Expert: Toni Yates - 9/20/2009

Question
Dear Toni,

My husband and I live in a fairly small town in Virginia, and live in a home built in the 1980s.  We would like to do some updating to our home, without going overboard for the area.

However, several years ago a sex offender moved right next door, the only one in the whole town.  I'm sure if we ever do sell, it will take quite a while, and of course, we would have to disclose the information.

In doing the updates for my house would you suggest doing something really special to make the house look more attractive (like granite in the kitchen or extensive landscaping) or just keep to mid range upgrades and hope for the best?

Also, when an appraiser appraises our house, do they take into consideration that I have a sex offender living next door?

Thanks,

Missy


Answer
Hi Missy-
Thanks for the question(s). In Virginia, there is a disclosure that buyers sign that is called the Megan's Law Disclosure. In effect, it lays the responsibility of checking for sexual offenders near the prospective home on the buyers by advising them to check with local law enforcement officials or the Virginia website- www.sex-offendervsp.virginia.gov/sov. That being said, I can't speak for what you are morally obligated to do. That's a tough call. If the buyers have children of course that is a concern. However you can't assume it would (or wouldn't) happen again. I have never heard of an appraiser checking nor factoring that into an appraisal. Any appraisers care to comment?

On your other question, you don't want to over-improve for your area so be careful as you rarely get dollar to dollar return on your investment. Most important to buyers are kitchens and baths. Of course they won't get to see them if the curb appeal isn't there. You may want to consult a local real estate agent that knows your market for their recommendations. They should consider it an investment for when you do actually sell even though you have no intention of selling right now. I would.

Hope this helps. Best, Toni