do older/antique homes fetch larger prices if they are renovated and in good shape?

Asked by Elizabeth McIntyre, Riverside, CT Tue Mar 29, 2011

We have a house built orginally in 1820 and added on to it in 2004, keeping the character of the old farmhouse

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Ana Mattei, Agent, White Plains, NY
Thu Mar 31, 2011
Yes, you will fetch larger prices if the property is in good shape.
I am wokring Cos Cob, CT.
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Ana Mattei, Agent, White Plains, NY
Wed Mar 30, 2011
Accordance with my understading, not care the year built the house, the most important to know is the profit you would like obtain, since always you will find a buyer, i.e, is important the location, the property is a good shape or if you prefer to sell "as is", there are many ways to work on.
Feel free to contact me for more details.
My best wishes to your project.
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Peggy Chirico, , Manchester, CT
Wed Mar 30, 2011
Most houses in good condition will sell for more than houses in less than ideal condition. There are quite a few variables in play, such as acreage, location, size of the house, layout of the house, etc. You haven't said whether the house is in a historical district (location) but that can make a difference for some people. If it is a historical house, the pool of buyers will be smaller and you will have to find ways to reach those buyers. Many people today are only interested in newer homes that are completely updated, so you are searching for specific buyers.

In addition, older homes may have some functional obsolescence that some buyers may not want. One bathroom is an example of that, and that will be a factor especially in larger homes or at the higher price points.

You also don't mention how much land there is to the property. Some buyers will sacrifice amenities in the house for acreage for horses, etc. They may also feel that if there is enough land, they may be able to add to the house if the choose to do so.

So as you can see, there are many more variables than just whether a house has been renovated. Best of luck.
Web Reference:  http://www.peggychirico.net
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Bob Evridge, , Knoxville, TN
Tue Mar 29, 2011
Let me answer your question with a question. If you were looking for a home, whether it was a vintage home or not, would you be willing to pay more if it were renovated and in good shape? I bet that you would.

The most important factor in renovating older homes is to respect the integrity of the character of the house. Don't tear out stuff and replace it just because it would be easier, cheaper or faster to do it that way. The character of the house will be a far greater selling point than anything else that you do. I'm not saying don't update the kitchen, the wiring or the plumbing, etc. but don't throw out the woodwork, the floors, or anything that says "Hey, I've been here a while and you should be nice to me."

Another thing to remember is that out of every 100 people that look at a vintage home, there will only be about 5 that will have the vision to see what the home could be. I recently sold a house that was about 150 years old. It took a long time to sell because the kitchen was a 1960's kitchen. So many people could not see past that kitchen to appreciate the original hardwood floors, original woodwork, original stairs, etc.

Another thing to keep in mind is there is still a mindset out there among buyers that they should be able to buy a house with everything in and done for half price. They think that everyone is desperate.

Hope this helps.

Bob Evridge
Web Reference:  http://knoxcastles.com
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Debra Flora, Agent, Boulder, CO
Tue Mar 29, 2011
Any house in "good shape" fetches a higher price.
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Pam Bava, Agent, Rochester, MI
Tue Mar 29, 2011
You have great answers below, keeping the original charm in the home is important.

My question is..... do you have the house registered as an Historic house? That may help with price.

Good luck

Pam
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Jeff Serouya, Agent, Stone Ridge, NY
Tue Mar 29, 2011
It is important that any renovations in an older home be done with thoughtfulness and a commitment to maintaining the integrity of the house. If the renovations are not in keeping with the original style/ period of the home, this can often be a turn-off to potential buyers. On the other hand, renovations that are very nicely done and in keeping with the true character of the home might not fetch as much, if other key features of the home that Buyers typically consider are weak (i.e. - location, size). If you are considering renovating an older home before selling it, I would recommend that you seek the advice of your Realtor first. You may also want to discuss trends with local antique dealers and, of course, prices with professional contractors before getting started.
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Janet and Er…, Agent, North Attleboro, MA
Tue Mar 29, 2011
Yes, as long as the updates are in keeping with the style of the home. If done incorrectly, losing the charm and uniqueness of the antique original it will lose the value. There are buyers out there who love older homes and are turned off if too much of the character is stripped away. Updates will add value but do them carefully. We sold a home built in the 1700s with semi modern kitchen, new counter tops and hidden built ins, but still lots of great features and old style features like kitchen fireplaces etc. People were enchanted by it. The home inspector also noted that it had been maintained meticulously by most of the prior owners. Best of luck to you!
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Susan Draper, Agent, Olympia, WA
Tue Mar 29, 2011
Character is key for most buyers who value the style of older homes. Being true to the original architecture or "Bones" is essential. Fetching a larger price? That will be driven by market, neighborhood, and local economy. Your REALTOR can run your numbers to give you an as-is base-line and then factor renovated values.
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Sandy Reid, Agent, New Paltz, NY
Tue Mar 29, 2011
So, there are certain givens that count in real estate. First is location. You could have the most beautiful pristine period home. If it is in a terrible location it will not matter how much you make that house beautiful, it will still be in the same location and that, by itself will bring the price down. Now if you have an excellent location with a beautiful period house that has been cared for as a period house should be, you have a win win win combination. Besides being a Realtor I am also an antique and period home lover. Know that it is a specialized home market. Also know that the people in that market will love and appreciate all that you have done to keep the character(including me). Best of luck.
Web Reference:  http://sandyreid.com
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Mignonne Hub…, Agent, Camarillo, CA
Tue Mar 29, 2011
Well, certainly a home that is in good shape and then also has the charm of an older home will be appealing to a certain market. I do have clients that are interested in finding newer properties that have been updated and modernized. Then I have a smaller group of clients that would love to find an older home that has charm and curb appeal, yet with an updated kitchen and bathrooms. Good luck with your home, I myself admire people that own the antique/older homes. I think they have the best of both worlds!
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Carolyn Kend…, , Lubbock County, TX
Tue Mar 29, 2011
Any home, no matter the age, charm, will only bring top dollar in good condition. If your home has a historical designation, be sure to find out what limitations regarding rehab can be done. Many Historical home's exteriors can only be maintained, but not altered. The interior, on the other hand can be changed to fit the current owner's wishes. Maintenance is to be considered a must whether there has been updating or not. Resale value must be considered when a home owner makes any type of improvements. When showing buyer's prospective homes, I view the most valuable part of my job as their agent is considering the resale value. Whether alerting them to particulars or lack of an amenitiy that might hurt the future resale value or just weighing the merits of their top contenders, I take my task of protecting the buyers from make a mistake that could could cost them time and money latrer.
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NA, Home Seller, Nowell Court, Springfield, FL
Tue Mar 29, 2011
Those home still have to fall into line with the other prices in the area but if marketed properly then they can find a niche audience who will be willing to pay more. But that can also be said about any kind of unique home. Good luck!
Web Reference:  http://sellearth.com
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Nick & Trudy…, Agent, Devon, PA
Tue Mar 29, 2011
Older/Antique Homes attract certain buyers, it is a smaller segment of the buying market, but as was said below, any home that has been updated is more attractive to buyers with kitchens and bathrooms being the main areas of interest. But in an older home this really needs to have been done with thought to the home and how any ugrade will integrate with the home without detracting in any way.
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Linda A. Cap…, Agent, East Norwalk, CT
Tue Mar 29, 2011
Any home will "fetch" a better price if it is updated. Older, antique homes that offer modern amenities keeping within period details or tastefully added on to maintaining original design that compliment the original wll be more appealing to buyers than an older or antique home that was just updated with no regard for existing beauty.
Hope this helps
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