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Cost to repair a hole on the drywall.

Discussion in 'General Appraisal Discussion' started by moh malekpour, Jul 24, 2007.

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  1. BenLuby

    BenLuby Senior Member

    0
    May 28, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Georgia

    We're quite sure your're the sexiest in here, Christine. Or did you mean sexist? :rof:
    Don't forget that, since the walls/ceilings are now nice and pristine, most women will find that the carpet is a bit dated and torn. That golf ball sized hole that cost you about $75.00 to patch is rapidly approaching four figures. And it can, depending on the woman of the house, spread to other rooms.
    That little drywall holes can cost you a new refrigerator.
     
  2. Christine Marie

    Christine Marie Senior Member

    0
    Jan 6, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Mississippi
    :shrug: Oops...

    Ben, i think i am going to go edit that...:rof:
     
  3. Bobby Byrd

    Bobby Byrd Sophomore Member

    0
    Sep 22, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    So we're talking about 5 trips @ 10-15 minutes per trip. Roughly an hour and a half of actual work. If the paint doesnt match perfectly, you have to paint the wall corner to corner because you'll never see the difference. Add another hour to that and your still at $120.00 per hour. After 3 years as a market manager for one of the largest manufacturers of painting supplies in the world, I've never seen numbers even close to this......

    Now, if its new construction the cost to repair is $0.00, because it will be on the punch list.....

    I believe that the lesson to learn from this post is that CTC is whatever someone wants it to be, as I've never seen a listing that said
    "House is mint condition except for golfball size hole in drywall, owners will offer between $25.00 and $5,000.00 in concessions for repair."
     
  4. Mr Rex

    Mr Rex Elite Member

    289
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    10-15 minutes to and from the hardware store? Can't do that even in the bigger cities here, but I agree with the costs quoted being on the high side. The market reaction is proabably more like Mr Garrett pointed out though, 10-20x cost.

    BTW, just for fun. call a local drywaller or 3 and ask them how much. Might be an eye opener, if you can even get one to do such a small job, and therein lies the rub.
     
    Last edited: Jul 29, 2007
  5. Bobby Byrd

    Bobby Byrd Sophomore Member

    0
    Sep 22, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    I can tell you from experience that you can hardly find a painter that will paint only one room, let alone fix a little hole like that. If they dont get a huge job, they go fishing, or hit the bottle. Sad but true. I used to scout the ABC stores on Friday afternoons to see what contractors were in town. I've always thought that there was a market for small jobs like that and could be quite profitable, in real dollars. Problem is that there are too many skippies that cant manage their money and wait for the big ones to pay the bills. I agree with Mr Garrett as well, I think he hit it on the head. In fact, they've left something obvious like that for the buyer to find, the agent feels like they did their job by finding the "big problem" with the house, and wont look further. Offer then is $5,000.00 less than the list price that was $5,000.00 over priced to begin with.

    Of course then the appraiser reports it, does a cost to cure for $2,000.00, lender cuts loan by $2,000.00 buyers cant afford another $2,000.00 to buy the home and the deal falls through. Appraiser gets black listed by lender because he could'nt make the number. Loses further business with a whole slew of lenders because now is known as a "hard ass". Quits appraisal business, starts small handyman service, makes 10 times what he used to fixing small holes in drywall and painting bedrooms. ...........

    all this because someone should have used an 9 iron instead of a pitching wedge!!!

    This has been a fun thread! Sorry for the lack of professionalism on this one, but it's the weekend.
     
  6. Mr Rex

    Mr Rex Elite Member

    289
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    I can understand your comments about painters:new_all_coholic: Asked an old guy once, why does it seem all painters drink heavily. He said back in the old days, the lead paint left a taste in your mouth that needed to be removed with a solvent, and alcohol fit the bill. I asked "What's the excuse now?"

    Asked a drywaller once why many seemed to be pot heads. He said "You try staring at the wall all day, every day." :shrug: :rof:
     
  7. Michigan CG

    Michigan CG Moderator Staff Member Moderator

    572
    Nov 1, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Michigan
    Wow, this is still going on..

    I liked my first suggestion of steel wool, compound, a little sanding, paint and a six pack. For a golf ball size hole I liked the gentleman who suggested a skoal cap....I just measured my wife's skoal can and it is about 2.5 inches...little big but it might work.

    As for professional repairs....please. This is the ultimate example of Cost does not equal Value. If you can't fix it yourself, a neighbor or a relative can, and if none of them can add $10 to the cost of a book to teach you how to do it. Suggestions of actually adjusting for this is ludicrous.
     
  8. DB

    DB Elite Member

    0
    Apr 29, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    AS one who manages apartments and other rental properties, I have a list of potential costs to repair such items as holes, tears, fixtures, cleaning, etc., in a PDF format that I will gladly send to anyone who wants it .... it is pretty accurate so far and I give it to each new tenant so that there are no surprises when check out day comes ....
     
  9. Mike Garrett RAA

    Mike Garrett RAA Elite Member
    Gold Supporting Member

    56
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    DB...would you please fax me a copy of your list, I would like to compare costs in your market to mine. 719 528 6401.
     
  10. Scott Kibler

    Scott Kibler Elite Member
    Gold Supporting Member

    71
    Oct 7, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Wow, 7 pages and almost a week of posts about a small patch job. Maybe the owner should just hang a picture over it.
     
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