A half-finished basement, or any type of work that is “partly finished”, is a lot like a half-eaten sandwich. You might pay a pretty penny for a tasty, fresh-made sandwich, but once it’s been eaten, there’s a level of imperfection that exists.
Once you’re in that state, there’s another interesting thing that happens. Buyers will tend to overestimate how much it will cost to fix, often by up to double the ACTUAL cost (or more).
A new roof might be $5,000, but the buyer estimate off the top of their head is usually much more. “That’s at least $10,000 right there.” We see it every day, and one of the most valuable things you can do as a seller is to think like your buyer.
To catch the fish, you must BE the fish.
I didn’t mention this in the episode, but what we try to do is get quotes on any deficiencies and have them available for a buyer. If the seller didn’t finish the ceiling in the basement, we’ll get two quotes from reputable local contractors for EXACTLY how much it would be. That way, you’re not shadowboxing with imaginary, emotional numbers… but you’re dealing with facts.
In today’s episode, there’s a great new bungalow in Dorset Park, and I can guess with a very high degree of certainty where the buyer will come from.
And there’s a nice battle between Amos and Country Lane… I made my choice, but which one would you choose?
There are only six properties in today’s list. Inventory should pick up after Labour Day, so stay tuned!