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We are retiring January 2019 and plan on selling the house, then using the procedes to buy our retirement home. The house needs paint, flooring and a front yard. My question is this. Should I do this work, or either lower price by the amount of work needed, or give buyers back a "rebate" so to speak, after closing. My thoughts are, the buyers can choose what they like for these items,, not what I like. Or should I let the realtor advise me to use something they recommend?
Given the items you've mentioned, flooring, paint and a yard, I would have the work done prior to selling.
Rebates for a buyer are generally not allowed if they are getting a mortgage. You don't want to run into that issue. Lowering the price is one way to go, but imagine a buyer loves your house but doesn't have the cash available to make the needed changes. Even with the lower price it won't appeal to the buyer that can't afford the work needed.
Look at local listings and go to a few open houses in your area. Look for what neutral paint color is being used in these houses and have the painting done in that color. Same suggestion for flooring. You're not going to paint or update flooring based on what you like. You should do it based on what most buyers will see as neutral.
Not sure what is needed in the front yard so I can't make specific suggestions. Fresh mulch and landscaping are always appealing though to buyers.
You are going to get 12 different responses, but for me, I would rather have the work already done. Even if it is not my taste, it means that it wouldn't have to be something I had to do right away. It also just makes the house a lot cleaner. Just stick to neutral colors, and you'll be good.
When we were buying a house, I really didn't feel like dealing with all this. Moving is a big enough pain. I don't want to add the hassle of dealing with contractors and having my house ripped apart to the mix. Getting estimates, waiting around for people to give those estimates, then waiting again for them to do the work, then having strangers in my house for days - not a stress I want to add to the stress of moving.
Also, you can give an allowance or have the price reflect the work that needs to be done, but that's not exactly cash in the buyer's pocket. If you have first time buyers, for example, they may have the cash for down payment, closing, and a few other things, but not another $10K floating around to replace all the flooring, paint, and yard. So that may eliminate some buyers.
In general, where are you located? A yard full of rock would not be appealing in some parts of the country. If you're in the desert than that would be an appropriate choice. Even there though I would expect to see some plants.
Ask 3 real estate agents to tell you their opinion. It won't cost you anything.
A few things to consider are, do you need to get top dollar to afford your retirement home, or will you be fine either way? If so, I'd just sell as is and be done with it. The exception would be if your house is covered in wallpaper. If so, it will chase away a lot of buyers.
Do you plan on slapping together some cheap fixes, or will you choose good quality? A buyer might rather do things to his own liking. For example, if I'm looking for wood floors, and you have put in pergo, I'm turning around. I would have rather had the cost of flooring reflected in the price.
I question why you choose to live with things that you think others will find unacceptable? If you are comfortable living there, then probably others will too.
Ask 3 real estate agents to tell you their opinion. It won't cost you anything.
A few things to consider are, do you need to get top dollar to afford your retirement home, or will you be fine either way? If so, I'd just sell as is and be done with it. The exception would be if your house is covered in wallpaper. If so, it will chase away a lot of buyers.
Do you plan on slapping together some cheap fixes, or will you choose good quality? A buyer might rather do things to his own liking. For example, if I'm looking for wood floors, and you have put in pergo, I'm turning around. I would have rather had the cost of flooring reflected in the price.
I question why you choose to live with things that you think others will find unacceptable? If you are comfortable living there, then probably others will too.
Cheap fixes, top dollar
Last edited by gsc3zny; 06-12-2017 at 12:22 PM..
Reason: change
In general, where are you located? A yard full of rock would not be appealing in some parts of the country. If you're in the desert than that would be an appropriate choice. Even there though I would expect to see some plants.
central valley, ca between Fresno and Sacramento. Neighborhood has all grass yards, some trees
I would recommend getting a home inspector to come out and evaluate the home first before worrying about aesthetics since any major repairs or code issues can make or break a sale. Even if the home is relatively new it is better to do this in the event safety requirements have changed and you can find out if your home is grandfathered into old standards and/or if you are responsible for any fixes.
The OP is will probably be disappointed to hear that if other homes generally have GRASS YARDS the "investment" of "lava rock or 2" river rock" is unlikely to be either a "cheap fix" or yield "top dollar".
Similarly any home that has issues with such BASIC items as paint and flooring very likely will set off alarm bells as to other items of "deferred maintenance". I know quite a few buyers agents and some inspectors that specifically use the "back in time" feature of Google Maps to see how long the the house has been looking shabby vs spruced up -- it makes sense to try to actually keep things like the paint in good shape BEFORE the underlying siding breaks down. Similarly it is one thing for flooring that is no longer trendy but in good shape to be replaced but it is quite another thing to have truly damaged flooring due to leaks / pet issues...
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