In the current real estate market of luxury homes buyers do not need to purchase homes in need of substantial renovations. The 5 million dollar buyer can well afford to spend 6 million dollars on a home that has been completely renovated. Homes that are 20 years of age and in desperate need of a remodel sometimes require an excess of 500k to 750k worth of renovations. If you are a home owner who’s home needs a facelift, by not doing the renovation, you can expect to reduce your home by almost double the renovation cost to attract a buyer. Thus loosing almost a million dollars. It would be in your best interest to seek the advice of a qualified building professional before reducing your home to those levels.
Dominick Devito, DFT Management, LLC
