Investor · Elk Grove Village, IL · Member since 2016 · 23 posts · 10 votes
I getting close to finishing up the rehab on my first flip. So far I am within budget except possibly for one thing. The driveway is in desperate need of repair to the point where patching may not be an option. My question is do I spend the money to replace it not knowing if I will be able to recover that money or do I give it a new coat of blacktop and use that as a negotiating item with a potential buyer. Knowing the estimate to replace it, as long as don't have to drop the price as much as the replacement would cost, I consider that coming out ahead.
Real Estate Investor · Dallas, TX · Member since 2009 · 183 posts · 153 votes
9y
Your average buyer doesn't know anything about repairs, how to do them, or how much they cost. They might think that it cost 50k and so they pass on your house.
I've gotten to the point that I just repair it. You don't recoup these funds directly with a higher sales price. You will however more than likely recoup these funds indirectly by a quicker sell, less carrying costs, faster turnover of your proceeds, etc.
Investor · Schenectady, NY · Member since 2015 · 107 posts · 111 votes
9y
I thought it would be needed on a house with really bad driveway. We listed the house and had lots of feedback, the driveway was never mentioned. It was under contract within a couple of weeks and the driveway didn't affect the price so I'm glad I saved the 3k.