A little over 8 years ago, the town house product here in Sea Isle began to morph as the prospective customers demanded more and more amenities. Better kitchen cabinets, granite countertops, hardwood floors and more in the interiors. Maintenance free exteriors with vinyl fencing, brick pavers and finished backyards on the outside. The product today barely resembles the product we developed in the 90’s and the buyers are responding in such a way that the value of your real estate has been affected if you are the owner of one of these older units. Previous to this change, the spread in price from a new home to an older one maxed out at somewhere around 10%. Today you can see this number moving as high as 20-25%. In addition to that adjustment in price/value you have the additional and in some instances, more alarming issue of time. When a new prospect rolls over the bridge for the first time and is exposed to our two different town house products, a majority of them are attracted to the newer models. If you are trying to sell an older unit, this means you have to deal with an ever decreasing percentage of the market that is even considering your product. This translates into longer periods of time that a property will stay on the market and that critically important Days On The Market question that savvy buyers all ask will work against you.
How Do I Address This Problem?
Renovating your home is the only option but renovating a town house in Sea isle City and getting value on the expense is not a generic idea. If you have a beachfront townhouse then a 25% spread from new to old represents an amount of money that will allow for a total rebuild of the interior that will return a 3 to 1 value on your money. If you are on the west side of Landis you have to be more specific with the where and what to do questions involved in a renovation. A well planned and executed Reno will have an across the board positive effect on your property value and rental income potential. Doing the work now, even if you have no thoughts of selling will still increase your rental income and when the time comes that you want to sell for top dollar, the condition and the income will be there to support your price. And you will have paid for the Reno cost over the course of years with your additional income so it’s a win win situation. It is specific and each home needs to be reviewed on its own. Give me a call if you would like some feedback. I will walk thru the unit at your convenience and we can discuss the idea as it affects you.