Why having a property in a great condition increases it’s value
“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.
Today we’re going to talk about why having a property in a great condition increases it’s value.
Picture this, two properties.
One is rundown and requires work.
The second is totally renovated and sparkles.
The first one will require a variety of trades to bring the property up to a modern standard.
The second will require no work at all and is ready to move into.
Which one do you think will achieve a superior price?
Not only will the totally renovated one achieve a superior price.
But I would predict the return on the spending would be greater.
Than the actual spend.
For example if it costs $50,000 to renovate to a nice standard.
I believe in many instances the perception will be above $70,000+.
I guess it’s because buyers would rather have certainty than uncertainty.
Alot of buyers don’t have the time and desire to go through the hassle.
Most buyers would pay for that certainty.
Which is what makes renovations so interesting.”