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SO what I'm hearing according to her is no upgrades have any value? So if my neighbors house is exactly like ours is 3500 sq' 4 bedroom 4 bathroom and they have not put anything at all into their home, no upgrades in flooring, no window coverings, no hardscape upgrades outdoors etc. that their asking price should they sell would be exactly as ours with all the upgrades I mentioned above. Does this sound right to you?
The upgrades you mentioned are considered "bells and whistles". The main value they add is that they help a house sell quicker so you have less time on the market, less disturbance of your life with so many people walking in your house, and moving on to your next house quicker before more appreciation takes off in your price point.
Monetary value? If hardscape is expected in your area, you just made the house equal to others. If it's not expected, no one is going to pay extra for it as they probably want grass. Plantation shutters look a little better than 2" blinds, but people aren't going to put a value on it more than a thousand or two. And California closets have no value, at least where I am. No one has ever said, "OMG, I'm going to offer $10k more because these have custom closets!!" Many times, they make there be less hanging space as the sides take so many inches away. I, personally, don't like them. Many of my clients don't like them either.
It sounds like you did upgrades to satisfy your own wants while living there, and now someone else is going to get those for next to free. DOn't get me wrong. People like bells and whistles, but they aren't going to pay more for your house compared to one down the street that is in the same condition with regular closets, 2" blinds, and normal-to-your-area landscaping.
Pools are a good example. I would pay more for an identical house without a pool then one with a pool. I do not like cooking outside. An outside kitchen would turn me off.
So basically ya'lls opinions are anything anyone puts into their home is of no value during the sale of the home. what about upgrades during the initial purchase of a home? Granite, quartz, wood floors, tiles showers vs fiberglass, vinyl energy efficient windows vs wood framed windows , solid wood entry doors vs fiberglass?
Location: Finally the house is done and we are in Port St. Lucie!
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Quote:
Originally Posted by CAKD
So basically ya'lls opinions are anything anyone puts into their home is of no value during the sale of the home. what about upgrades during the initial purchase of a home? Granite, quartz, wood floors, tiles showers vs fiberglass, vinyl energy efficient windows vs wood framed windows , solid wood entry doors vs fiberglass?
When we built our house, we didn't do it while looking ahead for resale value. We added the things that we enjoy to have in our home. I figure all the 'bells and whistles' will make selling the house easier instead of sitting there for a long time.
We are not planning on moving ever again. This is our forever home...well unless something drastic happens. If we die, the kids will have a easier time selling this place.
My advice would be to create a home YOU will like. Don't think so hard on resale. Everything you do will make it easier to sell, maybe not so much make it worth more.
In our case, having a pool (in Florida) might be worth more. I just know I REALLY wanted a pool for our enjoyment and we put in one that we are enjoying immensely.
Are you planning on only living in your brand new build for only a few years?
OP - you seem to have thought that you'd get back penny-for-penny what was spent. People will pay a little more for an upgraded kitchen, bath, etc. that has better quality materials than builder-grade but you'll never recoup every dollar. First-time home seller?
When we built our house, we didn't do it while looking ahead for resale value. We added the things that we enjoy to have in our home. I figure all the 'bells and whistles' will make selling the house easier instead of sitting there for a long time.
We are not planning on moving ever again. This is our forever home...well unless something drastic happens. If we die, the kids will have a easier time selling this place.
My advice would be to create a home YOU will like. Don't think so hard on resale. Everything you do will make it easier to sell, maybe not so much make it worth more.
In our case, having a pool (in Florida) might be worth more. I just know I REALLY wanted a pool for our enjoyment and we put in one that we are enjoying immensely.
Are you planning on only living in your brand new build for only a few years?
I'm not talking about our new build. I'm talking about the sale of our current home.
So basically ya'lls opinions are (most of) anything anyone puts into their home
is of (little or) no value during the sale of the home.
Pretty much.
Quote:
...what about upgrades during the initial purchase of a home?
Doesn't matter what you call them if they weren't objectively needed... and by that clear need afforded YOU a lower purchase price
wrt comparables -- that didn't need repairs to and replacement of critical features like major appliances and roofs --
and even then only to the extent that the new work restores what was worn/broken.
Come by your house after closing and see what they new buyers put out for trash pick up.
OP - you seem to have thought that you'd get back penny-for-penny what was spent. People will pay a little more for an upgraded kitchen, bath, etc. that has better quality materials than builder-grade but you'll never recoup every dollar. First-time home seller?
No not what I thought at all. I know you'll never recoup what you put in. For example in our last home a $30k in ground pool saw us about $7k in return. I get that. But according to the realtor in her words
" if you and your neighbor both have 3500 sq ' homes same exact floor plan same lot size and they have builder grade everything and have never put anything into their homes no window treatments, no hardscape, no wood floors, no upgraded moudlings etc. Then your home has all of that and more the homes would sell for the exact same price. Our home has no value above for having any of that.
....and have never put anything into their homes no window treatments,
no hardscape, no wood floors, no upgraded moudlings etc.
Were any of those things objectively needed?
Were these changes out of character compared to the other homes without that work?
Quote:
Our home has (little of extra) value above for having any of that.
To the buyers looking there and the price point the other comparables float around? Nope.
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