Well Maintained Is Not the Same as Updated
Scott P. Rogers
Let's say you've lived in your home for 30 years, and you've taken wonderful care of it. The roof and HVAC system have been replaced, the gutters are clean, the deck is sealed, and every little repair has been handled right when it needed.
But... the kitchen still has the original cabinets and countertops, the bathrooms have the same tile and vanities they had when you moved in, and the light fixtures, flooring and paint colors are largely unchanged.
Here's where we need to pause and think about and talk about value.
As we compare your home to others that have recently sold, we might find a home of a similar size, in a similar neighborhood, that has also been wonderfully maintained... but it has also been updated.
Both homes are move-in ready. A buyer could move into either one tomorrow without needing to fix anything.
So... will a buyer pay the same price for both houses? Probably not.
When buyers walk through your home, most of them will appreciate how well it has been cared for... but they will also likely start adding up what they'd like to change... new kitchen cabinets and countertops, updated bathrooms, new flooring, new light fixtures, fresh paint.
Even if they don't plan to make every one of those changes right away, they will likely factor the cost of those updates into what they're willing to pay.
The buyer looking at the updated home doesn't have that same list to add up.
So What Does That Mean for Pricing?
When we compare your very well maintained home to an updated home that have sold, we'll need to make at least some value adjustments for the updates your home does not have.
That's not to say that your well maintained and non updated home isn't a great home for a buyer... but many buyers will want to think about the cost of eventually making some elective updates.
If you're thinking about selling a home you've lived in for many years, I'm happy to walk through it with you and talk through how it compares to what else is out there.
But... the kitchen still has the original cabinets and countertops, the bathrooms have the same tile and vanities they had when you moved in, and the light fixtures, flooring and paint colors are largely unchanged.
Here's where we need to pause and think about and talk about value.
As we compare your home to others that have recently sold, we might find a home of a similar size, in a similar neighborhood, that has also been wonderfully maintained... but it has also been updated.
Both homes are move-in ready. A buyer could move into either one tomorrow without needing to fix anything.
So... will a buyer pay the same price for both houses? Probably not.
When buyers walk through your home, most of them will appreciate how well it has been cared for... but they will also likely start adding up what they'd like to change... new kitchen cabinets and countertops, updated bathrooms, new flooring, new light fixtures, fresh paint.
Even if they don't plan to make every one of those changes right away, they will likely factor the cost of those updates into what they're willing to pay.
The buyer looking at the updated home doesn't have that same list to add up.
So What Does That Mean for Pricing?
When we compare your very well maintained home to an updated home that have sold, we'll need to make at least some value adjustments for the updates your home does not have.
That's not to say that your well maintained and non updated home isn't a great home for a buyer... but many buyers will want to think about the cost of eventually making some elective updates.
If you're thinking about selling a home you've lived in for many years, I'm happy to walk through it with you and talk through how it compares to what else is out there.
