Every house is unique; every home is special. None are alike in all aspects. How do Buyers consider which homes to buy? Housing characteristics break down into 3 components:
Location: Indeed: Location, Location, and Location. Doesn’t matter what anybody does to the house, can’t change the location. The fact is good neighborhood and better location homes will sell for higher prices. The demand for these homes is higher than homes locating in less desirable locations.
The primary determinant for location is Price Per Square footage: the higher the Price Per Square-footage for a home, the more desirable the location: $500/ sqft vs. $1000/ sqft, for instance.
Characteristics/ Amenities: The more amenities the more added value for a home: Next to Shopping Centers, Good Schools, Great Views, Brand New Kitchen, Tankless Water Heater, Copper Pipings, Central AC/ Heater, New Paint, Quiet Neighborhood, etc. Homes with plenty of amenities will sell faster than ones that lacks thereof.
However, it is important also to remember that amenities are personal preferences. Next to Shopping Centers, Great School, Curve Appeals might not mean much for somebody who like corner lots and have no kids. Many home Sellers mistook amenities for home location values. Amenities and home location value are not the same. The cost of over renovating a house will not be recovered.
Call us on how and what to renovate to save you thousands of dollars.
Property Conditions: Perception is everything. The perception is if there’s chip paint, it can be water intrusions. If there’s stain on the ceiling, it could be a roof leak. If there’s rotten wood, it could be termites. If there’s odor in the house, it could be mold. Property condition does not increase the price of a house more than what the fair market price indicated. It—however, will depress both price and value of a house drastically.
At Virchu Financial & Investment, we know houses. With expert advice and extensive market experience, we will get you top dollar for your home.