A Customized Home is Not Always Rewarded in the Marketplace
May 19, 2010
You have a nice home in a nice neighborhood. During the time that you have owned it, you have added a pool, re roofed it, remodeled the kitchen, replaced the windows, and added a koi pond.
For whatever reasons, you need to sell YOUR home.
You have carefully kept a list of each improvement or repair and the cost of the improvement. You are certain that because of the quality of the materials you chose, you have added real value to YOUR home.
No matter that you selected the top brand of replacement windows versus the run of the mill standard ones that are constantly advertised on the radio, buyers do give added value for replacement windows and generally, they do appreciate the top name brand, but they probably
will not feel that these windows have made your home more valuable .
That beautiful swimming pool and spa that was so carefully designed and looks like something out of House Beautiful may make your home sell more quickly, but again, not for much more than a similar property with a more standard pool and spa.
The kitchen appliances may be all the top name brands, but again, they may make the house sell more quickly, but don't expect to recoup the cost.
And so it goes. Remember that you made these improvements because they fit your lifestyle, but once you list your property for sell, remember that it becomes a "commodity". Be careful to price it competitively and not at a price that reflects the dollars you have put into it. Buyers comparison shop and if they can get the amenities that are important to them, they will purchase the one that is the most competitively priced. They will ooh and aah over the beauty and charm of YOUR home, but they will purchase the better priced home.
So watch your emotional attachment and listen to your agent when the comparative market analysis is presented.
You have a nice home in a nice neighborhood. During the time that you have owned it, you have added a pool, re roofed it, remodeled the kitchen, replaced the windows, and added a koi pond.
For whatever reasons, you need to sell YOUR home.
You have carefully kept a list of each improvement or repair and the cost of the improvement. You are certain that because of the quality of the materials you chose, you have added real value to YOUR home.
No matter that you selected the top brand of replacement windows versus the run of the mill standard ones that are constantly advertised on the radio, buyers do give added value for replacement windows and generally, they do appreciate the top name brand, but they probably
will not feel that these windows have made your home more valuable .
That beautiful swimming pool and spa that was so carefully designed and looks like something out of House Beautiful may make your home sell more quickly, but again, not for much more than a similar property with a more standard pool and spa.
The kitchen appliances may be all the top name brands, but again, they may make the house sell more quickly, but don't expect to recoup the cost.
And so it goes. Remember that you made these improvements because they fit your lifestyle, but once you list your property for sell, remember that it becomes a "commodity". Be careful to price it competitively and not at a price that reflects the dollars you have put into it. Buyers comparison shop and if they can get the amenities that are important to them, they will purchase the one that is the most competitively priced. They will ooh and aah over the beauty and charm of YOUR home, but they will purchase the better priced home.
So watch your emotional attachment and listen to your agent when the comparative market analysis is presented.
posted by shirley harry at 7:51 AM
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