Hideous paint job

[Michigan CG]

That cost reflects replacing and refinishing completely.

The unit method for paint only is per square foot $1.05

Mr. Dietz this is not true with the paint. If you were to replace the walls that would be the line above (replacing gypsum board) $645 for a small room. I know what the book says, but simple math dictates reasonableness.

Furthermore, at the $1.05/SF, taking an 8' x 10' room assuming 9' ceilings you would have 36 linear feet of wall or 324 SF of wall surface, thus a cost of $340 for a small room using the unit method.

 

[444nutman]

Jeezuz, a bunch of appraisers that don't understand that it costs more per sf to paint 1 small room than a large one or a whole house. No wonder the cost Approach is meaningless.

I buy a single Bud Light it cost $1.50 but when I buy it by the case I can get it for .60 cents a can. I hope my simple ciphering made it easier on appraisers.

 

[Michigan CG]

I buy a single Bud Light it cost $1.50 but when I buy it by the case I can get it for .60 cents a can. I hope my simple ciphering made it easier on appraisers.

Holy cow....must be a "classy" tavern for $1.50 Bud. $2.50-$3.00 here. And $0.60 when you buy a case? $0.87/can here for Bud--are you sure you aren't buying Schlitz?

 

[Farm Gal]

Sheesh Tim - you ARE a cheapskate... don'tcha even consider slapping new paint on the ceiling? That additional 80' probably adds up to more than taking out the windows and doors... and what the closet?

(I really LOVE the cost approach and Marshall & Swift - there is SUCH consistancy in this biz about how it should be applied.)

Like an old supervisor said - you can't buy used paint - give 'em the WHOLE room.

 

[CURT VAN HOOSER]

I looked at a REO that had some of the ugliest internal paint I have ever seen. It would take 3-4 coats of primer to cover up some of this stuff. I know we are supposed to overlook this sort of thing, but this was just nasty.

At what point would you recommend a repair for ghastly paint?

At the point where you believe the marketability of the subject suffers. However, in the context of an REO assignment, you are doing an "as is" appraisal. So, you are probably going to make a condition adjustment to reflect this nastiness. Then, in the REO Addendum, you are going to recommend the interior be painted as it will improve marketability.

 

[Ken B]

According to the Marshall and Swift 2008 Home Repair and Remodel Guide the cost to paint is:

Small room (48-80 SF): $275
Medium Room (81-144 SF): $360
Large room (145-200 SF): $435
X-large room 201-275 SF: $485

That is a demonstration of economies of scale.

 

[David Dietz]

Mr. Dietz this is not true with the paint. If you were to replace the walls that would be the line above (replacing gypsum board) $645 for a small room. I know what the book says, but simple math dictates reasonableness.

Furthermore, at the $1.05/SF, taking an 8' x 10' room assuming 9' ceilings you would have 36 linear feet of wall or 324 SF of wall surface, thus a cost of $340 for a small room using the unit method.

Just quoting the top of the page that you took your information from. Maybe I am reading it wrong. Regardless you pointed out a possible glitch in the book since the $1.05 unit method for paint on page 110 does not gyve with the room method. Or am I reading it incorrectly.

 

[David Dietz]

I see my error in reading of the room method it is covering the refinishing and or replacement.