic improvements like these as factors in your home sale. While many home owners were not fully compensated for the cost of these improvements when they sold their home it is likely that the work done sped the home through the sale process. Homes with attractive, simple yards and fresh exterior paint spend less time on the market than similarly valued homes with unkempt yards and flaking paint.
The more quickly your Maui real estate sells the higher the sale price is likely to be. Fewer days on the market usually correlates to higher returns both with a higher selling price and by minimizing the amount of time a seller has to pay for the upkeep of two residences. We at Sakamoto Properties are looking forward to working with you during the sale of your West Maui home or luxury property. Our agents and brokers are experienced, reliable, and work hard to get the best offer for your Maui properties.