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How significant are upgrades in older homes (1977) in a neighborhood where most homes are original.

  • October 16 2012 - Centerville
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Answers (6)

As a seasoned Realtor and Investor in So-California I can only tell you two things in regards to your question:

1. Make the house nice and it'll sell
2. I have noticed that pipes typically start to "go bad" after about 45-50 years in my sales area assuming regular wear and tear (ie no harsh chemicals that eat them up were poured down the drain, etc)...and repiping is quite an expensive thing to do.  Also make sure the roof isn't too bad...these 2 "upgrades" are typically some of the most expensive, and most savvy owner-occupant home-buyers want to make sure if the home is over 40 years old that these 2 things aren't going to need replacing shortly after they move in.  I have clients that won't even consider buying a  property if it is 30+ years old if it hasn't been repiped/reroofed in the last 5 years

Good luck
  • October 19 2012
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Hello! I have many clients looking for newer homes but inventory is so low that they've now opened it up to older homes. They are very much attracted to the updated homes.

Newer appliances, carpet, paint, plumbing & lighting fixtures etc. So I'd say yes to updates. I'm not so sure upgrades are better though. By upgrades do you mean the granite counters vs plastic laminate, upgraded fixtures, appliances etc. That depends on the home, location etc.

If it's in more of a first time home buyer price range etc than I'd say upgrades aren't as important as just plain updating with new.

I hope this helps.

Becky
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  • October 19 2012
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Right now in Utah we are seeing a lot of the upgraded homes get much more money than usual. The reason being, that we have two types of buyers right now. 1. They want the deal!  They try to get those short sales that need work...and they fight fight fight. The second type of buyer doesn't want to deal with the short sales and the foreclosures because they realize that prices are still low, rates are great and so they either want to build or buy a home that already has good upgrades and doesn't need any work.

So in conclusion. The comparables in your area may  hurt the appraised value but buyers are loving homes like yours right now.

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  • October 17 2012
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The right upgrades will make your home more appealing to buyers and shorten the length of time your home will be on the market.  However, these upgrades may not translate into more money.  Take care not to over-improve your home for the neighborhood. 

I would have a good, experienced agent come to your home and advise you, before you do anything.  Make the right improvements and not the wrong ones.
  • October 16 2012
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The answer depends upon your local market and type of improvement(s).  Upgrades can increase the salability of your home and in some cases, the value may increase as well.  Increasing salability could help your home sell faster and for closer to asking price. It is unlikely that you will receive an increase of value in a dollar for dollar proportion to the cost of the upgrade.  In fact, it is considered high to receive .50 on the dollar for certain upgrades. It is important to understand your current market conditions and the value of "adjustments" made for improvements. A local Realtor and/or appraiser are the best people to consult, but the link below is to the National Association of Realtos Cost vs Value Report. I think they do a really good job with this guideline, but again, it does depend on your local marketplace:
http://realtormag.realtor.org/home-and-design/cost-vs-value/article/2012/03/2011-12-cost-vs-value-big-bang-remodeling-projects
  • October 16 2012
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Profile picture for Ofe Polack
The best way to get a good answer to your question is to invite two or three listing agents and seek their opinions.
  • October 16 2012
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