Single family homes at the shore typically fit into one of three categories:
1) Tear down- based on the condition, age, or size. Of course we have all watched substantial homes being torn down to make way for new structures!
2) New (or newer)- recently completed; and depending on the quality of construction, custom homes less than 10 years old.
3) The in between home- the most challenging to sell as a summer/vacation home.
Even if the home has been well maintained (new roof or siding for example) the floor plan and amenities are important factors to interest a potential buyer.
Some issues such as ceiling height or an obsolete layout require more than just a cosmetic fix. Â And managing a renovation project from a distance can be overwhelming.
The current low interest rates provide options for a buyer to justify a higher purchase price for a “new” home.
With an in between home, the land value is the base, and continues to appreciate. Â So as a real estate agent, I try to answer two questions: Â What is the value (to a buyer) of the structure? Â And at what price point does to make more sense for a buyer to purchase a tear down (at land value) and build?
If the layout is functional, updates will help retain the value. Â Our HGTV era buyers love new kitchens and baths, as well as uniform flooring such as wood or a high end laminate product.
It can be hard to look at your summer house objectively- especially if it suits your family just fine. Â So, consider any upgrades a savvy business decision for your important investment!
The “in between” house?
Single family homes at the shore typically fit into one of three categories:
1) Tear down- based on the condition, age, or size. Of course we have all watched substantial homes being torn down to make way for new structures!
2) New (or newer)- recently completed; and depending on the quality of construction, custom homes less than 10 years old.
3) The in between home- the most challenging to sell as a summer/vacation home.
Even if the home has been well maintained (new roof or siding for example) the floor plan and amenities are important factors to interest a potential buyer.
Some issues such as ceiling height or an obsolete layout require more than just a cosmetic fix. Â And managing a renovation project from a distance can be overwhelming.
The current low interest rates provide options for a buyer to justify a higher purchase price for a “new” home.
With an in between home, the land value is the base, and continues to appreciate. Â So as a real estate agent, I try to answer two questions: Â What is the value (to a buyer) of the structure? Â And at what price point does to make more sense for a buyer to purchase a tear down (at land value) and build?
If the layout is functional, updates will help retain the value. Â Our HGTV era buyers love new kitchens and baths, as well as uniform flooring such as wood or a high end laminate product.
It can be hard to look at your summer house objectively- especially if it suits your family just fine. Â So, consider any upgrades a savvy business decision for your important investment!