‘Perfect’ homes that need too many fixes not always worth it4.26.17
When a home meets all of the must-haves, excited buyers may overlook what it lacks. And while it’s normal to make some fixes or even plan a major remodel for their newly purchased property, buyers — especially first-timers — should be wary of biting off more than they can chew.
Terrie Cox, RE/MAX’s top individual broker in the Pacific Northwest, says she cautions her clients against committing to a home that requires a laundry list of repairs or renovations. For example, if the bathroom, kitchen, and the driveway all need attention, that’s too much work for one listing.
“In my opinion that’s three strikes,” Terrie says. “If you’ve got four, move on to another house, because it’s going to cost way too much money to invest in that one.”
If remodeling is unavoidable, Terrie recommends putting money into two areas first: kitchens and bathrooms.
“You can’t put too much money in a kitchen, because that’s where everybody lives,” she says.
Terrie counsels homeowners to project 5 years down the road when they plan upgrades. They should consider how the fixes they make now will affect the resale value of their homes, prioritizing those that offer the greatest return.
Aside from Terrie’s experience in Portland and Vancouver’s luxury real estate markets, she is a homeowner. Her first-hand insight into which upgrades are worth the effort and cost helps her guide clients as they make plans for their own homes. To talk with Terrie about your search, call or text her directly at (360) 607-4100 or email email@example.com.