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Wednesday, December 26, 2012

Should I update my home to sell it or not?

I have been in several houses recently where the owners have put in what must have been at least a $20,000 master bathroom re-model or a kitchen re-model when the house itself is only worth $75,000 to maybe $90,000. 

And I had to ask myself…why?

There is a limit to what a buyer will pay in all neighborhoods

If the homes in the neighborhood are selling for $85,000 then a twenty thousand update project seems like a waste of money.

Notice I said update not required repairs.

Simply put…these may likely be what is called an over-improvement.

Over improvements can be something as simple as adding a room (square footage) making the property have more gross living area than all of the surrounding properties.

Or it may be having a higher quality and finish than the neighborhood standard.

So if you are considering making some changes to your home in Brevard County, Florida before you sell it, call me to discuss the selling price of similar homes.

Then, with facts in hand, you can evaluate the return on the investment.

Email me for information on buying and selling homes in Brevard County, Florida.

Depending on the project it may be better to go ahead and sell your home as it is or make less expensive upgrades.

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