This morning, I was touring Zephyr's new listings. I was driving to see a great condo in a great location close to cafes, restaurants and shops. Easy access to the freeway, close to many different forms of public transportation. Hmm, nice block with a nice mix of architectural styles represented. As I spied the facade, I noticed peeling paint. A lot of it. I had a moment's hesitation. The same hesitation that I suspect that many buyers are likely to have.
I went into the condo. It's a gem. It has a reverse floor plan with 3 bedrooms on the lower level and a huge, bright great room and a deck on the top. Tons of closet space, nice large scale to the bedrooms. Inside, it's nice. I do think that many of my buyers will not be interested because of the peeling paint (e.g. deferred maintainence).
Sellers: here's why it is important to maintain your home and to even spruce up the well maintained home when you are getting to sell. Curb appeal does matter--it is the first impression that a buyer will have of your home. If they don't like the way it looks on the outside, they will miss the beauty of the interior, because many won't even set up an appointment to see it--either with an agent or visit during an open house. To obtain the best price and terms of an offer, you need to get the largest audience to see your home. If the paint doesn't look new and fresh, consider cleaning the front of the home, or if necessary, make all repairs and repaint the home. When picking paint colors, consider your neighbors homes when making choices. What color looks best in the environment in which your home is situated?
I suspect some buyers will be turned off by the physical appearance of the building and not look inside. For those who do look at the inside, and see the potential that this building may offer, additional questions will arise including, How extensive is the damage? How much will it cost to fix? What's with the other owners? Why didn't they insist the building be better cared for (e.g. do I want to own in a building with them?)? What are the reserves? Do the other owners have money for their share of the fixes?
Some buyers will see beyond the peeling paint and make an offer. Will they have the cash to make the necessary repairs once they have purchased? Will the bank's appraiser comment about the peeling paint and other deferred maintainence and lower the appraised price accordingly?
So Sellers, when you put your home on the market, remember that to get the best price, you want to appeal to the broadest group of buyers by making your home attractive and by making the house easy for them to buy.