We closed on our house on Friday and the last three days have been long with work, but it's been a blast for me. Appliances arrive today, new flooring and baseboards go in on Thursday and we move this weekend. Then I get to spend the summer landscaping and putting in pavers, installing molding, replacing a few doors, installing a mantle, etc... I'm so looking forward to my projects!
The first question is â€œWhat upgrades?â€ Some add more value than others.
â€œMore than what? â€œIs also a key question. More than Market Value? Probably not.
Another question is â€œHow would the upgrades compare to the comps?â€. If most of the homes in the neighborhood have been â€œupgradedâ€ then weâ€™re not really talking about an upgrade, itâ€™s more of a â€œcatch up-gradeâ€. In this situation, you can expect a home without the improvements to sell for less. Understanding how much less would help you determine whether it is worth the expense.
A word of caution, make sure that you understand what drives value in your neighborhood. Often home owners will do improvements hoping for a sale price equal to homes in a nearby, more expensive neighborhood. (â€œI can make my house just as nice as the homes in the tract across the street that sell for a lot moreâ€¦). The problem is that much of the price difference could be based on the fact that people are willing to pay more to live across the street. Since an upgrade will most likely not include moving the house across the street, you shouldnâ€™t expect the same value.
For month of the November, ending today, the average 3 bedroom in Orange sold for $475,000 and the average 4 bedroom sold for $596,000.
If you have a home you would like me to sell I would love to run a free market analysis report for you!
OC Signature Properties
But I know other people who want to walk into a place that looks 'finished' and buy it, which seems to mean basic newer floors, new bland paint on the walls, and generically nice fixtures in the kitchen.