Adding Value to Your Real Estate: Time to RenovateOctober 23, 2015
Regardless of your financial situation, even if money is no object, it will be wise to make sure that the Boston luxury real estate property you buy has some added value potential.
The majority of buyers get turned off by Boston luxury homes that need work, however large or small. They don’t have the means, the know-how, or the time to deal with remodeling of any nature, whether it be cosmetic or extensive. As a result, these properties don’t sell as fast and stay on the market longer. Boston luxury homes that stay on the market prompts the seller to be more flexible in price and negotiate more quickly.
Here’s where it gets interesting….most buyers simply need a vision and an excellent contractor. You have the right elements, the location, the building, and the size. The interior could be created to your liking updated, and at the end of a few months, you will have a brand new, superb Boston luxury real estate unit for which you paid a great price, because the seller had to take a hit since it needed renovations.
Many people walk away from such units, which is a colossal mistake. Think of what the unit could be worth once the renovations are made, and don’t be afraid to tackle a project — it’s a BIG MISTAKE in this market.
Your Boston luxury real estate agent, or friends and family, can help provide a contractor referral and the process is painless. At the end of the day, it’s money in the bank regardless of how rich you care. If you can visualize the result and already have an agent who knows the market, then trust when she/he tells you that the property has “potential.” Don’t forget to always ask for comps.