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Old 05-11-2021, 07:36 AM
 
Location: Ocala, FL
4,706 posts, read 7,560,502 times
Reputation: 4888

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Quote:
Originally Posted by BoBromhal View Post

The real ? is - does the condition of said item DETRACT from the appeal and thus the value of my home?
I think we have a winner! Good point.
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Old 05-11-2021, 07:43 AM
 
Location: Cary, NC
37,824 posts, read 65,676,102 times
Reputation: 38241
Quote:
Originally Posted by NYCresident2014 View Post
I was recently in this situation and decided to paint the interior before selling because the house was in a state of disrepair. I do believe I recouped the cost, but there is no real way to know what the house would have sold for if I did not do it. I ended up spending $10k to get the house ready, all in, but the house looked so gross before I did it, I think it made a $50k difference. It didn't make my house worth $50k more; the run-down sections made the house worth $50k less, so it just restored the house to what it would be worth in good condition.

I would say to focus on just the problem areas- if you have rooms that are in good condition, skip those.

Truth:
I do believe I recouped the cost, but there is no real way to know what the house would have sold for if I did not do it.

In crazed sellers' markets, it may only be worth doing to show the buyers one has a little pride in their home.
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Old 05-11-2021, 07:51 AM
 
Location: North Idaho
26,811 posts, read 35,972,530 times
Reputation: 56969
Bad paint or a bad color will make it harder to sell a house. The majority of buyers want move-in ready. They don't want to do even the slightest amount of work, so you don't want them to drive up and see a big job to do before they even get out oft their car.


Don't decorate just to be decorating. You won't get your money back for modernizing. But maybe fix things that look like they must be done and are going to be extra work for the buyer.


I've always gotten my money back for fresh paint, and then some, but I don't paint if it isn't needed.
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Old 05-11-2021, 08:14 AM
 
Location: Florida -
10,028 posts, read 12,714,556 times
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IMO, there is frequently some confusion regarding normal maintenance/repair items. Replacing a roof, painting inside/outside, fixing a broken A/C, getting rid of a worn-out carpet, etc. are expected in a home -- and will be mentally deducted if NOT there, but will NOT generally increase the competitive value of a home.

Then, there are also a host of design modifications (often promoted by realtors in response to a listing they are unable to move). These often include staging, painting cabinets, adding granite in place of tile, changing light fixtures, replacing bathroom cabinets/toilets/sinks, etc.. These, likewise, are mostly eye candy that improve the appeal, but do little to improve the marketability of a home that is being ineffectively marketed.

There are some things [u]buyers are willing to pay for[/U] as added 'conveniences and money/time savers.' These might include installing hardwood floors in place of worn-out carpet, adding solar panels or electric hot water tanks that improve efficiency and reduce electric consumption, including new kitchen appliances that will remain with the home, adding built-ins to closets, pull-out shelves in kitchen, new window treatments, etc.. And even some of these will be overlooked - depending on the buyer, who has their own sense of style/needs.

Sellers should carefully consider the sellers might be willing to pay EXTRA for in a home they are buying, versus expected repairs/maintenance/ cleaning. Sometimes a new A/C or roof in an older home can be counted as 'extra's' - but, not at their full price.
Cleaning and repairs the buyers has been slow to take care of for some time, may help the appearance and curb appeal, but will not add extra value that most buyers are willing to pay for.

Last edited by jghorton; 05-11-2021 at 08:45 AM..
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Old 05-11-2021, 10:29 AM
 
24 posts, read 15,413 times
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Thanks for the replies.

The house hasn't been painted for decades, so it needs paint. Same for the pool and deck surfaces. Filling in the pool would be way less expensive than refinishing it, so that will be up to the buyer. Inside the house, other than new appliances, laminate floor throughout, blinds, a couple toilets, faucets and shower heads, the rest is 1973. It will be clean and functional when I list it, but a 48 year old tile shower is still a 48 year old shower no matter how well it's been maintained. I fully expect to deter some buyers.

The attraction is the location and development...600 homes on 2.2 acre lots, 15 min from the city. When I list it, it will be the least expensive home in the development. In fact, it will be the least expensive home on 2+ acres in the whole County. Just can't seem to decide on whether to paint or not. Maybe I'll just paint the front so that buyers aren't deterred before they even get out of their car.

Last edited by akrausz; 05-11-2021 at 10:38 AM..
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Old 05-11-2021, 11:21 AM
 
2,064 posts, read 1,452,229 times
Reputation: 4711
Quote:
Originally Posted by akrausz View Post
Thanks for the replies.

The house hasn't been painted for decades, so it needs paint. Same for the pool and deck surfaces. Filling in the pool would be way less expensive than refinishing it, so that will be up to the buyer. Inside the house, other than new appliances, laminate floor throughout, blinds, a couple toilets, faucets and shower heads, the rest is 1973. It will be clean and functional when I list it, but a 48 year old tile shower is still a 48 year old shower no matter how well it's been maintained. I fully expect to deter some buyers.

The attraction is the location and development...600 homes on 2.2 acre lots, 15 min from the city. When I list it, it will be the least expensive home in the development. In fact, it will be the least expensive home on 2+ acres in the whole County. Just can't seem to decide on whether to paint or not. Maybe I'll just paint the front so that buyers aren't deterred before they even get out of their car.
Hearing this, I don't think it's worth painting it. Buyers will likely want to make major changes so the paint won't even matter as they'll like have to repaint anyway after they make their changes.
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Old 05-11-2021, 01:43 PM
 
Location: Denver CO
23,531 posts, read 15,009,930 times
Reputation: 36555
Quote:
Originally Posted by NYCresident2014 View Post
Hearing this, I don't think it's worth painting it. Buyers will likely want to make major changes so the paint won't even matter as they'll like have to repaint anyway after they make their changes.
I tend to agree with this. The price is going to need to reflect the condition no matter what, and it sounds like it's going to be a major reno opportunity with a price that reflects that, and new paint won't change that. But of course, these things always need a local spin, so your agent is going to be the best resource on a question like this.
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Old 05-11-2021, 02:10 PM
 
Location: Tierra del Encanto
1,618 posts, read 1,350,136 times
Reputation: 2058
Paint gives you the maximum appearance enhancement at the lowest cost. A coat of light paint in a drab, outdated room makes a home look so much more updated and appealing.

Painting is a low skill improvement that almost anyone can do themselves. I painted most of my house for sale using Home Depot oops paint, or blended oops paint for new colors.
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Old 05-11-2021, 02:45 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
34,937 posts, read 63,613,731 times
Reputation: 39468
Here with so much demand and so little inventory it would make no difference, there would be multiple offers over asking either way. We are having ours painted this summer, though not selling for another couple of years, because it will still look good, but we can enjoy the new color in the meanwhile. Since the contractor is replacing all of the caulk, and priming first, the 2-story 3,000sf house is going to be over $7,000. We don't expect to get it back, and paint is not a deductible expense from capital gains, which we will likely be taxed on due to the equity being over $500k
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Old 05-11-2021, 05:04 PM
 
Location: Raleigh NC
22,540 posts, read 11,790,968 times
Reputation: 13213
my favorite threads are the one where the first post is a very generic "question" that is then clarified later with a much more informative and lengthy post.
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