Q: I’m a senior citizen who lives in a modest Cape Cod-style house in northern New Jersey. This house may need some renovations and repairs, but we plan to sell it in a few years. All the houses like mine that have been sold in my neighborhood in the past five years have been torn down and replaced with much larger houses, and I can live in my current house. Does it make sense to spend money on this house? If so, what would you spend money on?
answer: Even if your neighborhood is attractive to developers, it’s generally not a good idea to put your home on the market assuming it will only attract one type of buyer, such as a builder.
Not all lots are candidates for new construction. Susie Minken, a real estate agent with Compass in Short Hills, N.J., says buyers who buy a home to live in rather than tear it down tend to pay more.
Think about what type of sale you want, Minken said. Is your goal to maximize the value of your property by attracting a large number of potential buyers, or do you want a faster sale to minimize disruption to your life? Builders If you sell to , you may get a smoother transaction (possibly cash), but the price may be lower.
Please consult a real estate agent who is familiar with buying and selling in your city. Your agent will review your property, consider your goals, and recommend worthwhile upgrades.
“As with any home, preparation is very important. It’s more than just putting up a sign,” said Sarah Parker Henderson, a real estate agent with Lois Schneider Realtors in Summit, New Jersey.
If you’re listing your home and have lived there for many years, it can be difficult to see it the same way as a first-time visitor. First, enter through the front door and notice the broken stone and railing. Most buyers want to feel like the property is being well taken care of. If it’s clearly in need of repairs, a buyer may decide there’s a bigger problem in a place they can’t see.
Start decluttering by selling or donating items you know you won’t be able to take with you to your next home. Ms Henderson said even buyers who are looking for a property to renovate want the house to look good; “they don’t want it to turn out to be a complete disaster.”
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