Last time we talked about the question most home seller's have, and that's, "Should I Upgrade My House Before Selling?" This time we'll cover the same topic but from the buyer's side, "Is It Worth It To Buy A Home With Upgrades?" Most buyers are meticulous when it comes to purchasing their own property especially because it is one of the biggest investments that they could have as an individual. One of the factors that these buyers consider is whether or not they should buy an updated/upgraded home.
Many buyers opt to do so as they deem it more convenient than processing the upgrades themselves. If you are one of these buyers, we would urge you to pause for a while and ponder on these questions:
- Would the upgraded part of the home be useful to you and your family? (Seriously, do you like it?)
- Would the upgrade be necessary in the livability of the home? (is it functional)
- Most importantly: - Is the upgrade worth the additional money that you’ll pay for when you purchase the home? (Homes with Pools are a great example to ask yourself these 3 questions)
Some upgrades are more worth it than others. For example, swimming pools can often help a home sell for more money than homes without a pool but they won't sell for anything remotely close to the cost of putting them in. A home might get 3% more due to having a pool than a similar home without a pool. Upgrades related to making a home "green" have no return right now in Georgia, but they might in the coming years. Effeciency appliances also suffer the same fate. There higher costs are not often included as an increase in home value. Meanwhile, practical upgrades like additions, finished basements, decking, landscaping (and of course updates to kitchen and baths) all have different returns on investment, but they are much more significant.
It's also worth noting that some items like a new roof are not "upgrades" but rather maintenance. Many times a home seller will want more money because they just painted or put a new roof on. If the inventory of homes all have very old roofs, then sure the seller can ask for more, but don't expect an appraiser to agree with the "market' on this one.
Before committing to a home with upgrades, you have to make sure that you are getting the value for your money, which is why it is advisable to hire a real estate professional. These professionals can give you a proper quotation of the upgrades that will help you ensure that you will get what you paid for (sometimes, even more) and that you will not be ripped off.
To get more helpful tips and assistance in buying a real estate in Gwinnett, call the Jarvis Team at (678) 999 – 1001 now!
Post Author: Joshua Jarvis
Joshua Jarvis is the owner and founder of Jarvis Team Realty. Joshua is a follower of Jesus, husband and father. Joshua loves technology and helping connect others. An Atlanta native and a graduate of Georgia Tech, Joshua is often called a "homer" because he's all about local Atlanta teams and loves the diversity that is the calling card of the "ATL."