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I agree that as a buyer, generally speaking, I would prefer to do improvements to my own liking.
However, you will have to discount the price of the home if your home is not updated to the level that comparable properties are being sold at. I discount the price it would cost me to pay someone else to update whatever items, to comparables.
Everyone is different though, a lot of buyers don't have the cash to spend to remodel after moving in (they are using it all as a down payment) so it is preferential for them to have a house already remodeled. In effect, they are financing the re-model costs versus paying cash for them. Also, some buyers, especially those with kids don't want to deal with months of remodel construction.
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Originally Posted by dechatelet
I haven't sold yet -- don't know if I ever will -- but I figure the buyers would want to select their own flooring, window coverings, interior paint, kitchen and bath improvements.
So why should I update it, and have potential buyers not like the result?
Without the improvements, they might demand that I lower the asking price because they have to spend more money, but I would reply that they are being given the opportunity to customize according to their own preferences.
If it's not a dump, in other words, then I shouldn't have to lower the price at all.
As for really small stuff, I would give them an allowance (lower the price a bit) to take care of it themselves. That way, I don't get stuck between them and a contractor who does shoddy work.
Our realtor warned us that the buyers had hired the "best" home inspector. He found .... absolutely nothing. The buyers sent us the report and it was absolutely clean. The agent told us it was the first house she'd ever sold, in 20 years, that had a completely clean report.
I will say that there were things he SHOULD have found, we left a couple of minor things, just on the theory that the home inspector should find something. Had it been a VA inspector, I think it would have been different.
The 20-year-old house we sold prior, the inspector fussed about the deck, and how the skirting (cedar lattice over hardware cloth) touched the ground. Yes, it did, otherwise racoons and opossums would be living underneath. It had to be replaced every 4-5 years, but it was better than dealing with varmints.
It really does depend on the buyer. At the same time we were getting our own house ready to sell we were also selling a relatives home as part of an estate. The home inspection flew through because the buyer was thrilled to get the house. Our hitch on that place was the next door neighbor who was a piece of work and had been on the deceased relative, then us, about removing a tree in the front yard that he claimed was causing damage to his property. He didn't have a leg to stand on but when he ambushed the buyer and their realtor in the driveway threatening legal action we figured it was better to just have the tree removed. But, even then, since it was under contract, we had to get permission of the buyer since it would be altering the property, needless to say, they said yes. We arranged to have it done, and the tree service started on it very bright and early one mornimg.
Honestly, if you can think of it, people have asked for it... Some will say it "doesn't hurt to ask" Fortunately, when I've sold my own homes I've dealt with fairly reasonable buyers. One time I showed this house, and there was a pet cemetery in the backyard. Literally, the seller had a gravesite in the backyard with markers and dog's collars hanging over the stones. Think we should have asked that they remove it?? lol Well, we never got that far anyway.
I was asked tp put a 200 amp service into the house.
I said NO!!!!!
Buyers asked my family to do an electrical upgrade (or reduce the price even more) to my grandparents place, after asking for a bunch of other things that were done. My aunt drew the line at that one as therre was nothing wrong or unsafe about the current wiring. They bought it anyway.
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Originally Posted by kayanne
My worst experience was with foreign buyers who were buying their first home in the United States. I think they had a mistrust of us and the whole home inspection process, or something. They got it in their minds (due to two very minor drywall cracks, that I had never even noticed) that we had foundation issues (on a house that we had bought only 10 months previously and there was definitely no foundation issue).
I once asked for, and received, an upgrade to the electrical panel. The house only had a 60a service, and I made my offer contingent upon the service being upgraded to a 200a service.
I did not ask for a lot of other repairs that would have been sticking points for many. The house had a broken window, a rotten chunk of siding, stained carpets, the stove did not work, etc. I knew the sellers did not have much money, and upon looking at the house it was very evident that they were incompetent DIYers.
It made sense to me to ask for one thing that I could not do myself, rather than a laundry list of things that I could do myself and make sure that they got done correctly.
We were presented with a list of about 50 items, as well as a closing date of 5 weeks. This was on an 18 yr old house that we always maintained carefully. We were moving out of state and had to find a house and close on it in that short time frame. Their realtor was a real *****, and she probably figured we would agree to anything, since our house had been on the market for 3 years.
Weren't they all shocked when we told them we weren't fixing anything. They came back with 4 items, which were a radon check, and electrical inspection of the barn, fixing a rotten porch post base, and a "roof tune-up", which consisted of a roofer putting a few nails in a loose shingle. We did them.
My point is some buyers will ask for the moon, so you'll agree to do lesser things they really want.
Without the improvements, they might demand that I lower the asking price because they have to spend more money, but I would reply that they are being given the opportunity to customize according to their own preferences.
"The opportunity to customize" does not add value to a property, and an updated house has a higher value than one in need of repair or renovation. So you may not think it's worth less than an updated house, but most buyers will. It's not an inspection item though, it would be a factor in whether you got an offer in the first place, at a price you were willing to accept.
I've never sold a home, but as a buyer, I've been very hesitant to ask for things to be fixed as I didn't want to lose a deal.
On my current home, the inspector had ~50 items (mostly observational - "X is old and should be replaced"). I asked for two things - the garage door opener wouldn't stop/reverse if it hit something, and there was a gas line that had no cap on the end. Inspector said both of those were safety issues and realtor said the lender might not allow the loan to go through without those fixed. If it wasn't absolutely required to close the deal, I didn't ask for it - I felt I was getting a good deal and knew I wasn't buying a brand new home.
Other things, like a non-functional oven, non-functional jacuzzi tub, 60amp electrical service, were things I tackled after the sale was complete - the first two I did myself for less than $60 in parts, and the latter was on-par with what I expected it to cost (about $2000).
My worst experience was with foreign buyers who were buying their first home in the United States. I think they had a mistrust of us and the whole home inspection process, or something. They got it in their minds (due to two very minor drywall cracks, that I had never even noticed) that we had foundation issues (on a house that we had bought only 10 months previously and there was definitely no foundation issue). They requested that we hire a structural engineer, which we did, and he determined that the house had settled 1/4 inch over its 12 year life (which the engineer said is well within normal and expected). The buyers were still not satisfied, and they wanted us to get the foundation jacked up that 1/4 inch. That would have required removing (then replacing) all landscaping around the house, plus removing then rebuilding a multi-level deck and second-story screened-in porch above the walkout basement. All of this would have cost close to $100,000! Obviously, we refused, they canceled the sales contract, and we sold it to someone else a few weeks later.
The foreign buyers don't have a mistrust of US, they're scammers and hackers! I can't believe how stupid they think we are, yet you still always see stories about elderly people getting scammed.
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Fortunately, when I've sold my own homes I've dealt with fairly reasonable buyers. One time I showed this house, and there was a pet cemetery in the backyard. Literally, the seller had a gravesite in the backyard with markers and dog's collars hanging over the stones. Think we should have asked that they remove it?? lol Well, we never got that far anyway.
Obviously, we refused, they canceled the sales contract, and we sold it to someone else a few weeks later.
