Seller dilemma: Replace hardwood floors before going on market, or just offer potential buyers a credit/rebate for floors?
Started by AJC10
over 16 years ago
Posts: 40
Member since: Dec 2008
Discussion about
SE posters, I would love your advice on whether we should replace our hardwood floors before putting our apartment on the market. Here's the situation: our once-gorgeous pre-war floors are now pretty decrepit--full of holes, rot, scuffs, and general wear. They are much too far gone to sand and refinish (that's been done to them too many times). So they make the hallway, dining, and living rooms... [more]
SE posters, I would love your advice on whether we should replace our hardwood floors before putting our apartment on the market. Here's the situation: our once-gorgeous pre-war floors are now pretty decrepit--full of holes, rot, scuffs, and general wear. They are much too far gone to sand and refinish (that's been done to them too many times). So they make the hallway, dining, and living rooms look kind of down on their luck (the bedroom floors are actually in good condition).
We seem to have two options: 1) Move all of our furniture out, have the floors replaced, and then move just some furniture back in (leaving the rest in storage) and then show the apartment; and 2)go on the market now and make very clear that we will offer a rebate/credit for $10,000 to a potential buyer, and then they can do the floors right before they move in.
Option 1 slows down the process of getting the apartment onto the market (we think prices will likely continue their downward slide--or at least not rebound in the near term) so our apartment might sell for less a few months from now that it would in the early fall. And it's a pain in the neck to move out for a few weeks. Option 2 is faster, but we wouldn't be showing our apartment at its best. So it's a question of market timing and of hassle and of what appeals most to buyers--I'd love to know what you think.
(A little about the apartment: it's a small 2-bedroom with formal dining room on a reasonably nice block right off Broadway near Columbia. Full-service co-op, nice roof deck, newish kitchen and bath. We'd like to sell it for about $700K, so we aren't talking fancy fancy here). Thank you!
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Response by apt23
over 16 years ago
Posts: 2041
Member since: Jul 2009
i would put it on the market without the work done. brokers (not the most reliable source) are telling me they expect a lot more inventory on the market in the fall so you might have more competition. if you offer the rebate, buyers like me might prefer to choose the floor they want. plus, many buyers assume they have to make upgrades like paint or bathrooms in pre war buildings and count on having to take time to do a little renovation.
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Response by ab_11218
over 16 years ago
Posts: 2017
Member since: May 2009
i would definitely do the floors. your rebate will not be considered a rebate. when the buyer will see the bad floors, they will think that there's more than meets the eye in other locations of the apartment. after closing, the buyer will most likely not have a lot of money left and time to redo the floors. the buyers also may not know the process of dealing with the management company and be scared off.
there are plenty of people out there who cannot see past a bad paint job and just walk away. the floors are a much bigger problem.
you should be able to get the floors in with-in a week or so as long as you use prefinished ones. you can move the furniture out of each room individually and the workers will work in it.
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Response by kylewest
over 16 years ago
Posts: 4455
Member since: Aug 2007
You minimize your buyer pool if the floors are as truly bad as you say ("rot"!). So while you get it to market faster by leaving it be, there will be less interest. Not everyone like to do it to their own tastes and prefers buying a beat up place. Also, $10,000 isn't much incentive for the aggravation and a job that could well cost twice that. If I were bidding, I'd be taking off a lot more than a measly $10K for a place with rotten floor.
If you redo it, pool of buyers expanded. Only negative is delay in getting it to market.
My opinion: do the floors--quickly! The summer is here and no one is buying until the fall. Use the time to quickly line up a floor guy to get this done for a modest price (but at least use real wood and not laminate). Choose a neutral color that will appeal to the masses (no dark walnut--very 2005). Paint the walls, scrub the place until it is clean as it gets (including windows), stage it with just enough tasteful clean appropriate furniture to show buyers how the rooms can be laid out. And then get it on the market!
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Response by REMom
over 16 years ago
Posts: 307
Member since: Apr 2009
Do the floors. I've done in 2x while in residence. Both times had LR, DR, and hallways done. Each time it took one week and cost under 10k. There are lots of people looking for work right now. You could get it done quickly and for a fair price. There are many people who don't want to do work and you will reduce your pool of buyers significantly if your place requires new floors, especially in a market with so much product.
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Response by The_President
over 16 years ago
Posts: 2412
Member since: Jun 2009
I would not do the floors. $10,000 is a lot of money to spend in this market. Have you considered covering the floors with some cheap carpet? Or maybe you can do laminate instead? Both of these options are considerably cheaper.
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Response by nyc10023
over 16 years ago
Posts: 7614
Member since: Nov 2008
I'm with KW and REMom. Unless the 10k is a huge dent in your savings, do the floors.
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Response by AJC10
over 16 years ago
Posts: 40
Member since: Dec 2008
Many interesting considerations-thank you. A larger apartment in our building just replaced their floors for $15,000. It would cost us a bit more than that, since we would have to move out. Is one problem with the rebate that it is too miserly? We could up it to $15K or even $20K and still break even. Kylewest, there are two rotted places in the floor--both just a few square inches each, but they are right in the entry way, so they make a bad impression. The rest of the floor is just damaged.
We had thought about cheaper options like carpet and laminate, but decided against them after looking at other apartment in our neighborhood with laminate and/or carpet and I think it just looks cheap and awful. It would clash with the rest of the prewar detail in the apartment (we have some really beautiful mouldings).
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Response by waverly
over 16 years ago
Posts: 1638
Member since: Jul 2008
I think you need to do the floors to make your apartment stand out. So-so apartments aren't selling and you will need to do whatever you can to increase traffic (no traffic = no sale). Also, listen to Kyle about neutral colors and real wood, as this will make a big difference (no dark walnut--very 2005...haha, nice one). You don;t have to spend a fortune, but if you are cheap it will show. To a certain degree, you get what you pay for. Finally, you get 1 chance for a 1st impression on a potential buyer, do everything you can to make it a positive impression.
