would require before issuing a loan. If major problems, such as a leaking roof or outdated electrical wiring, exist, you should repair those before putting the property on the market. Alternatively, expect to give substantial concessions to the buyer (if one brave enough even tenders an offer). Strategic upgrades not only attract buyers but also justify your asking price during negotiations. Chapter 14 explores how certain improvements become powerful negotiating tools.
STARTING WITH THE B G WITH THE BASICS
Every listed property should meet the basic expectations of any buyer. It should have a sound roof, functioning gutters and downspouts, a foundation without cracks, functioning heating and/or air-conditioning system, solid subflooring, and safe, adequate plumbing, and secure electrical wiring. With lender- required inspections (typically, VA loans), any shortcomings might have to be remedied to get buyer financing approval. It is important to understand that the market value of a property is determined by the prices of comparable properties recently sold in the area. Extensive remodeling to increase the value might not pay off. The property must be up to the standards of neighboring homes, so while the kitchen must be comparable to others, spending $50,000 to remodel a kitchen in an area where comparable homes recently sold for $950,000 will not increase the house's value to $1 million. While it can be a helpful selling feature, it will not return dollar-for-dollar value. Every house has a kitchen.
MECHANICAL MAINTEN CAL MAINTENANCE IS A MUS CE IS A MUST
It is easy to get wrapped up in the more eye-pleasing aspects of preparing a house to sell. However, the upkeep of the more mundane aspects of the property must not be overlooked.
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