Buyers about a property: “Needs a lot of work...” What’s “a lot?”
There's a show on HGTV called “Love It or Leave It” where homeowners are debating whether to renovate existing home or buy another that will meet their requirements. What was so interesting is that on this episode, no matter what room, or property the buyers saw, the husband kept saying “It needs a lot of work.” And he was merely reacting to the colors of the rooms.
This buyer sounds like someone who will always be challenged to have a vision.
But the big question is, what exactly do buyers mean by "needs a lot of work"
It’s relative, and totally depends on the buyer’s budget, willingness and ability to undertake projects.
Most buyers will not have a clear idea of how much it costs to repair/replace.
Sellers are always advised to do as much as they can to present the house in the best possible light. Peeling paint, broken light fixtures, rusty hardware, stained carpets, unkempt landscaping all add to the buyer’s view that a property “needs a lot of work".
It also helps to stage a home --- another very helpful way to highlight the property.
Examples of fixes -- easy, or hard?
I've represented many first time buyers in Alameda County and Contra Costa County --- and they are quick to say a property “needs a lot of work” because they have very limited knowledge of what it takes to fix up a house on a budget.
Repainting may be simple and easy for people who have basic knowledge of what it takes. Or it could be challenging for someone who has never painted before, and who may not even understand the concept of using a primer.
Replacing stained carpet or refinishing wood floors could be a huge expense (hence, “needs a lot of work”) for people who are looking at homes at above their budget range and don’t have any reserves for repairs or upgrades.
If the furnace doesn't heat up, the water heater is at its last legs, roof needs to be replaced, windows and doors are broken, floors and walls have holes....then yeah, that property definitely “needs a lot of work”.
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