Updating Electrical In a House, ranks up high on the list as updating plumbing. In 2010 HomeGain did a survey of 1000 agents throughout the United States, the survey revealed that 89% of agents nationwide agreed that updating electrical in a home could increase the homes value up to $1500.
Home buyers assume that it costs much more to fix broken items than it actually does. The perception of broken electrical out weighs the real repair costs in price reductions or low offers.
Mentally when a switch is turned on and doesn’t work the homebuyer will start calculating the cost of repairs, which in turn makes a reduction in the offering price. The reductions are almost far greater of the actual cost of the repair.
Should you have some broken switches and outlets, by all means replace them. Older homes that blow fuses are not only inconvenient but may be a safety issue as well.
For some odd reason items that I find often when providing home staging consultations are broken doorbell buttons, broken switch plates and burnt out light bulbs. Another item that has nothing to do with the working order of the electrical system are decorative switch plates, which I recommend being replaced with the good old average, boring switch plates.
Updating Electrical In a House Areas to consider would include:
- An area that needs a three way switch, that can be turned on or off in two different areas
- Add a switch for a light that is turned on by a cord
- Add a switch for a fan that is turned on by a cord
- Add a multi-purpose outlet for charging a mobile device
- An area that could benefit from a dimmer switch
- A home that has aluminum wire instead of copper (frequent cause of residential fire)
- A home that has flickering lights or frequent blown fuses
- A home that is older than 40 years old
- A home that has a fuse box not a breaker system
- Update electrical for Internet and other audio/visual equipment
- Update original builder light fixtures
- The greatest return on investment comes from additional lighting
- Adding lighting to paths, patios and porches to accommodate outdoor living
- Updating old flush mounted lights with new LED lighting
- Dated light fixtures are an easy install that can modernize a home
If new homes and competing homes in the same price range have updated their electrical, to compete in the same price range you will have to make the necessary electrical updates or suffer the consequences of reduced offers or lingering on the market with price reductions.