I’m noticing even more so this year how most of the home buyers are looking for homes that are all jazzed up with the border-line staging and gloss-overs. In working with several buyers recently, I had to remind them that many of the things that they consider overwhelming projects, indeed are not that costly. Just today a buyer was being overly concerned about the aging shingles on the home he likes. Shingles are a maintenance item and sooner or later have to be replaced. I merely suggested he propose a purchase price where he has discounted his offer by the cost of a re-shingle job. Another buyer almost walked on a purchase simply because of some drywall work that needed to be done. Yet another buyer was concerned about the old floor coverings. Floor coverings are again maintenance/cosmetic items that sooner or later get replaced. If the home’s price is discounted accordingly, then it is worth purchasing. If I’ve said it once, I’ve said it a thousand times, “If the price is right, then it becomes an opportunity to make your own choices in floor coverings rather than paying for something that is already there and likely to be changed to fit one’s taste.”
Yes, it is an inconvenience to move into a home where painting is needed as well as other cosmetic changes, but when you step back and look at the amount saved in the long run by the seller making a price discount, then it certainly is worth the extra discomforts. I work hard to get people to understand that investing in a home is not like purchasing an automobile or smart phone where you just trade it off after a few short years. Home buyers must look at the long term picture where they can “see” the home working for them for at least seven to ten years. I ran into a gentleman today who purchased his first home from me about four years ago. I asked him how everything was going and he said, “I have almost all the improvements made and I am really enjoying it.” We did talk about how so many first time buyers jump to the top of their mortgage limits when purchasing. He said, “I don’t get it either. It’s my first home and I don’t intend on staying there forever, but at least I have more money left over at the end of every month.”
If everyone would just remember that often times short term pains will bring long term gains.