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Old 05-11-2021, 05:32 PM
 
Location: Cary, NC
37,824 posts, read 65,676,102 times
Reputation: 38241

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Quote:
Originally Posted by BoBromhal View Post
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.



https://www.youtube.com/watch?v=QblkQ-J6zio
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Old 05-11-2021, 07:14 PM
 
24 posts, read 15,413 times
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Quote:
Originally Posted by BoBromhal View Post
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.
Sorry I guess, suppose I might have kept question 1 generic to get the generic answer without even thinking about it. Your and other responses are excellent and helped me understand the difference between assigning a value to an item vs deterring the least number of buyers. I ended up with replies that were on target...both generic and specific scenarios. Thanks again.
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Old 05-12-2021, 07:46 AM
 
Location: Columbia, SC
9,960 posts, read 19,563,783 times
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Having never seen your house I can't tell you specifically regarding yours, but in general paint is one of the very best returns you can have. It makes the house look shiny and new because it's such a large visual. I didn't see if was interior or exterior. If exterior and it's needed maintenence, it will absolutely cost you money. The first thought is "if they aren't maintaining the things I can see, they probably aren't maintaining the things I can't see. I'd better offer a little less for surprises or wait on a house in better condition".

For interior, if you have fresh paint (walls and trim) and nickel or bronze doorknobs and light fixtures (in case you have brass) that's a whole lot of bang for the buck. I suggest agreeable grey for the walls. It's a wonderful, neutral light grey color that creates a nice contrast with the white trim while still being light and bright.
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Old 05-12-2021, 07:53 AM
 
Location: Columbia, SC
9,960 posts, read 19,563,783 times
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Quote:
Originally Posted by BoBromhal View Post
...

No, there is NO improvement that can be made on a house that you will get a $ for $ return on. If your house is worth $200K, $10K of painting doesn't make it worth $210K. $10K of new appliances doesn't make it worth $210K. A $10K HVAC system or a $10K roof doesn't make it worth $210K....
I don't agree with this part. There's a reason good flippers do well. I'd also argue some maintenence does get you a return, because for example, people pay less for a house with a roof needing to be replaced than for a house with a brand new roof. The repairs don't make the house worth more so much as prevent it from being worth less, if you will.
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Old 05-12-2021, 08:30 AM
 
Location: Cary, NC
37,824 posts, read 65,676,102 times
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Quote:
Originally Posted by Brandon Hoffman View Post
I don't agree with this part. There's a reason good flippers do well. I'd also argue some maintenence does get you a return, because for example, people pay less for a house with a roof needing to be replaced than for a house with a brand new roof. The repairs don't make the house worth more so much as prevent it from being worth less, if you will.
Flippers make their money when they buy.
They just cash in when they sell.
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Old 05-12-2021, 08:45 AM
 
7,811 posts, read 9,885,645 times
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Quote:
Originally Posted by BoBromhal View Post
No, there is NO improvement that can be made on a house that you will get a $ for $ return on.
I agree with Brandon. There are plenty of flippers who would disagree with you on this.

Quote:
Originally Posted by Hemlock140 View Post
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
Just remember, the amount of equity has nothing to do with the amount of capital gain.

Quote:
Originally Posted by MikeJaquish View Post
Flippers make their money when they buy.
They just cash in when they sell.
True, but the best way to get a good deal on the buy side is to buy a house which primarily just needs cosmetic fixes. A little paint can do wonders.
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Old 05-12-2021, 09:10 AM
 
Location: Raleigh NC
22,540 posts, read 11,790,968 times
Reputation: 13213
Quote:
Originally Posted by akrausz View Post
Sorry I guess, suppose I might have kept question 1 generic to get the generic answer without even thinking about it. Your and other responses are excellent and helped me understand the difference between assigning a value to an item vs deterring the least number of buyers. I ended up with replies that were on target...both generic and specific scenarios. Thanks again.


no worries! I'm glad you got helpful answers, including my first one. Let me try and find something ....
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Old 05-12-2021, 09:18 AM
 
Location: Raleigh NC
22,540 posts, read 11,790,968 times
Reputation: 13213
here's an easy example where some detail would be helpful ....


https://www.zillow.com/homedetails/3...erral&mmlb=g,6

from @bestofzillow on Twitter

see, these folks WOULD indeed "get their money back" from a paint job. or at least, they might get $729K for their home. Of course, it's ony been active for a day, so who really knows.
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Old 05-12-2021, 10:06 AM
 
24 posts, read 15,413 times
Reputation: 20
Quote:
Originally Posted by BoBromhal View Post
here's an easy example where some detail would be helpful ....


https://www.zillow.com/homedetails/3...erral&mmlb=g,6

from @bestofzillow on Twitter

see, these folks WOULD indeed "get their money back" from a paint job. or at least, they might get $729K for their home. Of course, it's ony been active for a day, so who really knows.

I am reminded of when my neighbor, an art teacher, painted their house with a spectrum of colors. Another neighbor said you're not gonna leave it like that are you?

Last edited by akrausz; 05-12-2021 at 10:17 AM..
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Old 05-12-2021, 10:18 AM
 
Location: Columbia, SC
9,960 posts, read 19,563,783 times
Reputation: 8343
Quote:
Originally Posted by MikeJaquish View Post
Flippers make their money when they buy.
They just cash in when they sell.
Very true, but it's also true they know where they get a return. Floors, paint, kitchens, bathrooms, etc (cosmetics to make it look pretty).

Actually just did it on a home I'd been renting for the last 12 years and the tenants moved out. It's not a single item, but a sum of the parts. When you make a house look nice with paint, fixtures, etc, you get a return on the total. But what I've found is you have to either make the whole house look great or you're better off just fixing needed maintenence areas and selling as is on the cosmetics.

Last edited by Brandon Hoffman; 05-12-2021 at 10:32 AM..
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