Top 5 Myths about Real Estate | Smith Mountain Lake Real Estate | Vicki Millehan

Top 5 Myths about Real Estate

In the real estate business we hear myths all the time, such as “The home on the cul-de-sac will sell better than the one down the street.” But just because someone has a preconception about something doesn’t mean its true, nor does reading something on the internet make it true either. A myth can be defined as “any idea, concept, or invented idea.”  Here are the five most common real estate myths that I hear and are also commonly misconstrued.

Myth #1: First-floor condos are not desirable 5 Smith Mountain Lake Real Estate Mythsbecause of privacy and noise concerns.

First-floor units are common here at Smith Mountain Lake and also very desirable. They offer a number of advantages, one of which is the ease of access. No stairs to climb or elevator to deal with. Noise concerns may be a concern no matter what level a condo is on, so my suggestion is to look into soundproofing options if it is an issue for you. You can purchase sound-dampening acoustical panels or specific window treatments that decrease noise. If you are looking for more privacy in a ground floor unit, you can look into installing “top down, bottom up blinds”. These can be raised up and down to let in light but also allow for additional privacy.

Myth #2: You get back all of the money that you put into upgrading and remodeling when you sell a property.

I see cost versus value surveys all the time that show what a seller typically gets out of certain remodeling projects and other home improvement upgrades. Mind you these are just averages and each property and project will be different, but usually no one ever sees a 100 percent return on a remodeling project investment. But it can help the resale value, increase the buyer pool and also decrease the time on market when a property has had certain upgrades completed. Buyers are always on the look out for remodeled bathrooms and kitchens, but not one that has been updated to taste specific.

Myth #3: First impressions are everything. If your home doesn’t appeal to a prospective buyer from the outside, they won’t take the time to go inside.

It all depends on the buyer. I have had prospective buyers drive by a house and not be impressed with the outside but still schedule an appointment to view the home. In some instances, the inside of the home impressed the client, and they did make an offer despite the lack of curb appeal. Once they purchased the property, then they made alterations to increase the curb appeal and it made a tremendous difference. Other clients may not even take the time to look inside based on the appearance outside.

Myth #4: All paint colors must be neutralized before listing a property for sale.

If you have a red kitchen or yellow dining room, it doesn’t necessarily need to be repainted for resale purposes. In some instances, the color of the room brings out other features or adds more ambiance. Every buyer is going to have their personal preferences in terms of color, so even if you were to change the paint color to something more neutral they may paint it again later after purchasing the property. The general rule of thumb is that if it’s not too bold and detracts from the space then the color can stay. But I will admit that throughout my career in real estate I have seen some pretty awful color choices that in my opinion wouldn’t appeal to any buyer.

Myth #5: Swimming pools never add much value to a property.

While a lot of Smith Mountain Lake residents have the biggest swimming pool right in their backyard (i.e. the lake), some homes also feature a swimming pool as an additional luxury. Having a pool doesn’t necessarily make a property tougher to sell, in fact, some buyers have a pool on their list of must have’s in a home. Granted you will find increased utility bills and maintenance with a pool. A property with a swimming pool usually increases the value somewhat, but never to the full extent of what the pool costs to install.

Don’t fall victim to a real estate myth. A real estate professional, like myself can always help you better understand buying and selling.