By far the most frequently question I am asked as a Realtor is "what do I need to do to sell my home and can I sell it as-is." It sounds like a simple question but there are many factors to consider in answering that question. Since every home is unique there is no pat answer for where you draw the line on making improvements. The first task is to examine the comparable neighborhood sales. This will reveal the highest recent sale and draws the line that you have to keep in mind so that you don't over improve the property. If you maintain these guide lines you won't run into a problem later with the appraisal.
The kitchen is the most important room in the house so this is the best place to spend your money. A kitchen make over with new stainless steel appliances and granite counters can usually bring you double their cost in your pricing capacity. New flooring is also a great price booster and a fresh cost of paint can bring new life to any home.
Here is a recent situation at a condominium development that demonstrates this view.
A luxury unit with 2 bedrooms and 2 bathrooms that had been upgraded with wood floors, granite counters and upgrades in the master bath sold for $339,900 in 8 days. That was 115% of its tax assessment value of $295,300. About 3 months later the same model with an additional loft that contained a third bedroom and third full bath entered the market with minimal upgrades, cleaning and some painting. After 73 days on market it was sold for $305,000 or 97% of its assessed value of $313,650. If this unit sold for the same percentage (115%) as the upgraded model it would have produced a sale price of $360,697. That's a difference of $55,697!! So if you are wondering if you should buy new appliances or put in that new flooring keep in mind that if it is well cared for and maintained you will probably get all your money back when you sell the home.
Author:Andrea Dugan Phone: 703-728-0231 Dated: June 1st 2016 Views: 338 About Andrea: Andrea Dugan
Andrea is Licensed in Virginia
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