extras/% to add when selling

patty_cakesFebruary 6, 2014

If you've built a home and have added many extras~professional landscaping , upgraded bathroom vanities(3), custom color trim/doors, iron/stained wood staircase, 8' entry door(stained wood/iron), barn style garage door, custom kitchen cabinets, hand scraped wood flooring(dining room, kitchen/eating area, great room,granite black/ white entry foyer(on diagonal). Upgraded SS appliances were included as well as granite countertos. Total sq ft is 2640 on 7200 sq ft lot, built in 2008. on the outskirts of Austin, in an unincorporated area of a small town. How much do you think the 'extras' add to the value of a house, realistically? Do you just 'chalk it up' to having what you want and enjoyed in the home whie you were living in it, or has some value actually been added? TIA

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Maybe 3% -5% extra if the look is still current. But, if you're competing against new construction, zero. You're competing against lower prices and the lower price per square foot always wins, even if the buyers have to spend to create the same amenities that you already have. They usually overestimate dollars needed for repairs, and underestimate dollars needed for upgrades. In other words, if your furnace isn't working right, they may think it costs 10K to get a new one rather than replacing the air hander for 5K. But if they want to replace carpet with hardwood, they probably think it's a 5K job instead of a 10K job.

    Bookmark   February 6, 2014 at 9:30AM
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"Do you just 'chalk it up' to having what you want and enjoyed in the home whie you were living in it"

Yep! That is what you do on a 6 year old house.

    Bookmark   February 6, 2014 at 3:32PM
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You just "chalk it up." An appraiser will not add value for anything you mentioned. It will make it easer for you to sell, and maybe at a slightly higher price, but that is it. The "funny" thing is, and I know from experience, is that you can be "neg-ed" on an appraisal for those same things. We were once "neg-ed" on an appraisal because we did not have the carpets cleaned before the a last minute appraisal on a refinance. The appraiser said the carpets needed to be replaced. I was a realtor at that time and knew a few things the appraiser had going on in his personal life that were impacting his work.

    Bookmark   February 6, 2014 at 4:27PM
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An appraiser won't add those things to the price, but it will make your house easier to sell and to get your price. I do think nice landscaping and updated baths and kitchens add value.

If I looked at two houses in the same location, same price - one had the items you mentioned and the other did not. Guess which one would have the best chance of getting their price?

I'm not sure what dollar amount, but it definitely adds to the value and will make it easier to sell.


    Bookmark   February 7, 2014 at 1:10AM
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