Nobody Wants A Flooring Allowance--
The carpet looked like the deck of Noah's Ark. Feathers, feces, and finger nails seem to be the design theme. Before I could begin my listing presentation, the seller was mumbling something about a flooring allowance.
And boy was it a reasonable offer! For what he was willing to "invest" a family of four could go to dinner, movies, and probably have enough left for a carton of cigarettes. But it was nowhere near enough to replace the soiled flooring...
Let's take a moment to examine the flaw behind the flooring allowance...
- Buyers have ZERO imagination-- If I had a nickle for every showing that ending at the front door, I wouldn't be writing a blog post on a Saturday morning. "Staging" flooring samples in the room is worthless. Why would a buyer focus on an 18 inch tile when there are YARDS of soiled carpet in front of them? They won't.
- Buyers are broke--With money tight for most families, coming out of pocket for new flooring is not an option. And no, your 2,000 dollar allowance will NOT replace the flooring. Think 4-6 bucks a square foot.
- The Seller will have to compensate the buyer for the hassle-- Even if the buyers have the funds, expect them to deduct 2x what the flooring costs from their offer.
- Your home will appeal to fewer buyers-- Even in a robust market, some homes still linger. Price and condition are two of the variables that impact days on market.
- Worn Flooring can be an apprasial issue-- I have seen deals brought to a halt because the appraisal was not comfortable with the flooring. Imagine having to replace the carpet two weeks before closing? Been there, done that, no fun for anyone...
- Old carpet stinks-- A gallon of Old Spice cannot over power puppy-urine fertilized shag carpet. Remember, smell is the sense most closely linked to memory. How will clients remember YOUR home?
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