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Top 10 Reasons to Sell Your Palmetto Bay Home Now

As of recent, we have seen a spike in inventory in Palmetto Bay and home values have increased year-to-year. However, as more inventory comes to market, prices will have to adjust to these conditions and usually resulting in a lower priced sale. The big picture is that savvy homeowners are realizing that it is important to sell their home before having to spend on major expenses like the things that can come up on an inspection that can make a sale fall through or before these updates become room for negotiation. Money that in certain cases, homeowners do not have the funds to pay for these repairs without having to tap into retirement funds.

Here are the top 10 reasons to sell your Palmetto Bay home now


10. Fences. After the hurricane, many fences were damaged and need to be replaced. The cost to replace a perimeter wooden fence in a typical Palmetto Bay lot, 400 feet at approximately $25 a foot, you are looking at $10,000 and this is one of those things that homebuyers will expect to have replaced or negotiated in the purchase.

9. Driveways. One of the biggest factors when it comes to a home’s curb appeal as it is one of the first things potential buyers will see. Regardless of the material you choose, the cost can range anywhere from $8,000 to $20,000.

8. Electrical. Many Palmetto Bay homes have older panels that require to be brought up to code and can run $1,500+.  However, with most items that require city permits, you will typically be asked to make other updates like wiring ($1,000+), smoke alarm system ($500+), pool safety enclosure ($1,000+) and a number of other things inspectors can bring up.

7. Septic Systems. With many systems reaching their life span or tree roots damaging drain fields, there will come a time in the near future when the entire system or part of it will need to be replaced.  A new septic tank and drain field runs about $8,000+. In addition to this cost, replacing your sod is ($1,500+) and part of your sprinkler system will be another ($800+).

6. Pools. One of the most sought after features for home buyers and major point of contention. You can expect the cost to resurface a pool in the $5,000+ range and replacing a pump and/or filter $1,000.

5. Windows and Doors. Investing in impact-resistant windows and doors are a huge selling point for buyers, however, these can cost anywhere $20,000 to $30,000.

4. Air Conditioning. A working A/C unit is essential in South Florida being that they run year round.  Replacing an A/C system for a 2,000 square foot home will set you back about $5,000+ and if it requires redoing ductwork, that can easily be another $4,000+.

3. Roof repairs/replacement. The average cost to replace is anywhere from $15,000 to $30,000 depending on size and materials used. In my experience, it is the number one deterrent from purchase during a home inspection and can interfere with the buyers ability to get funding and/or insurance.

2. Plumbing. The vast majority of homes in Palmetto Bay were built prior to 70’s and use cast iron plumbing. In many cases has rotted out causing inconvenient back-ups resulting in expensive service calls. Plumbing issues will present themselves, it is not a matter of if but rather when. Unfortunately, plumbing issues result in a series of necessary expenses not often considered. The typical cost of plumbing at an average of $15,000, but you have to redo entirely your kitchen ($15,000+), your bathrooms ($10,000+ each) and replace or redo all the floors throughout your house ($10,000+) where your plumbing lines run through.. As you can imagine the nightmare that this can easily become and worst of all, this is not money you will necessarily get back when you finally decide to sell your home.  



1. School District.  Summer is here and that means the demand for Palmetto Bay homes will increase in the coming months. Our award winning schools make this the place to be for all grade levels. Quality of education and quality of life paired with a great affordability factor are just some of the reasons why there is such high demand.  If you are on the fence about selling, this is the most important reason to sell your home now.

Assuming we only look at the conservative end of these estimates, the cost to maintain your Palmetto Bay home will cost you $100,000+.  The items listed above aren't simply aesthetic, they are part of the everyday, normal wear and tear on a 30 year plus home.  Do you have these types of funds at your disposal to make these required repairs?  

SELLERS often ask me how can I get the most for the sale of their home - and the best way to look at it is at the end of the day what will keep the most money in your pocket.  The answer is simple, sell your home while the market is still in favorable conditions for sellers and before having to spend on necessary repairs that will not always increase the value of your home.

 

 

LiveLovePalmettoBay.com is the most comprehensive resource for Palmetto Bay real estate.

Buying or Selling a home in Palmetto Bay? As one of the most sought after neighborhoods in Miami, working with an experienced Palmetto Bay Realtor® will ensure you have a smooth process when purchasing or selling a home and ultimately sell quickly and for the right price.

Amy Osorno is a Palmetto Bay real estate Resident-Specialist and knows the local market inside and out. The majority of her business comes from referrals - a testatement to her concierge approach.


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  • Amy Osorno, M.S. , Realtor®
  • Berkshire Hathaway HomeServices EWM Realty
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  • 12751 South Dixie Highway Pinecrest, FL 33156
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