Have you ever showed an older custom home? A home which was built many years ago and was at that time "top of the line", but is now way out-dated? I have found that when a home was built for a seller, maybe 20 years ago, it fit them at the time. The kids grow up, move out and the decision is made to down size and move from the once "top of the line" home. The home however, is frozen in time. To make matters worse, the Seller wants top dollar for it as well. So it goes on the market and sits. I sold the "king of the hill" about a year ago. This home had some of the best views in town. As I walked through the home, I could see the potential, it's past glory, and the gold flaked mirrored wall! With a little updating, the home would have been sold so much sooner and for a lot more. Updating kitchens and bathrooms really are the best return. Mechanical systems are an unseen, but very necessary update, as are roofs. Once you start, finish the update or be prepared to accept a much lower price. There are more buyers for houses with the more expensive repairs done. There will be less red flags during the inspection process too. Be careful how you prioritize the repairs. I had a home under contract that had recently had some improvements done to it. During the inspection, the seller kept telling me that he had spent $60,000 on the home to get it ready for the market. He totally ignored the roof and the mechanical systems. Instead he had put in wood floors and a granite counter top few buyers appreciated. He had the stucco painted and whoever did the work painted around the shrubs instead of trimming them away from the wall and then painting. He was unwilling to correct the items which came up during the inspection process such as the roof leak which fostered a home for black mold in the corner of a closet or the heating coil which was rusted through causing the furnace and gas meter to be red flagged. Needless to say the contract fell through. That was two years ago and the house just sold last May after three agents and over 590 days on market.
The bottom line on repairs and updates on that custom home is: home condition first, then kitchens and bathrooms, finish what you start and price it right. You may actually save money in the long run. You certainly will increases your chances of getting it sold and for a better price.
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