Virginia Beach VA Real Estate Buyers Shun Fixer-Uppers

For years the idea of a starter home has usually meant a property that may need some work, but a recent survey by Coldwell Banker discovered that most first-time buyers aren’t in the market for those kinds of houses. According to the poll, 87 percent of recent first-time buyers said that finding a move-in ready home was important to them. These buyers, who accounted for 33 percent of existing home sales in December, stated that the condition and quality of the Virginia Beach VA real estate they purchased mattered a great deal. One Realtor has referred to these folks as “HGTV buyers.’

Nearly all Realtors will tell you that a house which has been well maintained and needs few, if any, repairs, even cosmetic ones, will sell faster than others. While some renovations/repairs may be relatively expensive, such as installing a new roof, repaving the driveway, or upgrading appliances, most agents advise a seller not to undertake major renovations, especially in the kitchen or bathrooms. They advise not spending more than you’ll recoup in the sales price and understanding that major renovations are generally a matter of personal taste..

Remodeling is for buyers, not sellers. Major renovations usually don’t pay for themselves, let alone add enough value for you to make a profit. So why would you want to go through the hassle and the expense right before you move? Concentrate instead on smaller fixes with bigger impact and let your buyers remodel to suit themselves. In addition to removing all clutter from your Virginia Beach VA real estate,  thoroughly cleaning the whole house, and downsizing in regards to furniture and personal items, you should also seriously consider:

  • Adding a fresh coat of paint (in a neutral shade) where needed
  • Presenting a well-tended yard
  • Fixing dripping faucets and checking all caulking

If you are prepared to invest some money to improve your home’s presentation, start with the most cost-effective projects and remember to keep a journal of jobs and receipts. Home improvement costs are often deductible (when costs are incurred 90 days before the sale and paid within 30 days after the sale). While lawn-mowing and weekly cleaning bills do not qualify according to IRS regulations, new paint, a new water heater, or new gutters usually do apply. Some hints:

  • Replace broken gutters and shutters.
  • New paint indoors or out is usually approved by the IRS for deduction if completed and paid for near the time of sale.
  • New floor coverings (in neutral shades) on kitchen and bathroom floors may be another affordable investment which can speed a sale by appealing to buyers’ desire for a property that is ‘ready to move in,’ particularly if the current style of colors are dated.
  • Repair broken woodwork, loose planks, and creaky stairs. No buyer wants a home that needs structural repairs.
  • Hardwood floors are a plus. If you have hardwood floors, consider removing anything covering, them up, especially if the carpet is worn. Refinish the wood if necessary.

So if you want a quick sale and hope for top dollar, take steps in advance of listing to convince potential buyers that your home is move-in ready and definitely one worthy of an “HGTV” buyer!

Search all Virginia Beach VA homes for sale.

April Partida is a Professional, Experienced and Results Oriented, Top Virginia Beach VA Realtor committed to meeting your needs.

April has distinguished herself as a leader in the Virginia Beach Virginia real estate market. April assists buyers looking for Virginia Beach VA real estate for sale and aggressively markets Virginia Beach homes for sale. April is also a Short Sales and Foreclosures Resource Specialist (SFR). Avoid foreclosure and short sale expert, committed to helping families in financial hardship find options to foreclosure.

You can reach April at 757-227-1777 or by email, april@remaxvb.com.  

ALL of the information, NONE of the obligation!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s