Are upgrads really needed if you plan on selling in the South Loop?
I have noticed that many slightly older buildings (let's say, older than the year 2000) in the South Loop area (esp. in the low to mid $200k range) do not have upgraded features like granite ountertops, upgraded cabinets and upgraded bathrooms. Would I be wasting my money making these sorts of upgrates when I decide to sell in the future?
Dear Helena,
Just one more note on this. You might want to consider simply offering new buyers a credit toward them making their own upgrades if/when they buy your property. While you can definitely yield some additional monies from making smart choices and doing the upgrades yourself, a new buyer might get an additional rush from being able to make their own choices and putting their own "stamp" on the unit. Good luck.
Sincerely,
Christopher Thomas
Broker Associate, Sudler Sotheby’s International Realty
3934 N. Lincoln Ave. Chicago, IL 60613
773-418-0640 (mobile) 312-577-0985 (fax) 773-293-1200 (off)
Christopher.thomas@sothebysrealty.com
http://www.myagentchris.com
Helena, if you need any help in making those decisions I would be happy to stop by and give you suggestions. We specialize in South Loop properties in fact our office is at 1550 S. Indiana. Matt is correct that there is a great supply of condos in the South Loop, but we have been selling them!
Please contact me at Thornton Properties, 312-880-0000 or my cell 773-255-1506
Currently, the biggest sales challenge of selling a condo in the South Loop right now is the huge amount of supply (read: competition) you are contending with.
By spending the money to make the upgrades in your home currently, you will still be on par with many other, newer homes in the area...as you pointed out.
While the industry typically considers classic upgrades to kitchens and bathrooms as good improvements, you may have a better opportunity of not spending the money, but rather lowering the price.
You will have less competition at a lower price point and unless your home is in desperate nee of some improvements, I think you will have a better chance of selling in this market and in that neighborhood.
Helena,
I dont think money is ever "wasted" when you make smart upgrades. You will see a pretty good return on your investment if you make the right choices. You say you dont plan to sell until the future, which could be a good thing. Make some upgrades now and enjoy them. Then when you turn around to sell in the future, you will make your money back. (as long as you made the right upgrades) Good luck!
Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlamericorp@aol.com
708-250-2696
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