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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] The cost of glitter... Posted by Ward-CA- on June 07, 2002 at 7:10 AM In Reply to: Estimating Interior Rehab Costs posted by Mike on June 06, 2002 at 10:57 PM : Hi Ward, : Since you are unable to view a properties interior before a foreclosure, how much do you keep in reserve for interior rehab costs when determing the price you will pay at an auction? : - Mike =•=•=•=•=•=•=•=•=•=•= Mike, We’re convinced that dropping our price won’t sell a house any quicker. We’re convinced that what it takes to sell a house is glitter, a price you can defend, and financing. Glitter is what’s visible to the eye of your prospect. And we really pay a lot of attention to that aspect of our fix-up process. Starting from the front yard and continuing throughout the house. We usually put in a new sod lawn in the front yard along with the obligatory sprinkler system on a timer. We’re conscious of our appearance from the street and make sure everything looks great. From the new garage door, windows, house exterior, front door approach and entry along with landscaping, a lot of trimming and flowers. Our estimate for a cosmetic rehab is 10% of our target selling price if it is below 250K and 8% of our target selling price if it’s at 250K or above. We don’t stint on our makeovers. Our properties look beautiful and sell for about $15,000 more than anything else in the neighborhood. And we usually sell very quickly. If we get bogged down and our resale isn’t happening fast enough we will just add more glitter to the house (mirrors, fireplace mantel, more tile, a microwave, fan lights, etc.) If we're dealing with a condo then we'll reduce our fix-up budget to 5% of our selling price since we don't have to deal with the outside areas that are the purview of the condo association. Hope this helps. Follow Ups: Re: How About When Holding the Property as a Rental Mike 7:24 AM, 06/07/02 (6) Typical rehab items for our dingbat rentals Ward-CA- 8:02 AM, 06/08/02 (5) Section 8 Might Be the Answer Mike 8:54 AM, 06/08/02 (4) Re: Section 8 Might Be the Answer Ward-CA- 9:16 AM, 06/08/02 (3) Re: Section 8 Might Be the Answer Mike 9:53 AM, 06/08/02 (2) Re: Section 8 Might Be the Answer Ward-CA- 2:43 PM, 06/09/02 (0) Re: Section 8 Might Be the Answer Ward-CA- 2:43 PM, 06/09/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward, : : Since you are unable to view a properties interior before a foreclosure, how much do you keep in reserve for interior rehab costs when determing the price you will pay at an auction? : : - Mike : =•=•=•=•=•=•=•=•=•=•= : Mike, : We’re convinced that dropping our price won’t sell a house any quicker. We’re convinced that what it takes to sell a house is glitter, a price you can defend, and financing. Glitter is what’s visible to the eye of your prospect. And we really pay a lot of attention to that aspect of our fix-up process. Starting from the front yard and continuing throughout the house. : We usually put in a new sod lawn in the front yard along with the obligatory sprinkler system on a timer. We’re conscious of our appearance from the street and make sure everything looks great. From the new garage door, windows, house exterior, front door approach and entry along with landscaping, a lot of trimming and flowers. : Our estimate for a cosmetic rehab is 10% of our target selling price if it is below 250K and 8% of our target selling price if it’s at 250K or above. We don’t stint on our makeovers. Our properties look beautiful and sell for about $15,000 more than anything else in the neighborhood. And we usually sell very quickly. : If we get bogged down and our resale isn’t happening fast enough we will just add more glitter to the house (mirrors, fireplace mantel, more tile, a microwave, fan lights, etc.) : If we're dealing with a condo then we'll reduce our fix-up budget to 5% of our selling price since we don't have to deal with the outside areas that are the purview of the condo association. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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