Need Help Understanding Over Repair, Do Cosmetics Matter?

[Aaron White]

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  You could tell it was outdated but it was clean and in good condition.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?

[Theresa Harris]

Is this for a rental?  For a rental, unless the floor is in bad shape (or has green shag carpet), I wouldn't change it.  Paint is an easy thing to do, especially if you can paint it yourself.  

Does the fence need to be completely replaced or do a few boards/sections need to be replaced?

If it is to flip, then it is a different story.  What type of flooring is in the home now?  Solid wood can be refinished.  Things like door hardware can make a big difference on the appearance of the kitchen without breaking the bank.