Selling house: Perfect or sell as is?

[red-beard]

One of my neighbors is moving. His pool needs to be re-plastered. A few other minor things. He did have the house painted inside and few other cosmetic things done, but the house still needs some work.

We are a fairly new subdivision. Started in 1999, finished in 2006. His house is a 2003. Houses sell fast here and mostly for ex-pats and people doing assignments in the energy coridor.

My thought is he should fix everything, so it is perfect move in condition. For ex-pats, this is usually essential.

He is letting the pool go, and some of the other concrete/foundation (not structural, but interface between deck and foundation), etc. And minor stuff like a whirlybird vent!!!

Thoughts?

[Halm]

Too much HGTV. Buyers expect perfect, especially younger buyers.

[stomachmonkey]

For every $1 that it needs put into it a buyer will offer him $3 less.

The other thing that happens is realtors will use his place to sell another, "for $xxx you can buy this which needs work when for a $yyy you can buy this one around the corner and move right in"

[kaisen]

I'm guessing that the price-range dictates that it is move-in-ready, not fixer-upper

Why compete with short-sales and foreclosures?

I vote: Make it perfect

[biosurfer1]

I would treat it the same way I treat my cars when I sell them...the fewer things I have to explain, the easier it is to sell. That goes especially true for easy fixes, if they won't even throw a coat of paint on something, what else is lurking that will cost me money?!?

[Erakad]

Any big money you put in you won't get out. If it's strictly cosmetic and cheap, go for it, otherwise you're throwing good money after bad.

[red-beard]

Well, they painted the interior and a few outside things, but it really needs the pool replastered.

Well, I just found out it is now under contract, and today they inspected the house. Turned out to be a couple who were renting in the neighborhood and wanted to buy. I expectr this will work.

[Hugh R]

Paint the pool.

[VincentVega]

Or fill it in.

Any big money you put in you won't get out. If it's strictly cosmetic and cheap, go for it, otherwise you're throwing good money after bad.

x2

[onewhippedpuppy]

Maybe I'm an idiot (actually there's no maybe about it) but everything I sell is at its best when I sell it. I would absolutely fix it up, but I would fix it up to sell vs fixing it up to keep. There's a big difference between quality tasteful updates and making a place exactly what YOU want. I'm facing it now, if we stay in our house I want to add a 3rd car garage and gut/expand the kitchen. If we move within a few years I'll skip the garage and just update the kitchen with new tile, countertops, cabinet pulls, and replace the dated cooktop. That's a big difference in dollars.

[Z-man]

Originally Posted by stomachmonkey

For every $1 that it needs put into it a buyer will offer him $3 less.

The other thing that happens is realtors will use his place to sell another, "for $xxx you can buy this which needs work when for a $yyy you can buy this one around the corner and move right in"

That all depends on where the $1 goes. If your neighbor neglects to fix parts of the kitchen and baths, then that may be true. If there is a hole in the wall in the garage, the neighbor may very well be better off not fixing it.

It all goes back to where investments in a home will have a greater ROI. In my area, a pool will typically lower a home's value since most people do not want the maintenance headaches. In Texas, that may be different.

I would say your neighbor should make sure everything is up to speed with regards to the kitchen, bathrooms, entry way and landscaping. A fresh coat of paint on the inside will help, and if he did it himseslf, that likely didn't cost him too much.

It is best NOT to hide any structural issues, as that can lead to legal issues in the future.

Just my $0.42,
-Z-man.

[mikester]

I would only FIX things to what they SHOULD be and no more. So, if the something is broke fix it. If it looks bad fix that but if it is a 'style' choice leave it to the new owners as they will likely change it anyway.

[red-beard]

The Kitchen and Baths are up to date, stainless and granites, etc. It was more repairs, etc to the pool. I can't imagine it would have been more than $3K to replaster. I suggested it LAST YEAR when they basically knew they were going to move.

They are downsizing and moving closer to work for the Husband. I think the idea was right, but I don't like the new place. Location-location-location. They needed to be about 2 miles east of where they chose. If you know Houston, they are inside Loop 610, 1 block south of Bellaire Blvd, and one block west of Stella Link.

[red-beard]

Originally Posted by mikester

I would only FIX things to what they SHOULD be and no more. So, if the something is broke fix it. If it looks bad fix that but if it is a 'style' choice leave it to the new owners as they will likely change it anyway.

I agree with this! And that was really the question. I not talking about UPDATING, but repairing everything.

[944Larry]

I know in Florida the lenders will require a home inspection and will require some things to be repaired before they will finance the home. Whether a pool would fall under that I haven't a clue.

[recycled sixtie]

Make sure the steps into the pool meet code or the seller could be under water

[Bill Douglas]

Another way of looking at the situation...

Buyers have been paying huge money for freshly renovated "do ups" around here. There were so many people buying places and doing a make-over then moving them on, a few years ago, that there was very little money in it for them. But now that most of the do-ups guys have lost their shirts and gone back to their regular jobs, the freshly made over places (relatively speaking) are something of a rarity. A buddy of mine has been using contractors for everything in here renovations and making big money on the sales.

[Zeke]

OK, you've said "pool" enough. That should have been the poll question. I would paint the pool but I would paint it correctly with a wipe down water/sand blast. If it's cheaper (and I know it's faster) then plaster it. The pool needs to look healthy and clean.

Or fill it in.

[RWebb]

Originally Posted by recycled sixtie

Make sure the steps into the pool meet code or the seller could be under water

ow! in fact, double ow!

[agrimmitt]

You have two choices in most case when you selling a home. Fix it up to sell or fix it for the new owner ( money out of escrow ) to purchase it and he enjoys it when he moves in. If it's a short sale you trying to get out from under it, just sell it. The pool will get repaired by the bank before any loan is listed, the problems can be too costly and the banks know it; or in some cases the banks with have you sign off on the pool>as is! In most cases Iit will get a quickie acid wash and tune up and refilled for the new owner to deal with.
art