Home Buying in Somerset>Question Details

Dave, Home Buyer in Somerset, NJ

how much weight upgrades plays in home selling price? any difference between recent upgrades and years ago ?

Asked by Dave, Somerset, NJ Fri Apr 27, 2012

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6
Buyers are more selective today - because they can be! With more inventory to choose from, they gravitate to the properties that score highest in condition/upgrades and fairest on price. I also find that buyers are less receptive to doing work today than in the past - I believe it is a combination of not wanting to take on the expense, but just as importantly, they are too busy.

I do agree that it is unlikely that improvements will come back dollar for dollar. But the improved home may sell, while the unimproved may not. So I say, make those improvements if you can.

Best,
Jeanne Feenick
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0 votes Thank Flag Link Thu May 3, 2012
It has been my experience in today's market that certain recent upgrades help a property to sell more quickly and achieve a higher selling price. The most important of these upgrades are kitchens and baths. In this market where there are many choices, many buyers shy away from the property that needs work.
0 votes Thank Flag Link Mon Apr 30, 2012
Recent upgrades that enhance a property generally are worth the consideration because buyers like and can be attracted to "extras." We see this all of the time with automobiles. On the other hand "dated" upgrades can play a very negative role in home pricing, especially when in the eyes of the buyer, need to be replaced and doing so impacts the sale price.

Bill
0 votes Thank Flag Link Sat Apr 28, 2012
Upgrades may get you a sale faster, and do factor into the sales price, but not on a $ to $ ratio.

Today's buyers seem to gravitate to those properties that have upgraded kitchens,baths & floors... Mostly because they don't want to spend the $$ to do it themselves, and often EXPECT these to be present in a home they buy, but do give it some weight when making an offer because they know the cost of doing it themselves.

As far as how long ago they were done, if the upgrades were done well, and are not "dated" looking, or in some custom color ( I have seen a very expensive kitchen remodel with kelly green countertops), it will help a bit towards sales price too.
0 votes Thank Flag Link Sat Apr 28, 2012
Its all about the quality of the upgrades, more than the timing.
0 votes Thank Flag Link Fri Apr 27, 2012
Few upgrades increase value at a dollar to dollar ratio. In other words, investment made usually does not increase market value at the same rate. The increased value of a property varies according to the type of upgrade made. Often the upgrades help generate interest and a contract sooner than similar properties without recent improvements.

Buyers today look for very recent upgrades and improvements, and will often dismiss updates that are a few years ago. Buyers will cite the need for a new round of updates needed.
0 votes Thank Flag Link Fri Apr 27, 2012
Deborah Madey, Real Estate Pro in Red Bank, NJ
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