And has dirty orange shag carpeting from 1972. And has high gloss purple paint on the walls. I really do.
I have been preaching this mantra for some eighteen years now here in Center City Philadelphia. And it has worked! Our little group of seven REALTORS at Prudential Fox and Roach REALTORS sells over 160 Center City condos and townhouses a year.
I would have to say that one distinction we can brag about is the fairly sizeable profits a lot of our buyers make when they call us a number of years later to resell their Center City condominiums. Now granted, a lot of that has to do with the Philadelphia real estate market conditions, and the fact that Philadelphia has been on an upswing for the past dozen or so years. I would like to say that -It is all me,- but that wouldn’t really tell the whole story.
Buyers are probably going to find that smelly, ugly Philadelphia condominiums are severely discounted (disproportionately) lower than one might expect. Few other buyers are emotionally attracted to these -dogs.- I believe that very few people grow up hoping and dreaming that the first townhouse or condominium they buy is going to be dirty, smelly, and have an avocado colored stove.
One of my goals when selling a Center City condo is to get buyers to see past the simple outdated or unattractive cosmetics that are inherent in a number of Philadelphia condominiums, lofts, and townhouses. I feign deafness when I hear a buyer tell me that the -place is perfect, except I don’t like the tile in the bathroom.” Or that the appliances are old and the inside of the dated -side by side- smells like the inside of their gym bag.
Those issues are what I term -PHONE CALL UPGRADES.” You pick up the telephone, you dial the local Home depot or Lowe’s and you set an appointment for them to come out and replace the appliances and carpet. You place one call to a painter, and you have him repaint all the high gloss purple colored walls. These are one-step, one-call upgrades. This isn’t brain surgery.
We are not moving the kitchen which would involve moving gas lines, water lines, replacing flooring, redoing baseboard moldings and on and on and on. Easy stuff – I am simply referring to the cosmetic upgrades that can be made via an effortless phone call. The easiest of these upgrades are the least expensive and have the most impact on the emotional attractiveness of your home.
And that is where many buyers can see a huge increase in their resale price. Simple, light cosmetic work. The kind of work that takes a pee smelling, dirty orange shag carpeted, piece of ick, and adds significant emotional value through the use of good decorating skills, cleanliness, and minor cosmetic upgrades that are readily visible to the eye.
Buy ugly. Buy smelly. And sell oohs and aahs-Then sing and dance all the way to the bank. In my opinion, this is the easiest and most proficient way to make some quick instant equity in your home.
Mark Wade is a Philadelphia REALTOR who is the Center City condominium specialist. Mark’s vast knowledge of what’s trendy and which finishes buyers look for when selecting a home help both buyers and sellers of Philadelphia real estate make the most of their investments…. so much so that he’s been seen on HGTV’s What You Get For The Money, CN-8’s Money Matters and was the 2005 winner of Philadelphia Magazine’s Kitchen of the Year contest. Call Mark at 215-521-1523 or email him at today if you’re ready to buy or sell a Philadelphia condo. View Center City condos for sale at CENTERCITYCONDOS.COM