Offering Buyers funds for upgrades

barbcollinsMay 2, 2009

We have a house we have been remodeling to sell. We are tapped out, and don't have the funds for the $3-4K for new vinyl siding. (The house currently has T-111 siding)

We wanted to get the house on the market this summer. We have done a lot of upgrades to the inside of the house, and I am concerned that the outside won't reflect those upgrades.

Do you think we should:

A) Wait until we can afford the vinyl siding, probably postponing the sale until next year.

B) Offer buyer's cash back at closing for new siding.

C) Just sell it like it is.

I should note that this house is in a lake community and we also use it for a weekend home.

Thank you for reporting this comment. Undo
theroselvr

Hard to say since real estate is local.
Is anything selling there?
If things are selling, are low offers common?

Chances are someone will come in and low ball, siding issue while you're saying $3-4k, the buyer might think $10.

I would not wait to list a house. Is there a summer market where you are?

    Bookmark   May 3, 2009 at 3:26PM
Thank you for reporting this comment. Undo
southernstitcher

I'd go ahead and list it, regardless. Siding is for the whole house? That does sound like a low estimate if so.
We just had Sears install 850 sq ft of vinyl siding, and we went with the "middle" grade. It was $7,000 after the discounts, and that was only the (very large) gables of the house, and included two gable window vents as well. Without them, it probably would have been more like $5500.00

Personally, it wouldn't put me off if the inside has been done, to know that the outside is all that needs work. And, if you go too cheap, it might show. We're selling a wood house, and people coming to look have actually peeled paint off trying to see what the wood underneath looks like. It's cypress, and it's as if they don't believe us! So, if you do spend the money on the cheap, savvy buyers or realtors might be able to tell.

    Bookmark   May 14, 2009 at 7:02PM
Thank you for reporting this comment. Undo
Happyladi

Southernstitcher, did you get other estimates for siding other then Sears? When we got siding we got an estimate from them and they were much more expensive then any other estimate. I later heard this from other people.

    Bookmark   May 15, 2009 at 6:31PM
Thank you for reporting this comment. Undo
ncrealestateguy

I would wait to list it. It will cost you $4000 to reside, but a Buyer will deduct $10,000 in the offer, if any is presented at all. Most buyers will narrow down their search via the internet... and when they see that cheap T - 111, they most likely will click to the next listing.
Another point to consider... when ever I see a house that is half way rehabbed, I know there is a good chance that the Sellers are out of funds. this is something that you do not want to advertise to Buyers! They will take advantage of knowing this.
Even if you lower the price to reflect the $4000 needed to reside, Buyers will still come in expecting a much larger discount.

    Bookmark   May 16, 2009 at 9:02AM
Thank you for reporting this comment. Undo
barbcollins

Thanks for all the replies.

roselvr - Yes, houses are moving here. There was no "bubble" and though the real estate mark has slowed, home values have held. Anything that is sitting on the market now is either overpriced or a dump. Yes, there is a "summer market" as it is in a lake community in PA. Our realtor said that would like to see in get on the market by the end of June.

southernstitcher - Yes the price we got it about right. It is about $1200 for the siding, and $2000 for the labor. We would do it ourselves but I can't do heights, and it is a split foyer, and the lot drops off in the back.

I asked our Realtors about siding, and they said to save our money and NOT do it. They said the T-111 is fine. There are a lot of houses in the community that have T-111. It comes from there being a lot of vacation homes here.

    Bookmark   May 16, 2009 at 6:55PM
Thank you for reporting this comment. Undo
southernstitcher

Yes I agree they are expensive! They were the first estimate we got, and the two salesmen they sent here simply wore us out. And my husband is a big Sears fan, thinking they really live up to their warranty. He didn't want to wait anymore, and said he couldn't find anyone.
Well after we went with Sears, we attended a Home Expo, and there were some siding businesses there. I was really upset at the amount they charged. Of course, they had to pay these two old geezers for their two hour round trip and their 4 hour torture session in my house, plus commission!

    Bookmark   May 18, 2009 at 10:07PM
Sign Up to comment
More Discussions
selling a garden centric property during a drought
I realize that gardens and orchards are not usually...
gwarring
Pond Dye Dumped Into My Pond and Stream... Water Rights Question
I never posted once in seven years, and now I post...
ncrealestateguy
Best time to List a House
Is there a best time to list a house for sale? We have...
hayden2
Sell Home, Go to Court Or What?
This may be the first time I have posted asking for...
ncrealestateguy
Move or not?
Went to an open house the other day. The house was...
zeitgast
Sponsored Products
Avanity Loft 24" Single Modern Bathroom Vanity Set - Dark Walnut
Modern Bathroom
Home Decorators Area Rug: Chainstitch Dark Natural 7' x 9'
Home Depot
Signature Ivory Velvet Blackout Curtain Panel
Overstock.com
Wavy Table Lamp by Robert Abbey
$239.80 | Lumens
Progress Lighting P4695-20 Invite Three-Light Antique Bronze Chandelier With Whi
Progress Lighting
Marsa Indoor Area Rug - 4' x 5'9"
Grandin Road
Tuscan File Hutch
Ballard Designs
Artek | U336 Pendant Light
YLiving.com
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™