Marlboro homes. I found this to be an interesting and helpful article for home sellers. Roy Giordano - Marlboro/Manalapan Realtor.
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The following is something we hear from many homeowners who operate on the apparently common misconception that everything they do to improve or to maintain their property translates into dollars when they go to sell:
"I made a substantial improvements to my house and I plan on recouping that money when I sell."
News flash ... repairing that leaking ceiling over your bed or removing those three abandoned cars from your backyard (the cars you never got around to restoring) do not qualify as "improvements" to most buyers. Don't confuse "improvements" with basic maintenance which today's buyers have come to expect, and will receive in a market such as this, virtually flooded with inventory. Sellers must maintain driveways, gutters, roofs, furnaces, electrical systems, landscaping and so on. Buyers expect this.
Substantial improvements may include installing a new kitchen or a new bathroom, for instance, or maybe a family room addition, etc. If you do expensive renovations you should do them for your personal enjoyment with the caveat that prospective buyers may not share your taste or in your enthusiasm for your project. You may love that new swimming pool but many buyers (especially in colder climates) may not want the liability associated with or the maintenance of a pool, especially if they have young children at home or in the neighborhood.
If you do decide to make substantial improvements to your property, you probably want to think about expense versus actual market value of the project. Some projects pay-off more than others. According to Remodeling Magazine's "Cost Vs. Value Report 2008-09," sellers are likely to see a return on a remodeled kitchen and on exterior renovations such as a wood deck addition, wood window replacement and upscale siding replacement. Installing a generator may be a fun bonding experience for you and your son but you probably won't recoup the cost of that project when you sell.
Value varies from place to place. You will receive a greater return on your new kitchen in New York City than you will in a market like Cleveland or Detroit. Then again a renovation may be the determining factor in whether or not your house sells, even if that renovation itself does not translate into return dollars.
If a similarly priced competing property has an updated kitchen or newer baths, which house do you think will sell first? A five year old kitchen is not new in the eyes of many buyers. Check out various building trade sources such as Remodeling Magazine as a helpful "guide" for getting a handle on renovation costs and their added value to properties in different jurisdictions.
Here's the link to Remodeling magazine: http://www.remodeling.hw.net/2008/costvsvalue/national.aspx
Mark & Elly Ostrovsky
Howard Hanna Smythe Cramer
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