New home buyer - Upgrades Upgrades
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Offering Buyers funds for upgrades
Comments (6)Thanks for all the replies. roselvr - Yes, houses are moving here. There was no "bubble" and though the real estate mark has slowed, home values have held. Anything that is sitting on the market now is either overpriced or a dump. Yes, there is a "summer market" as it is in a lake community in PA. Our realtor said that would like to see in get on the market by the end of June. southernstitcher - Yes the price we got it about right. It is about $1200 for the siding, and $2000 for the labor. We would do it ourselves but I can't do heights, and it is a split foyer, and the lot drops off in the back. I asked our Realtors about siding, and they said to save our money and NOT do it. They said the T-111 is fine. There are a lot of houses in the community that have T-111. It comes from there being a lot of vacation homes here....See MoreNew Home Structural Upgrades
Comments (18)OK, I wouldn't move the powder room. How big is the deck as planned? How much would it be to extend it? Basically, you should find out what options the builder offers, and for how much. Once you know that, and also what you want, you can try to figure out how much it would cost to have the features added by the builder or added afterwards by someone else. Anything that's out of the ordinary for the builder will cost you a lot more --- if they're willing to do it in the first place. I'd say what pays off in resale and is nice to have is: hardwood floors skylight in master bath larger deck additional windows (I personally think a vaulted ceiling is great --- depends on how much it costs) Other upgrades, such as nicer faucets or lamp fixtures may be cheaper if you change them out yourself afterwards. Oh, and what I really, really, really would insist on is proper sound insulation to the neighbor. It's not that big a deal if done during construction....See MoreS/O: why aren't extras/upgrades/enhancements worth extra to buyers?
Comments (28)This is a new era of buying and selling after the real estate "bubble". Two years ago we sold a condo in Florida and a custom mountain lake home in Tennessee. Both buyers were obtaining mortgages, one being a jumbo mortgage. The Florida condo was appraised slightly below selling price. It was completely remodeled by us (new kitchen and two baths, etc.). The inspector told the young lady she would never find a condo in better condition. All new appliances, new water heater, new air conditioner. We owned it for two years, but decided even as snow birds we would rather have a house. But her Daddy told her not to pay over appraisal. The comps were condos in the same development that had never been upgraded or maintained. Many had been rented out. We sold it to someone else for our asking price. They didn't obtain a mortgage. The home in Tennessee was not on the market. A realtor showing another home in the neighborhood asked if they could see our house. They came back with an offer the next day, which was not the greatest offer We decided to accept the offer and move to the Florida house we had purchased two months before. It gets confusing, I know. :) The inspector was ruthless, but came back with nothing wrong in our new custom built home. The pest inspector came back with nothing (yup the bank required it). The appraiser on the other hand was a bit rude. When I said I wasn't too concerned about the appraisal price since the sell price was below tax appraisal value, he said, Oh, we often appraise homes below the tax app. value now. He told us our home was beautiful, but every home in the neighborhood probably had the same upgrades. No they did not. In the end they said there were really no comps, which wasn't true. But the most chilling experience I had was that the two appraisers used exactly the same words in two different states. It is beautiful, but this doesn't count. This is overkill, it doesn't count. Only the comps matter. Only square footage matters. I have bought and sold quite a few homes in my life. In a brand new builder developed area you get the basic house for the price of the model. Upgrades are paid for as an extra expense. Years ago we had no inspectors and no formal appraisals. It seems the banks do not want to pay for the upgrades, and are driving the prices. Now it has eroded into buyers with cash that look at comps and again do not want to pay for the upgrades. Even 11 years ago I sold a home in Ft. Lauderdale by myself (height of the market) and the buyer had an inspector, obtained a mortgage, but no appraiser came to my house. I sold my "model" for a higher price than anyone had ever sold for. Does anyone think that perhaps the banks are running the market??? Money makes the world go 'round....See MoreHVAC upgrade requires upgraded ductwork?
Comments (2)With fifty replies in the original thread, by starting a new thread you will deny future folks that search and find your original thread the oportunity to follow to conclusion. Suggest you post this first post at the end of the original thread and if possible edit your post here to read, "Deleted." Just a thought....See MoreRelated Professionals
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