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  • November 12, 2007 at 12:47 PM #10889
    bjensen
    Participant

    So, I was hoping the Piggs could help me with a question I have.

    I have noticed that the bubble fueled massive amounts of home remodeling to put in granite, travertine, and stainless steel, in properties that had no business doing so.

    Sans bubble they would have had Formica, laminate floors and plain old white appliances.

    So now that so many properties have “upgraded” will those upgrades now be priced into each property’s final resting price, or will the decline in home prices erase their “investment” and give us bitter renters an extra FREEBIE for waiting until the fire sale?

    November 12, 2007 at 12:54 PM #98748
    gn
    Participant

    The main factor that determines the value of a property is “location”. For the most part, the values of the upgrades will be “erased”.

    November 12, 2007 at 12:54 PM #98828
    gn
    Participant

    The main factor that determines the value of a property is “location”. For the most part, the values of the upgrades will be “erased”.

    November 12, 2007 at 12:54 PM #98822
    gn
    Participant

    The main factor that determines the value of a property is “location”. For the most part, the values of the upgrades will be “erased”.

    November 12, 2007 at 12:54 PM #98808
    gn
    Participant

    The main factor that determines the value of a property is “location”. For the most part, the values of the upgrades will be “erased”.

    November 12, 2007 at 1:00 PM #98816
    bjensen
    Participant

    Ok, maybe too many quotation marks. I just wanted to make sure it was understood that I don’t consider such things investments, nor do I consider some of the trendy things of today are really upgrades at all.

    Thanks for the advice though!

    November 12, 2007 at 1:00 PM #98755
    bjensen
    Participant

    Ok, maybe too many quotation marks. I just wanted to make sure it was understood that I don’t consider such things investments, nor do I consider some of the trendy things of today are really upgrades at all.

    Thanks for the advice though!

    November 12, 2007 at 1:00 PM #98830
    bjensen
    Participant

    Ok, maybe too many quotation marks. I just wanted to make sure it was understood that I don’t consider such things investments, nor do I consider some of the trendy things of today are really upgrades at all.

    Thanks for the advice though!

    November 12, 2007 at 1:00 PM #98836
    bjensen
    Participant

    Ok, maybe too many quotation marks. I just wanted to make sure it was understood that I don’t consider such things investments, nor do I consider some of the trendy things of today are really upgrades at all.

    Thanks for the advice though!

    November 12, 2007 at 3:33 PM #98777
    kev374
    Participant

    agree with gn, the upgrades are just bonuses to buyers and will not factor in significantly in negotiating price. However, they may give the home an edge against the competition without those features in terms of getting it sold.

    November 12, 2007 at 3:33 PM #98838
    kev374
    Participant

    agree with gn, the upgrades are just bonuses to buyers and will not factor in significantly in negotiating price. However, they may give the home an edge against the competition without those features in terms of getting it sold.

    November 12, 2007 at 3:33 PM #98854
    kev374
    Participant

    agree with gn, the upgrades are just bonuses to buyers and will not factor in significantly in negotiating price. However, they may give the home an edge against the competition without those features in terms of getting it sold.

    November 12, 2007 at 3:33 PM #98859
    kev374
    Participant

    agree with gn, the upgrades are just bonuses to buyers and will not factor in significantly in negotiating price. However, they may give the home an edge against the competition without those features in terms of getting it sold.

    November 12, 2007 at 4:08 PM #98785
    temeculaguy
    Participant

    I’m with Kev, it’s an edge. It may not be the driving factor but it is a factor especially if there are comparable nearby homes listed. In a way it has a price factor because I have my minimums and anything lacking those, I back out the cost of those when determining the price. For instance, I hate honey oak cabinets and tile countertops with grout because I’m lazy and granite or corian is easy to clean. I also want stainless or at least new and higher end appliances (a quiet dishwasher with a built in disposal). I also hate carpet, laminate flooring, vinyl flooring, and glossy tile. Wood, tile or some other natural flooring or I will put it in before moving in and my offer will reflect my cost of doing so. Putting in flooring, counters or cabinets is a pain in the butt while you live there. So is there a value to places that are already “dialed in” and modern? YES. Will they get back every nickel they put into it? NO!! That is why I would prefer to buy the one that has the upgrades, because it’s easier and cheaper to get it the way you want when there is so much out there to choose from and if a place lacks these things, they have to lower their price to compensate. It’s like buying a car without air conditioning, right off the bat, you’ve lost half the potential clients and of those that are left, they will want a price reduction commensurate to the lack of air.

    November 12, 2007 at 4:08 PM #98867
    temeculaguy
    Participant

    I’m with Kev, it’s an edge. It may not be the driving factor but it is a factor especially if there are comparable nearby homes listed. In a way it has a price factor because I have my minimums and anything lacking those, I back out the cost of those when determining the price. For instance, I hate honey oak cabinets and tile countertops with grout because I’m lazy and granite or corian is easy to clean. I also want stainless or at least new and higher end appliances (a quiet dishwasher with a built in disposal). I also hate carpet, laminate flooring, vinyl flooring, and glossy tile. Wood, tile or some other natural flooring or I will put it in before moving in and my offer will reflect my cost of doing so. Putting in flooring, counters or cabinets is a pain in the butt while you live there. So is there a value to places that are already “dialed in” and modern? YES. Will they get back every nickel they put into it? NO!! That is why I would prefer to buy the one that has the upgrades, because it’s easier and cheaper to get it the way you want when there is so much out there to choose from and if a place lacks these things, they have to lower their price to compensate. It’s like buying a car without air conditioning, right off the bat, you’ve lost half the potential clients and of those that are left, they will want a price reduction commensurate to the lack of air.

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