Home Buying in 53154>Question Details

Jill Mcdonou…, Home Buyer in Oak Creek, WI

How big of an effect does siding and windows in need of repair/replacment have on a house's selling price?

Asked by Jill Mcdonough, Oak Creek, WI Thu Jul 11, 2013

My mother's home is potentially going to be sold to fund her stay in an assisted living facility. It was originally built in the '50's and it's assessed value (2 years old) is around $170k. Both the interior and the exterior have been neglected nad are in serious need of repair and/or updating. The siding on her home is wood that hasn't been maintained well. It is curling, cracking, the paint is laughable, and parts have insect issues. The windows are the original single pane windows with storms. We've had numerous contractors out to give estimates for replacing the windows and siding. The one we would likely go with is roughly $20k. A similar house 4 houses down is listed for $115k. I am undecided if the cost of the repairs would help the 'sale-ability' of her home. Help!

Help the community by answering this question:

Answers

12
There usually are not any big ticket items that pay you back what you invest. Mandy's proposal below is one thing and Troy's is another and both have to be considered. It will take an overall market analysis to figure out which way to go.

Eric D. Lenz
414.421.2840
http://www.ericdlenz.com
1 vote Thank Flag Link Thu Jul 11, 2013
I agree that an overall analysis is a great idea to get before selling. That way, you will be able to know if a vinyl siding repair is necessary for your home. There are many great companies out there that would be able to give you a quote for a repair.
http://www.starksiding.com/siding
Flag Thu Jan 8, 2015
In general, you will not get back the amount that all those repairs would cost. However, every situation is different. I would suggest that you invite a local Realtor to come take a look and give you an assessment.
1 vote Thank Flag Link Thu Jul 11, 2013
It would all depend on what is owed on the home and if the numbers make sense. The best route to go is to have agent come out and compare and value the property in its as is condition or repaired condition. This is a service that most agents including myself offer for free.
0 votes Thank Flag Link Thu Mar 19, 2015
If your mother's home has siding that is curling and cracking, then that probably isn't good for the house's market value. People want homes that look like people put in some effort in the upkeep. Personally, I'd definitely do something about the siding. The windows sound like they are fine. http://www.mcmhome.com/siding.html
0 votes Thank Flag Link Mon Mar 9, 2015
In situations like these, there is obviously no sure answer. If all of the repairs are made, and the home is looking clean and updated, then you could potentially make that $170 that you mentioned, or maybe more. I think it depends on how much you have to put into the house right now. If you could make all of the repairs for $20k, it sounds like it would be worth if, from a finance point-of-view. Siding can really help with the curb appeal.
mark Leach | http://www.fredericksburg-builders.com
0 votes Thank Flag Link Mon Dec 8, 2014
I think that they have a big effect on the house's selling price. When a house looks better it is more desirable and will sell for more. Good siding will also increase the curb appeal, which is important. I would recommend getting the siding looking great, which might mean getting it replaced. Best of luck! http://www.innovationssidingandwindows.com/services
0 votes Thank Flag Link Tue Oct 28, 2014
I agree that it has a big effect on the selling price of the house. My wife and I have been thinking about putting red siding on our house and replacing the old green siding. I think that it will really help our house to sell more quickly. http://www.newmanroof.com
Flag Fri Nov 14, 2014
The classic Realtor answer to a question such as this is "I would". Of course, there are limits to consider in your situation. Depending on the comparable sales in your area, would you be able to recoup the $20,000 invested in the windows and siding? Spending $20,000 to get $25,000 or $30,000 makes sense. Spending $20,000 to recoup $10,000 might not make sense.

You should get a local Realtor there to give you their first hand opinion. Choose one with experience in your neighborhood and suggest they are in the running (or chosen) to get the listing.
0 votes Thank Flag Link Sun Sep 28, 2014
You may well be facing issues that amount to a "where do we stop" list once you start. You may well be best off pricing very aggressively to attract a contractor or serious rehabber. I have no doubt that money you sink in will "help the sale-ability" of the home, but you may not get the money back.

Use this question as an intro to interview potential listing agents for your home. You'll get good input and will have made progress on selecting an agent/broker.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Wed Sep 17, 2014
Any improvement you make will help the house sell faster and for more money. How much your return will be is related to your area. Are you in a seller's or buyer's market? How fast do you need to sell? You really need to speak with an agent from your area.

In general good curb appeal will not only sell your house faster but it makes it easier for many loans to proceed. Also, when someone sees a well maintained outside they are more easily able to mentally dismiss other problems they run into inside. It is a proven fact that most buyers will form an opinion of a home in the first couple minutes of looking at a home. I actually was showing houses today and we stopped at one that had paint and siding issues. My buyers decided to not even bother going inside.

You want as many buyers to tour your home as possible. It is how you get it sold for the best possible price. If it is in as poor of condition as you suggest I believe you will find your money to be well spent.
0 votes Thank Flag Link Thu Jul 11, 2013
If you end of NOT fixing these items and putting the house up for sale As-Is there are loan programs that the buyers of the home can get so they can fix up to their liking. The loans allow the buyer to purchase , get rehab money for a licensed/insured general contractor to do the work AFTER closing, all done in one loan! We offer a few different types of renovation loans:
FHA 203k Streamline
FHA 203k Consultant
HomeStyle Renovation loan
HomeStyle Renovation loan Consultant

Please contact me if you would like to discuss your situation further or if you want me to send you flyers to place in the home for buyers to take with them.

Sincerely,
Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.com
http://www.MyProspectMortgage.com/mfritsche
0 votes Thank Flag Link Thu Jul 11, 2013
Jim,

In this circumstance you are probably better off selling "as-is". There are rehabbers and some home buyers who are looking for projects like this that they can either fix and flip or fix to live in and enjoy the sweat equity. I do agree that you most likely would not recover the cost of your updating/upgrades in the sale. It sounds like there is simply too much to do and once you start a project it most likely will lead to another and another and another.

If this home is in a desirable neighborhood it will sell quickly as there will be plenty of upside potential for the investors/rehabbers out there. As already stated have a comparable market analysis done on the home to see what has sold and what your competition would be before making your final decision.

Troy Miller, ABR, RNG
TOTAL Realty LLC
414-333-3723
troymiller@totalrealty.com
http://www.totalrealty.com
0 votes Thank Flag Link Thu Jul 11, 2013
Buyers do like to see newer windows & siding. and in many situations it may make a home more interesting to a potential buyer. especially If a Buyer is a "First Time Home Buyer" with an FHA loan the pealing paint and sorts would may to be dealt with. But in another situation an investor might want the property to restore the home. I agree with the previous answer. Have a professional realtor out to see what he or she recommends. With the market being hot I wouldn't wait to long to get the house listed. Good luck.
0 votes Thank Flag Link Thu Jul 11, 2013
Having updated siding can make a difference in a sale. If the home looks its age in certain ways, it can discourage potential buyers. Updating and upgrading should be considered an investment that could help sell the home.
http://www.aclark.ca
Flag Tue Oct 28, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer