In last week’s post I wrote about the frustration that certain home sellers, whose homes are not selling, are experiencing as we conclude the summer season. I wrote a perspective on one of the three, adjusting the price, along with insight into the impact of incurables.
Home Renovations
One of the other considerations outlined in the post is to withdraw the home from the market and renovate – either refurbishing what is already there, increasing the footprint by building an addition, or both. In certain instances the seller’s mindset is to remain in the home once the renovations are completed. This of course is a viable option, especially for those who had planned to sell their home and move to a larger one. Another scenario is to place the house back on the market at a higher price immediately after the work is done.
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Neither A Slam Dunk
Neither consideration is guaranteed to bring the homeowner exactly what they hoped to accomplish from the outset. Many times the frustration of an unsold home blurs the seller’s perspective as to their initial intentions for selling. If part of the attraction to selling is to change your location and you decide to enjoy your renovations instead, you may find that it won’t be long before you are yearning to move again.
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If your intent is to sell at a higher price after the renovations are complete, there is a certain risk involved with that choice also. Most upgrades do not procure more than a dollar on the dollar at best, most often less. That being the case, a homeowner is sure to once again meet with unfulfilled expectations on the open market.
The Curables
The curables, buyer objections that can be overcome, are also often neglected, at the seller’s expense. If consistent buyer feedback is centered around the lack of a family room, and the seller renovates the kitchen and baths, then the objection hasn’t been removed.
The Net Result
It is not unusual for a seller who chooses to go the route of renovating to have certain expectations, only to be disappointed with their decision. Either because the renovations failed to help them actualize their initial goals for moving, or because the cost of renovations were actually greater than the increase in value of their home.
Written by Al N. Filippone. For more information about the local real estate market, call our Darien office at 203.655.5358 or visit our website at afahomes.com.
