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Updated almost 6 years ago,
Need Help Understanding Over Repair, Do Cosmetics Matter?
I am looking for insight to better understand how much is the right amount of repair. My last deal I did I went way overboard with plumbing the whole house...
I went to see a house today that (NW Houston near Tomball and Spring) was built in 2005 and has never had any upgrades. The house was in good shape with the exception of the fact it needs new paint and floors. You could tell it was outdated but it was clean and in good condition. I wouldn't even have to paint the showers or tubs because they are clean.
The only major things were:
-Fence 8k
- Floors 9k
-Paint-7k
-Landscaping-$800
Total 25k
When you look at the comps they have granite counter tops, newer paint on cabinets, tile showers, new glass doors, new faucets and sinks, new ceiling fans, lights adding up to another 21k.
Obviously my challenge with only 2 deals complete is learning what I need to repair in order to sell on the back end of the deal. Knowing this should help me improve my offerings and do more deals.
If the house looks clean and livable do you upgrade the cosmetics when the comps show these cosmetics to be consistent? Do you have any tips on houses like this?