Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Tuesday, October 29, 2024
A homeowner selling their home, especially if they have lived in it for a while, is often likely to only see small updates that might be needed in the home - and would likely describe them as elective...
- maybe a buyer might change out the carpet eventually
- maybe a buyer would re-paint a room or two
- maybe a buyer would replace a few light fixtures
But a potential home buyer considering a purchase of that same house might see things quite differently...
- the kitchen is about 25 years old and while it looks OK, I would probably want to remodel it
- the bathrooms have been freshly painted but are quite dated and I would want to remodel them
- all of the flooring will need to be replaced in the next year or two and I'll likely have to repaint the entire house
I'm not here to say that either party is right or wrong - I understand where the seller is coming from (the house doesn't need many updates) and where the buyer is coming from (I would want to make lots of updates).
The challenge, of course, is when all of this is converted into pricing. A seller will likely price (value) the home higher given their minimal view on needed updates. A buyer will likely value the price at a lower price point given their broader view on needed updates.