Good luck!
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Response by front_porch
over 16 years ago
Posts: 5321
Member since: Mar 2008
You don't mention what your listing price would be, but I have to tell you I'm having trouble with a unit in the $3 million range because it is carpeted. (and before people jump on me that it's about price, yes, I've had an offer). Buyers these days are really really picky and scared to do work -- it would take a $40K credit before you expand your buyer pool.
ali r.
{Ask the Agent: bit.ly/12afCB
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Response by The_President
over 16 years ago
Posts: 2412
Member since: Jun 2009
I think his list price is going to be in the $700,000 range.
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Response by 30yrs_RE_20_in_REO
over 16 years ago
Posts: 9882
Member since: Mar 2009
I agree with ab_11218 and kylewest
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Response by NYCMatt
over 16 years ago
Posts: 7523
Member since: May 2009
Do the floors.
No one wants the hassle of doing the floors after they've moved all their stuff in -- and most people are in a hurry to move in. Even if it's only a project that takes a few days, it's yet *another* potential delay in getting moved in.
There's nothing appealing for most people about buying a project.
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Response by AJC10
over 16 years ago
Posts: 40
Member since: Dec 2008
Thanks, all--I think I am pretty much talked into doing the floors (and I promise, no dark walnut!)Hopefully we can make it happen fast and then get the apt on the market soon...
i would put it on the market without the work done. brokers (not the most reliable source) are telling me they expect a lot more inventory on the market in the fall so you might have more competition. if you offer the rebate, buyers like me might prefer to choose the floor they want. plus, many buyers assume they have to make upgrades like paint or bathrooms in pre war buildings and count on having to take time to do a little renovation.
i would definitely do the floors. your rebate will not be considered a rebate. when the buyer will see the bad floors, they will think that there's more than meets the eye in other locations of the apartment. after closing, the buyer will most likely not have a lot of money left and time to redo the floors. the buyers also may not know the process of dealing with the management company and be scared off.
there are plenty of people out there who cannot see past a bad paint job and just walk away. the floors are a much bigger problem.
you should be able to get the floors in with-in a week or so as long as you use prefinished ones. you can move the furniture out of each room individually and the workers will work in it.
You minimize your buyer pool if the floors are as truly bad as you say ("rot"!). So while you get it to market faster by leaving it be, there will be less interest. Not everyone like to do it to their own tastes and prefers buying a beat up place. Also, $10,000 isn't much incentive for the aggravation and a job that could well cost twice that. If I were bidding, I'd be taking off a lot more than a measly $10K for a place with rotten floor.
If you redo it, pool of buyers expanded. Only negative is delay in getting it to market.
My opinion: do the floors--quickly! The summer is here and no one is buying until the fall. Use the time to quickly line up a floor guy to get this done for a modest price (but at least use real wood and not laminate). Choose a neutral color that will appeal to the masses (no dark walnut--very 2005). Paint the walls, scrub the place until it is clean as it gets (including windows), stage it with just enough tasteful clean appropriate furniture to show buyers how the rooms can be laid out. And then get it on the market!
Do the floors. I've done in 2x while in residence. Both times had LR, DR, and hallways done. Each time it took one week and cost under 10k. There are lots of people looking for work right now. You could get it done quickly and for a fair price. There are many people who don't want to do work and you will reduce your pool of buyers significantly if your place requires new floors, especially in a market with so much product.
I would not do the floors. $10,000 is a lot of money to spend in this market. Have you considered covering the floors with some cheap carpet? Or maybe you can do laminate instead? Both of these options are considerably cheaper.
I'm with KW and REMom. Unless the 10k is a huge dent in your savings, do the floors.
Many interesting considerations-thank you. A larger apartment in our building just replaced their floors for $15,000. It would cost us a bit more than that, since we would have to move out. Is one problem with the rebate that it is too miserly? We could up it to $15K or even $20K and still break even. Kylewest, there are two rotted places in the floor--both just a few square inches each, but they are right in the entry way, so they make a bad impression. The rest of the floor is just damaged.
We had thought about cheaper options like carpet and laminate, but decided against them after looking at other apartment in our neighborhood with laminate and/or carpet and I think it just looks cheap and awful. It would clash with the rest of the prewar detail in the apartment (we have some really beautiful mouldings).
I think you need to do the floors to make your apartment stand out. So-so apartments aren't selling and you will need to do whatever you can to increase traffic (no traffic = no sale). Also, listen to Kyle about neutral colors and real wood, as this will make a big difference (no dark walnut--very 2005...haha, nice one). You don;t have to spend a fortune, but if you are cheap it will show. To a certain degree, you get what you pay for. Finally, you get 1 chance for a 1st impression on a potential buyer, do everything you can to make it a positive impression.
Good luck!
You don't mention what your listing price would be, but I have to tell you I'm having trouble with a unit in the $3 million range because it is carpeted. (and before people jump on me that it's about price, yes, I've had an offer). Buyers these days are really really picky and scared to do work -- it would take a $40K credit before you expand your buyer pool.
ali r.
{Ask the Agent: bit.ly/12afCB
I think his list price is going to be in the $700,000 range.
I agree with ab_11218 and kylewest
Do the floors.
No one wants the hassle of doing the floors after they've moved all their stuff in -- and most people are in a hurry to move in. Even if it's only a project that takes a few days, it's yet *another* potential delay in getting moved in.
There's nothing appealing for most people about buying a project.
Thanks, all--I think I am pretty much talked into doing the floors (and I promise, no dark walnut!)Hopefully we can make it happen fast and then get the apt on the market soon...