by Patricia Feager, 6/20/2018
"Age is something that doesn't matter, unless you are cheese." --- Luis Bunuel
A home is made of material things, i.e., bricks, mortar, wood, cement, sealants, chalking, glass windows, brass, metal hardware, etc. It is not cheese. It doesn't have feelings. However, like humans, a home does age.
The best homes will improve with age. In order for sellers to maintain value in their homes, they must know and understand age has its limitations and challenges. This is not to say one has to be concerned about aging; however, owners should be aware of what is considered real property and how it impacts the value of your home. The average life span of homes, appliances, and mechanical will vary depending on number of occupants, location, climate, and maintenance.
Exteriors and Interiors have predictable life expectancy. Chalking, paint, and adhesives does need attention to details. Interior and exterior paint generally lasts for 15 years or longer, depending on conditions, quality of products, moisture, heat, and cold. But there are other factors to consider too. If a homeowner is negligent in home maintenance, or the work is not done to professional standards, things break down and needs paint, chalking, and adhesives more frequently.
Appliances, manufacturer, quality, and recalls. Older appliances are like old cars, if you wish to keep them running well, they must be in working order. Safety and functionality is key. However, life expectancy depends on how products are used, designed, where and how materials were made. Wear and tear is normal but to some extent it may be worse for some than others. Consumer Reports are helpful when buying new products. However, when putting your home on the market for sale, home owners may want to consult with a home inspector before the property goes on the market and let the inspector provide valuable information in preparation for your sale.
Safety always takes precedence, regardless of age. Having warranties, guarantees in writing, and home service plans are important factors to consider and have in place when purchasing a new home or any new products for the home. Keeping accurate records helps when it comes to sellers disclosures, inventory, and insurance claims. Appraisers appraise based on value and quality, not quantity of material goods. Depreciation is a fact of life.
Somethings do last but not everybody wants it. When making updates or replacements, consider cost, popularity, taste, and style. Natural stone in kitchens may be popular today, but who knows what a buyer wants or whether or not someone else will want what you choose today. When making selections, use your head and not your wallet. Just because something may appraise, it doesn't mean it meets with prospective buyer's satisfaction.
Age has a way of creeping up. What's in today, may be out tomorrow. For sellers, the burden of ones memories they leave behind is often harder than the cost of improvements. If you're selling, give it your best shot to present a well functioning home that appeals to the majority of buyers who are currently buying. According to "2018 National Association of REALTORS® Home Buyer and Seller Generational Trends, 65% of first-time home buyers are 37 years and younger, ages 38 to 52: 24%, 53-62:11%, 63-71: 6%, and 72-to 92: 5%."
Patricia Feager, 6/20/2018 - The areas I serve for real estates sales are: Dallas, Fort Worth, Flower Mound, Southlake, North Texas, Coppell, Grapevine, Lewsivlle, Argyle, Lantana, and all cities in the Metroplex.