Home Selling in Akron>Question Details

Savina A Pav…,  in Broadview Heights, OH

Our home has hardwood floors and I was to resand and stain my cost is $3500 should I give a flooring allowance for this upfront to new buyers?

Asked by Savina A Pavluk, Broadview Heights, OH Mon Aug 16, 2010

We had tiles removed from our foyer and installer did a poor job matching up with 2 ajoining rooms, office and living room so this is noticeable, I wanted to redo floors to fix problem yet I would prefer new buyers to pick their choice of stain colors. When do I discuss this?

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As a real estate broker AND co-owner of a flooring business, my perspective may be a little different. Unless the hardwood is severely damaged, stained, missing or otherwise horrible, I would not attempt to refinish. As a buyer, I would want to know exactly the condition of the floor and would much rather do it myself or hire it done than have to re-do something that may not be my choice or up to my standards. It would be much more difficult to re-do a new finish than deal with the old. Also, I may want to carpet certain areas or choose ceramic or laminates. And whenever I have a listing where the carpets are worn, stained or smell and there is hardwood underneath, I offer to send in my crew to remove the carpets & tack strips, nails, staples, etc. I'd much rather see older hardwood in need of refinishing than worn out carpets.
1 vote Thank Flag Link Tue Aug 17, 2010
Savina, If you are in a position to go ahead and resand and stain the floors it may be in your best interest to go ahead and do so rather than offering a flooring allowance. Many buyers find it difficult to look past cosmetic issues. Although some buyers may consider it a positive to be able to pick out their choice of stain and colors, Ron is right, "Being handed another job is usually not considered a positive by buyers."
1 vote Thank Flag Link Tue Aug 17, 2010
Though some buyers would appreciate the opportunity to pick the stain or finish, I think most buyers today would rather buy a home where everything is already done. There are a lot of busy people out there today. Being handed another job is usually not considered a positive by buyers.

Best,
Ron
1 vote Thank Flag Link Mon Aug 16, 2010
That's a great question. Sometimes allowances work but oftentimes they don't. It is hard to change first impressions - so, if you can minimize any objections your home has, you improve your chances of selling quicker and for a higher dollar amount. $3500 is not pocket change either, so you have to look at whether that investment will help your home sell quicker and will you be able to recoup that investment. Alternately you can adjust the price of the home or consider carpet (just be sure to let new buyer know of the the condition of the hardwood floors).

Mike Walker
Keller Williams Realty Greater Cleveland SW
330-571-2020
1 vote Thank Flag Link Mon Aug 16, 2010
We have all heard of sellers offering allowances for decorating, carpet, roof, hardwood floor, etc. but in my experience many lenders will not alow this because it will show up on the HUD-1 statement.
You are better off to just reduce the price by the amount of the proposed allowance. It will make no difference in the proceeds to the seller, and might even help at appraisal time.
And allowng buyers to select anthing before closing puts the seller at risk for an unfortunate choice should the deal fall thru at the last minute. ( I know this never happens, but . . . LOL)
0 votes Thank Flag Link Thu Feb 10, 2011
Hi Savina, this just happened to one of my buyers. We adjusted the offer based on my buyer doing the work. They were actually happy because they could control how and the manner the repairs were made and the seller was happy with the offer. Good luck.
Web Reference: http://www.liveinakron.com
0 votes Thank Flag Link Tue Aug 17, 2010
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