Published at Tuesday, April 02nd, 2019 - 15:54:57 PM. Home Decoration. By Amory Hofmann.
Similarly, Jennifer Roach, salesperson with Premier Sothebys International Realty in Sarasota, Fla., has a $1.2 million listing in her citys historic district that she says probably hasnt sold because its detached garage was converted to a guest cottage. The house has been listed since the end of March. She cautions homeowners that such an improvement represents a “gamble.” Whether youre selling a historic home that never had a garage, one on a tight lot where there isnt room, or one where the space has been converted, you can use a multistep marketing approach to help widen the buyer pool. Heres how to proceed:
Price the listing competitively. Be sure to compare apples to apples—if you look at comparable houses without garages, youll get a lower listing price and appraised value than those with garages. How much less depends on the importance of this feature in the area. In Roachs Sarasota neighborhood, most homes are built with garages since buyers want to protect their cars from the sun and oxidizing salt, have a place to store their beach gear, and protect their possessions from vandals if they head north for an extended period. Therefore, she says the absence of a garage can decrease the appraised value by as much as 20 percent. But those whove been priced out of certain neighborhoods may find the savings appealing.
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