getting a home ready for sale, how much repair?
I have friends who have to move because the wife needs some place more
Their current house is about 50 years old, two adults and two almost
grown children, in good but not great condition, mid-quality house.
Whole-house AC, good sized lot, 3BR but nothing else that's really
fancy. While prices have gone down in some parts of Baltimore, I'm
told that they haven't gone down on the 5 blocks around this house,
because all the houses are well taken care off, inhabited by owners,
all the yards look very nice, and it's tucked away and gets almost no
traffic, while still close to shopping and the xway.
How much repair and remodeling is necessary or advisable to get the
best net price for the house?
Is it better to spend 10,000 (or maybe thousands more than that) on
repairs for a house that may sell for 300,000, or 350 or to take
off the price and let the buyers do the repairs/remodeling
with that money and get exactly what they want? Also with the
economy, wouldn't some potential buyers rather buy a house that's
cheaper, and gradually do the repairs?
Or take even more than the cost of fixing it up, take 15 or 20,000
off the price because doing all this will be an enormous headache for
all who live their now, three of the four work more than full time, 6
days a week, plus two of them have big allergies to dust, as from
sanding the dining room floor or scraping paint. And they are
supposed to close on their "new" but old house on 9/23, and of course
they'd like to have their old one sold by then.
Then the new owners could do all the repairs and remodeling before
they move in, while the house is vacant. My friends the sellers
could further discount the house to pay the buyer's extra cost for
having two homes for one or two months.
One real estate agent recommends fixing everything.
The dining room floor has a big rug in the middle, but the finish
underneath is very worn and needs sanding and finishing. But maybe
the new owners will put in wall-to-wall carpeting there and don't care
what the wood looks like. Maybe they'd rather have 1000 dollars to do
other things than refinish a floor they'll never see.
The finished basemeent family room has 9x9 inch acoustic ceiling
tiles, a few of which are damaged, some just a little and 4 a lot and
4 water damaged. The REAgent recommends replacing the whole ceiling,
probably 1000 dollars. Someone suggested painting it, costs much
less, but might look bad and won't fix the broken tiles.
Remodelling the kitchen and at least one bathroom. Versus just
removing the wall paper from one wall in the kitchen. Kitchen has
new appliances, new ceramic tile on floor and backsplash, and new
ceramic tile on counters, but still looks old-fashioned. REAgent
wants to redo the whole thing and the bathrooms.
Putting aluminum siding over what I'm told is asphalt tile, about 12
inches by 16 inches, in good condition but old-fashioned, on two or
three outside walls, except for the wall facing the street. Owner was
told that asphalt tiles are much better insulation than the
replacement will be, but putting the siding on while the asphalt tiles
are still there is very difficult. Holes have to be drilled, because
he says nails won't go through the tile.
A couple more detail questions in posts to follow.
Thanks a lot.