![]() Second, for the buyer, there is a fear of the unknown. If the work is already done, it brings a higher sales price and the cost is financed through the mortgage. First, what many sellers don't realize is that 100 percent of the cost to do the work is paid out of pocket by the buyers. So why not reduce the price and just pass the improvement task onto buyers? When comparing one home to another, buyers take into account if they have to begin immediately budgeting for major home improvements. #Chronological age real estate update#Second, did you remodel or update the home during your ownership? Remodeling a kitchen or bathrooms, replacing the roof and heating system, or the replacing a private septic system – all these things increase the livability and add years to the useful life of a home. Remember that buyers are in the perfect position to compare multiple properties during their house hunting, up close and personal. The overall cleanliness of the home is a clue as well. Maintenance shows in the condition of exterior trim, paint, decks, landscaping and driveway. Maintained homes have minimal marks on the walls, doors and trims. Here's a guide to helping your home appear to be the best value for its age:įirst, did you do all of the necessary maintenance to the home during your ownership? Some owners are religious about maintenance and their attention shows when time to sell their home. While appraisers evaluate homes through a lens specific to their role, buyers in a real estate market may be considering the home's effective age. In Anchorage, the Alaska Housing Energy Rebate Program (2008-2016) stimulated much of the updating and remodeling, with popular HGTV remodeling and home-flipping shows continuing the push. Just like a restored classic car has a different value than a junked one, the effective age of a home is how old it "appears" to be. Of these, over 31 percent were noted as updated and over 17 percent had been remodeled. Of the almost 2,750 sales closed within the last year, over 51 percent were built in the same timeframe. Of the almost 900 homes currently for sale within the Municipality of Anchorage, about 43 percent were built between 19. ![]() The majority of homes in the Anchorage marketplace were built between 19. ![]() One can look at age in two ways: the home's chronological age and its effective age.Ī home's chronological age is based on when it was built. Lumber costs alone went up at least 25 percent, according to some builders.Ĭlearly new construction can be more expensive, yet pre-owned has its own concerns. Part of the price differential is also a result of last year's hurricane season Outside, siphoning off new construction material and causing the cost of supplies to dramatically increase. The negative is paying extra for those benefits. Newer has its benefits: being the first to occupy getting the latest in building standards and design trends. New construction versus pre-owned? This is an age-old question when buying a home. ![]()
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