Dang. Townhouses in my complex listing $10K lower then 3 years ago

[poorboyv6]

I purchased a 2003 townhouse over 3 years ago for $300,000 and put $15,000 in upgrades into it in the form of granite countertops, hardwood main floor, stainless appliances, new carpet, tile and paint.

I needed a new carpet because the old one was beat, and everyone paints, so not really looking to get money back from that, but hoping the other upgrades count for something.

Units listing for $10k less don't have these upgrades, and one of them is completely vacant with original carpet. The other one has a wierd paint job. Wondering if when I go to sell if I can get $310 or more. 3 bedrooms are listing for $320,000.

 

[threepeat]

I purchased a 2003 townhouse over 3 years ago for $300,000 and put $15,000 in upgrades into it in the form of granite countertops, hardwood main floor, stainless appliances, new carpet, tile and paint.

I needed a new carpet because the old one was beat, and everyone paints, so not really looking to get money back from that, but hoping the other upgrades count for something.

Units listing for $10k less don't have these upgrades, and one of them is completely vacant with original carpet. The other one has a wierd paint job. Wondering if when I go to sell if I can get $310 or more. 3 bedrooms are listing for $320,000.

From my experience trying to sell a vehicle, the problem is that many many people just look at the asking price, so unfortunately before you even get a chance to explain or justify the higher price, they will have already moved on to another listing.

I would say think of the upgrades as more for yourself than any form of investment.

 

[Vibe9]

I purchased a 2003 townhouse over 3 years ago for $300,000 and put $15,000 in upgrades into it in the form of granite countertops, hardwood main floor, stainless appliances, new carpet, tile and paint.

I needed a new carpet because the old one was beat, and everyone paints, so not really looking to get money back from that, but hoping the other upgrades count for something.

Units listing for $10k less don't have these upgrades, and one of them is completely vacant with original carpet. The other one has a wierd paint job. Wondering if when I go to sell if I can get $310 or more. 3 bedrooms are listing for $320,000.

Being in the development industry, I understand your frustration. Unfortuately, price point seems to be the overwhleming lead factor in buyer decisions these days. We have dialed back spec on our new projects in order to try to offer the lowest price possible and offer the other items you mention as extras.

 

[cannmann11]

I am in the same boat as you. I upgraded the appliances etc, only for the purpose of attracting a buyer when I sell. They won't make your place worth more than your neighbor's but new stainless appliances, and countertops will likely draw the buyer to pick your house over the competing ones in the neighborhood. Plus, you may get closer to an asking price if you offer to include the newer appliances.


So in a way, it is a good investment imho. (As long as you don't go too overboard and buy stuff that is out of the price range of typical houses in the area)

 

[Pillowtalk]

I am in the same boat as you. I upgraded the appliances etc, only for the purpose of attracting a buyer when I sell. They won't make your place worth more than your neighbor's but new stainless appliances, and countertops will likely draw the buyer to pick your house over the competing ones in the neighborhood. Plus, you may get closer to an asking price if you offer to include the newer appliances.


So in a way, it is a good investment imho. (As long as you don't go too overboard and buy stuff that is out of the price range of typical houses in the area)

That's what I would have said. Given choices with similar prices, buyers are going to choose one that isn't going to require them to do any additional work too. New carpets, new appliances, fresh look, will all make the unit look more attractive, less work, ready to move in.