In this second article in a series of “Money Saving” tips for re-sale, I will talk about the do’s and don’ts’ of prepairing your home or listing for the market.
When as a homeowner you are not certain what to fix up and what not to fix up, considering neighborhood norms is always a good idea.
In most cases where design is simply outdated, what to do and not do, should not be determined by your budget, not by your personal preference (remember, you are making these changes for the buyer), nor by modern styling, but by what your neighbors have done to their homes.
The reasoning for this advise, is that home prices are determined primarily on what the neighborhood real estate comparisons are. The “comps” really matter. These are properties that are “comparable” to yours that have sold recently.
The difference in price generally comes down to the “condition” of the home, if comparing true comps ( # of bedrooms, size of lot, etc).
The house that is fixed up will generally “fetch” the higher end of the comparables.
In summary, to get the top dollar in the price range for your particular location, be certain that your homes condition is good or better than the comparables.