| When considering whether or not to make repairs to | | | | kitchen, baths, and maybe living area. |
| your home prior to sale, we can learn a valuable | | | | Fixture Update - It is very easy and relatively |
| lesson from our local bank owned REO sales and | | | | inexpensive to install new fixtures in your home. This |
| trends. The banks quickly figured out that it is hard to | | | | could mean new light fixtures in the entire house or just |
| sell dilapidated homes as buyers have a very hard | | | | replacing the really dated ones. You can get some real |
| time seeing past damage that may only be cosmetic. | | | | bargains right now on fixtures from the big retailers. |
| When buyers can't visualize, they don't buy, resulting in | | | | You don't need super high end unless your home is |
| slower sales cycles, lower prices, and more escrow | | | | high end. For example, we just found some stainless |
| issues. Some banks have started doing the repairs | | | | trimmed light fixtures for a lower end condo that cost |
| themselves as they've learned the hard way that | | | | the owner only thirty bucks! They're not fancy but |
| making some repairs may not be cheap but can save | | | | make a world of difference compared to the old |
| them tens of thousands of dollars in discounts and | | | | cheap florescent lights. |
| negotiations. | | | | Any Major Eye Sore - Broken windows, green pools, |
| The question still remains, should you make repairs on | | | | holes in walls, dead landscaping. Having these problems |
| your rental house or just price it to sell? If you do | | | | taken care before going on the market would be ideal. |
| repairs, exactly how much should you do to maximize | | | | These are the types of things that buyers, especially |
| profits? These are the things we will answer and | | | | first timers, are not familiar with. When they don't know, |
| hopefully give you a good gauge of just how much | | | | the imagination runs wild and fear sets in, even if not |
| repairs it makes sense to do given your current | | | | warranted. Not having any eyesores goes along way |
| budget. | | | | in ensuring confidence in the buyers mind. |
| Things You Should Do If Your Rental Home Has Been | | | | How To Avoid Over-Improving Your Rental House |
| Neglected | | | | Not fixing enough is one thing, but fixing up the rental |
| Many people every year, especially after an | | | | house too much is an issue to be aware of as well. |
| unsuccessful sale, lease their houses out as rentals | | | | Usually buyers say they'd like to purchase the least |
| and become a little emotionally detached from them. If | | | | expensive home in the most expensive neighborhood |
| the time comes down the road when they would like | | | | that they can afford, however, most quickly change |
| to sell, there really are some big bang for your buck | | | | their mind after viewing just a few of the "fixers." |
| repairs and improvements that one should make if their | | | | Still, a house with too many improvements will usually |
| home has just been a little neglected. If your home fits | | | | be priced at the top of the local market, not the place |
| this description, here are some of the best and most | | | | you need to be right now. Think in terms of doing |
| common fixes, and coincidentally, the ones we are | | | | repairs to a damaged home and applying the rules |
| most commonly seeing the banks making as well. | | | | above to get big value for each repair. Sometimes |
| Fresh Coat of Paint - This is often the biggest bang | | | | you'll be spending a little more to give that semi-custom |
| for your buck. One thing that always makes the house | | | | feeling (like a designer paint scheme); other times you'll |
| look new and improved is a fresh coat of paint. This | | | | be shopping the clearance rack. Avoid the feeling that |
| applies to both interior and exterior paint depending on | | | | you'll need to upgrade everything, unless again the |
| how bad it has gotten. Avoid wild colors but avoid | | | | property is high end, because most big improvements |
| boring apartment-like colors as well. If you need help | | | | and projects just will not pencil out well. |
| with a palate, consult a design professional. | | | | Learning from Mistakes |
| Replacement Flooring - If a home has damaged | | | | When thinking about what repairs and improvements |
| flooring it really should be replaced. Carpet allowances | | | | should be made to your rental house, keep an open |
| are great in theory, but only practical when the existing | | | | mind to the fact that each house is different and |
| carpet is in good shape. Buyers have eyes that will | | | | market conditions fluctuate. Still, lessons learned from |
| naturally look down when touring a house and will have | | | | the past should play an important role in our planning. |
| a hard time getting past the stained or damaged | | | | Despite the negativity surrounding our current |
| carpet they've been stepping on. As far as flooring | | | | inventories of REO bank owned homes, there are |
| choices, carpet is a staple and not a bad choice; we | | | | some valuable lessons to be learned, among the most |
| have however seen an improved quality in laminate | | | | pertinent, how a little bit of work can pay big dividends |
| flooring and great pricing on ceramic tile. Most of our | | | | when selling your rental home. |
| recommendations lean toward 18" ceramic tile in the | | | | |