It is worth staging and painting a home that is likely a tear down?

Asked by Emilie, Evanston, IL Thu Mar 15, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

11
Howard Meyers, Agent, Winnetka, IL
Thu Mar 15, 2012
Emilie, there is no definitive answer to this question without seeing the particular property. In the heady days of teardowns in Winnetka, (2001-2007) land was often more valuable than the house that sat on it. In that case, it would not make sense to do anything to improve a property that was certain to be torn down and replaced. During that period, the competition for buildable lots among the "tear down builders" had squeezed out the entry level buyers from the market.

This calculus has changed dramatically in recent years. While there has been a return to the market for builders in the past year or two, the prices they are paying for the property has been reduced greatly.

At the same time, more buyers are stepping up and purchasing the older homes that may be in need of some work, but are being offered at reduced prices. This translates into a situation where a house which can be utilized by a new buyer generally has more value than the same property to a builder who would tear it down. Of course, this is not always the case, and if there are serious infrastructure problems or if the home is in a highly desirable location, it still may have more value as a tear down.

My recommendation would be to have a real estate professional with a strong knowledge of the local market give you a market evaluation.

I can be reached at howard@thehudsoncompany.com.
1 vote
Sherry Molit…, Agent, Winnetka, IL
Thu Mar 14, 2013
Currently land value is out pacing the over all market in this recovery. The best advice would be to consult several local experts. Good luck! http://www.sherrymolitor.com
0 votes
Bryce Fuller, Agent, Glenview, IL
Sun Feb 3, 2013
Depends on your price. If you price it right, don't worry. If you want a possible few extra dollars go ahead and do the work.
0 votes
Michele Wils…, Agent, Lake Forest, IL
Sat Feb 2, 2013
Best to talk with your Realtor on what to do to prepare your home for sale. The market for "tear downs" is not as robust as it was in 2006
0 votes
Bill Eckler, Agent, Venice, FL
Sun Apr 15, 2012
I would agree with others that have indicated you can never tell what the buyers needs and interests may be and to assume anything could be a big mistake.

Go with the advice of local professionals that know your market and have seen this property. A first hand experience may clear the way for a good decision. With this said, regardless of which way this goes, you should do what you can to improve the property's curb appeal.

Good luck,

Bill
0 votes
Alicja Skibi…, Agent, Winnetka, IL
Sun Apr 15, 2012
You never know who is going to end up buying the property, so my answer is to be open to all the possibillites, unless the house is "beyond the repair".
0 votes
Jim Starwalt, Agent, Grayslake, IL
Wed Mar 28, 2012
Yes! it always can help buyers see some extra value. Go to walmart and spend $100 on a plastic plant or two, a few kitchen items like matching potholders etc. and some bathroom swag. I like the palm tree motif, a matching shower curtain, tooth brush holder, bath amt etc. create a nice experience with different focal points in each room.

It does help, even in a potential teardown.

Jim
0 votes
Nina Harris, Agent, Williston Park, NY
Fri Mar 16, 2012
I would not invest any money to stage or paint a home that is a tear down. Any buyer interested in your property would be purchasing it for land use only. Save your money, price it correctly and move on.
0 votes
Susan Langen…, Agent, Doylestown, PA
Fri Mar 16, 2012
NO , PRICE it and Market it to SELL! Be realistic and you will accomplish your goals!
0 votes
Marie Souza…, Agent, Centerville, MA
Fri Mar 16, 2012
What does your agent say? If it's truly a teardown & people are really just looking at the land/footprint, then it's a waste of money.
0 votes
Dayle Lively, Agent, Winnetka, IL
Thu Mar 15, 2012
Hi Emilie,

As long as the house is structurally sound, I would advise giving it a thorough cleaning/decluttering, as well as fresh paint. I don't think you need to actually stage it with furniture,accessories, or props, but presenting it in as bright and fresh condition as possible would afford it the opportunity for buyers to envision themselves living there--especially if they are willing to renovate.

good luck.

Dayle Lively
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more