Posted by Eric - GA on December 17, 2002 at 12:19:46:
If there is one thing I’ve learned, its that you never pay a contractor everything up front. What kind of work would you get out of a contractor that already has his money?
Sell your house with Gift Certificates - Posted by GL(ON)
Posted by GL(ON) on December 11, 2002 at 18:57:40:
Here is an idea I have been rolling around for a while. Tell me what you think, would you go for it?
Suppose I have a house to sell. Now suppose there is something the matter with it like the kitchen isn’t too swift. It’s all there and everything works, but the house is 30 years old and the original Avocado appliances, matching counter tops, cupboards etc. are dated to say the least.
At one time I would have put in a new kitchen but nowdays I would rather not. Reasons: 1) If I spend $10,000 I expect to get $20,000 back 2) Who knows what style of kitchen the new buyer will want? 3) I would much rather discount the price $10,000, save myself the trouble, and let them do it the way they want.
Now here comes the idea. Mr. and Mrs. Buyer look the place over and comment on the crumby looking kitchen. I agree 100% but explain I didn’t want to put in a new kitchen because I didn’t know what style they prefer; but if they buy the place as is I will give them a gift certificate worth $10,000 at Rolanda’s Kitchen and Bath Boutique to put towards their new dream kitchen.
This sounds like the same thing but wait a minute. What if I get estimates from every K&B contractor in town, then tell them what I have in mind, and ask what kind of discount they would give me on a $10,000 gift certificate? Remember if they talk turkey they are guaranteed to get the job, if someone else gives me a bigger discount they won’t. I wonder what would happen?
What if I could get a $10,000 gift certificate for $5,000? And tickle the buyer to death with it? And sell my house without having to redo the kitchen or discount the price? What do you think?
Re: Sell your house with Gift Certificates - Posted by Robert McBride/ Atlanta
Posted by Robert McBride/ Atlanta on December 12, 2002 at 10:59:29:
If you can get a “gift certificate” for 50 cents on the dollar you could do the kitchen yourself and get your 2/1 return. I know you dont want to do the work. Have you had any luck getting that kind of discount from a contractor? If so I’ll do all my work with gift certificates to myself.
Sell your house w/ Retro Kitchen - Posted by gwtx
Posted by gwtx on December 11, 2002 at 21:01:06:
GL,
Have you checked out the lastest styles and fashions in home decorating? The retro look is a hot look.
What is retro, you may ask? Anything that looks like it just came out of an old Ladies Home Journal, or, a Better Homes & Garden. Just like hip huggers and bell bottoms w/ platform shoes are hot to wear (yuck).
So you might think about spic & spanning that old kitchen, run some advertising about Cool Designer Retro Kitchen. You might even leave the Spic & Span or Mr. Clean bottle out on the counter for that special accessory decorator fru-fru look.
You might just get top dollar w/o the hassle at all!
gary
I Like Your Idea - Posted by phil fernandez
Posted by phil fernandez on December 11, 2002 at 19:54:55:
Especially if you can get the discount from the kitchen guy. The only problem I see is that some buyers are not going to have the vision to see the finished product. Any time there is confusion in the buyer’s mind, he will say no.
Re: Sell your house with Gift Certificates - Posted by Travis (Dallas)
Posted by Travis (Dallas) on December 11, 2002 at 19:13:46:
It is an idea worth trying.
Some buyers might enjoy making the decision on colors, cabinets, etc.
Others may not want the hassle and prefer everything in move in condition.
Others would just want you to lower the price.
It comes down to hard vs. soft dollars.
If I can offer something that appears to be worth $10,000, but just costs me $5,000 and helps sell the house…then that would be the way to go.
Let us know how it works.
Travis
Re: Sell your house with Gift Certificates - Posted by Rob FL
Posted by Rob FL on December 11, 2002 at 19:06:05:
This is definitely an idea worth considering. The only drawback is that some people may not have the vision to see past the outdated kitchen and may simply walk in, say no thanks, and leave. This may be because they don’t have the vision or because they don’t want to be bothered with the time, effort, and hassle of redoing a kitchen. This may cause you to lose some good buyers.
Just my thoughts.
Re: Sell your house with Gift Certificates - Posted by GL(ON)
Posted by GL(ON) on December 12, 2002 at 15:08:59:
You take me too literally.
Re: Sell your house with Gift Certificates - Posted by Robert McBride
Posted by Robert McBride on December 13, 2002 at 07:44:11:
Don’t worry, you are thinking creatively. I love the idea of getting a huge discount on work. I was wondering if you had come across a vendor that would go for that.
Re: Sell your house with Gift Certificates - Posted by GL(ON)
Posted by GL(ON) on December 13, 2002 at 13:24:57:
It was purely a made up example.
In the 80’s it was not unknown to cook up a deal by the vendor giving the purchaser a “rebate for necessary repairs” on closing. Another way of getting at a low down or no down payment deal. In the 90’s the banks started frowning on this.
I was trying to get at the same thing in another way. On that would not raise hackles at the bank. If you could get a discount it would be all the better.