Cost to repair a hole on the drywall.

[Bobby Byrd]

Ah, come on Bobby, where is your sense of humor?

What I meant to say was use a piece of 2"X 2" masking tape. What hole?

 

[hal380]

Hi Mo;
Not a bash but why do you care what it costs? When appraising a home, we say there is a certain amount of wear and tear are represented by the depreciation.

After all aren't we reporting on market reaction? In the market place do buyers really deduct $25.00 for the small hole in the dry wall, $15.00 for the torn screen on the bedroom window? $75.00 for the base board in the living room where the vacuum cleaner has bumped it?

As an instructor, SRA, MAI, once said, "Guys, please don't give a $1 billion bank an adjustment of $250.00 to reflect minor faults.

After all, do we really think the comparable sales are all in pristine condition??? I am sure they have a few warts too.

I will now don my asbestos suit for the flames that will probably be coming my way.

Regards
Hal

 

[murray stroupe]

Re. Lightbulb/bright idea

Hi Mo;
Not a bash but why do you care what it costs? When appraising a home, we say there is a certain amount of wear and tear are represented by the depreciation.

After all aren't we reporting on market reaction? In the market place do buyers really deduct $25.00 for the small hole in the dry wall......


Regards
Hal

==================
Market cares, i care;
try 250--$400. Not a bash,Hal, but at $25, you may want to start a new drywall businesses, you may be covered up @ $25

Ps Watch out for [low watt] light bulbs as Renee said;
lowdown boys put those in to hide the ''skoal can patch ''LOL

 

[Mike Garrett RAA]

Isn't there a list out there some where of the top 10 things wrong with appraisals....

Failure of the appraiser to list needed repairs is in the top ten, as I recall.

Lets pretend....

Ok Mr and Mrs Buyer...you have said you really like this house but are concerned about the holes in walls. If there weren't any holes in the wall, would you buy it? Answer yes.

Ok then, what do you think it would cost to make the necessary repairs? "Oh about $500".

Fine, then what would you like to offer for this property. It's listed at $200,000. Buyer...."lets try $195,000".

See how a simple hole in the wall that would cost about $100 ~ $200 to fix just turned into a $5,000 discount? The fact of the matter is a good real estate agent will advise the home owner to fix all those little things FIRST.

 

[appraisalondemand]

Isn't there a list out there some where of the top 10 things wrong with appraisals....

Failure of the appraiser to list needed repairs is in the top ten, as I recall.

Lets pretend....

Ok Mr and Mrs Buyer...you have said you really like this house but are concerned about the holes in walls. If there weren't any holes in the wall, would you buy it? Answer yes.

Ok then, what do you think it would cost to make the necessary repairs? "Oh about $500".

Fine, then what would you like to offer for this property. It's listed at $200,000. Buyer...."lets try $195,000".

See how a simple hole in the wall that would cost about $100 ~ $200 to fix just turned into a $5,000 discount? The fact of the matter is a good real estate agent will advise the home owner to fix all those little things FIRST.

Great answer as well as an explination Mike. Do you know where that list is? Thanks

 

[hal380]

Mike once again has done a good job in clarifying. In my post my cost estimates reflected the minor scope of repairs needed. Naturally if I called a handyman to patch a golf ball hole in the wall he would have to charge for 1/2 day minimum. However if you called the same handyman to do a laundry list of minor repairs, then, I think, my costing of the various items of repair will appear more reasonable.

Regards

Hal

 

[Bobby Byrd]

==================
Market cares, i care;
try 250--$400. Not a bash,Hal, but at $25, you may want to start a new drywall businesses, you may be covered up @ $25

Ps Watch out for [low watt] light bulbs as Renee said;
lowdown boys put those in to hide the ''skoal can patch ''LOL

Id like to see the market data on that. You can actually extract that kind of data? I would love to see how many deals fell through because of a 1 3/4" hole in the drywall.
$250-400??
If thats the money to be made patching drywall, why am I doing SFR's for
$350.00???? Goodness, I'd be a millionaire. No E&O, No lender bull, No software, No MLS......

1 sheet of drywall, 12.00
5 gal bucket of compound, 15.00

You could cut about 1,000 patches the size of a golf ball out of one sheet.
$300,000.00 Gross, Wow what a way to make a living.

 

[DTB]

Isn't there a list out there some where of the top 10 things wrong with appraisals....

Failure of the appraiser to list needed repairs is in the top ten, as I recall.

Lets pretend....

Ok Mr and Mrs Buyer...you have said you really like this house but are concerned about the holes in walls. If there weren't any holes in the wall, would you buy it? Answer yes.

Ok then, what do you think it would cost to make the necessary repairs? "Oh about $500".

Fine, then what would you like to offer for this property. It's listed at $200,000. Buyer...."lets try $195,000".

See how a simple hole in the wall that would cost about $100 ~ $200 to fix just turned into a $5,000 discount? The fact of the matter is a good real estate agent will advise the home owner to fix all those little things FIRST.

That 195 offer is how I would go about buying a mint house too. If you're adjusting for a doorknob drywall hole, you better know if all the fixtures work properly, cabinet doors, locksets, 2nd garage door transmitter missing etc.

I prefer to follow Hal's method.

 

[Mr Rex]

Id like to see the market data on that. You can actually extract that kind of data? I would love to see how many deals fell through because of a 1 3/4" hole in the drywall.
$250-400??
If thats the money to be made patching drywall, why am I doing SFR's for
$350.00???? Goodness, I'd be a millionaire. No E&O, No lender bull, No software, No MLS......

1 sheet of drywall, 12.00
5 gal bucket of compound, 15.00

You could cut about 1,000 patches the size of a golf ball out of one sheet.
$300,000.00 Gross, Wow what a way to make a living.

Don't forget 3 trips to finish the drywall if you use the "bucket" variety and 2 more trips to paint. You could use "quick-set" mud of course, and do the 3 coats in about an hour using the fastest setting available. Then 1-2 trips to paint, if you are really lucky, you might be able to paint after the quick set mud has set, if there is matching paint on site.

These small jobs are quite expensive and time consuming, as Hal says above, it can be done cheaper if its one of many odd jobs.

If you don't believe it, punch a small hole in the drywall and start timing yourself as you dash off to HomeDepot or Lowes etc. Don't forget to add driving time to your house (for the time it would take a contractor to come out to your place and see whats up etc). And BTW, pray to god that you don't forget anything and the paint matches perfectly the first try.

 

[Christine Marie]

i think you guys are forgetting something.

Assume, for instance that the paint can't be matched perfectly, which will result in painting the whole wall, and possibly the whole room. Once that gets done, the ceiling will now look dingy, so the ceiling will then get painted. Once the ceiling in that room gets painted, it will make the ceiling in the hallway need repainting, as well....

That one golf ball sized hole, may eventually mean the whole house gets repainted, if there is a female involved in the scenario.

[not being sexist here in the least, merely stating the facts]

Editted as pointed out by Ben....