It’s what’s inside that counts. If it’s pretty on the outside, it has to be pretty on the inside.
Buyers are becoming much more discerning about the overall condition of a property they want to buy.
I’ve noticed a shift in how “makeover” houses are being viewed. While pretty bathrooms and kitchen, mew floors and painted walls are appreciated, buyers expect more for their investment.
Buyers fear major costs may be looming. Examples are a 25-year-old roof, a Stab-Lox electric panel, broken sewer lateral lines, extensive dry rot and fungus, and an aging heating system without air conditioning.
The best time for a seller to remove these obstacles is during the remodel. Insurance companies are fussy about the age of a roof, aging mechanical systems, and obvious termite damage.
Many companies now require interior photos of residential units to assess potential hazards and insurance risks.
I always thought the term “lipstick on a pig” was disrespectful, but in today’s market, it takes much more than lipstick for an investor to command top dollar and still attract a prudent buyer.
