A fresh coat of paint, new tile, stainless appliances, carpeting, landscaping, etc., neutralizes the buyers instinct to question and assess the condition, price and value of a property.
Don't let that happen to you.
- Question Remodeling Decisions. For example, why is the ceiling replaced but the old roof isn't? Does the roof leak? Did it leak? The ceiling was replaced for a reason.
- Overall Value of Remodeling. Do the improvements justify the price? When in doubt, ask your agent for a market analysis. Did $20,000 in remodeling and upgrades really increase the price $100,000 in 4 months?
- Over Improvements. The "old school" adage warning not to purchase the most expensive house on the block holds true today. It makes sense when you think about it this way: If the house you are looking at is pretty much the same as the surrounding homes, it should be within the prevailing range of neighborhood pricing, even if the house has Gold Faucets, it's not going to be worth double the neighbors house!
- Inspections! Do your due diligence and have the home inspected. Even if you ignore the other 4 steps, please remember this one! Start with a General Inspection and WDO (wood destroying organism) Inspection first, then see if your inspectors recommend additional inspections like Chinese Drywall, Septic, Well, etc.
- Final notes. OK, you've looked at a number of homes in a given day, and they have all blended together, and you don't remember if the house painted "Big Bird" yellow had granite. Avoid this by taking a few quick notes after each showing.