June 2012 ...what are sales like now at this location?

Asked by Dacrehab, Chicago, IL Sun Jun 17, 2012

If a home was redone to some degree, what is the expected return on say 30,000 in cosmetic improvements

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5
Mark Casper,…, Agent, Hernando, FL
Mon Jun 18, 2012
According to the listing the home has ...

"... NEW tile NEW Carpet NEW wood floors New paint inside. NEW Cabinets NEW Granite counters in kitchen NEW pool deck pavers. NEW Pool surface NEW Screens in enclosure NEW Stove Microwave Washer and Dryer. NEW Floor in Garage NEW Hot Water Heater NEW AC Trane Top of the line." ...

I actually know the owner of this home although I am not the listing agent and have never seen the work they did to the house after they purchased it. I can say that if he spent 34k renovating, you probably have closer to 50k in retail work. I sold his sister a home and saw what he did to that. Beautiful.

The asking price is proper value, although there have been several homes sold for less on that street. Your most expensive replacement items (Pool surface, AC, flooring, cabinets and counters) have been done. Add the 50 yr. tile roof and you have nothing expensive left to worry about. (assuming you like the selections they made.) Problem with using those lower priced homes for comparison is that you would have to put substantial improvements into them to get them to this level.

If the home is right for you, then the numbers work here. What is your agent telling you? I assume you are working with one if you know enough to be thinking about offering. All asking prices are negotiable these days, so you can try to get the price down ... but if it eases your mind ,,, the asking price is not unreasonable at all.

Hope that helps and good luck. You will certainly love Terra Vista. It really is as nice as it appears ... I think it is even nicer.
1 vote
Gitta Barth, Agent, Inverness, FL
Sun Jun 17, 2012
It really depends where the money was invested
Check out this link
http://www.bankrate.com/brm/news/loan/20000425.asp

and the topic
"Remodels that pay off"
on page 1 ff
0 votes
Dacrehab, Home Buyer, Chicago, IL
Sun Jun 17, 2012
The house I would like to buy was purchased last year in terra vista for 230,000 and reprinted all and upgraded carpet throughout but now want 264,000. So, how much of that extra 34,000 in this market, this month, June, should I expect to include in my first offer, if any. It is a nice house.
0 votes
Mark Casper,…, Agent, Hernando, FL
Sun Jun 17, 2012
Hate to answer a question with depends ... But it really does on this subject. What did you have in mind?
0 votes
Ann Ryan, Agent, Doral, FL
Sun Jun 17, 2012
Dacre,

If you're a cash investor, it's a better strategy to find a home that does not meet FHA requirements, and bring it back up to standard. You'll want to find a home not subject to resale rules - perhaps a short sale.

Decent homes that qualify for FHA loans now REGULARLY trigger bidding wars here in Miami.

Ann
0 votes
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