Upgraded Homes
Upgraded homes - Who Pays - How Much?
My clients had narrowed down their choice of neighbourhoods and were keeping an eye on the new listings in one particular area. They had viewed several of the listings in that area and felt they had a good sense of what the homes had to offer.
We viewed a new listing in that area the first day it was on the market. My clients were very pleased with what the home had to offer, compared to others they had seen they felt it suited their needs well. The issue became the list price. The home had spectacular upgrades; more than you'd expect to find in the area. The price was approximately 10% higher than what comparable homes had been selling for.
Should my buyer have to absorb the costs of those upgrades? It's my opinion, and that of my buyers that no, they shouldn't have to. A home owner who chooses to upgrade their home is doing so to enjoy the home to their specifications.
When listing the home it should be understood that although the seller was willing to spend extra on the upgrades the buyer may not see the same value.