Would you pay more for a duplex if the previous owner had installed shingles with a 50 year warranty instead of a 30? Or how about if she upgraded the appliances, like the refrigerator, to a professional grade?
If so, how much?
One of the things most sellers find difficult to understand, whether they’re offering a duplex or single family home for sale, is many of the things that add comfort to their lives don’t add value to their property.
With single family homes, price is determined by comparable sales in the immediate area, number of bedrooms, baths, garage stalls, finished square feet and condition.
Duplex pricing, on the other hand, is determined by comparable sales, bedrooms, condition and, if you’re considering the property as an investment vs. your own home, the amount of rent.
Of course, nicer amenities attract more prospective tenants, which in turn helps you generate more rent. More rent ultimately helps increase the sales price of your property.
A refrigerator with an ice maker, on the other hand, won’t. In all my years as a licensed Realtor, I have never once heard a buyer say, “Ooh! An ice maker. I’m willing to pay $5000 more for that!”
Be cautious when you make improvements to your property. Updated kitchens and bathrooms always bring a good return, as does landscaping and a fresh coat of paint.
A faster microwave, on the other hand, does not. That is, if such a thing even exists.