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Freshening an Old Listing, and Other Tips for Worried Sellers
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AWhile the trade association for synthetic stucco manufacturers maintains that today's product is improved and has been shown in one study to be as good as any other sort of exterior cladding, you're right -- there is a stigma surrounding synthetic stucco.
Buyers worry that the polymer-based product was poorly installed, which can lead to serious water infiltration and mold problems.
But should you spend all that money to replace your synthetic stucco?
First, you may be able to replace your synthetic stucco with brick or a synthetic stone product for about the same price or a little less. Vinyl siding might cost less, as would pre-stained wood. You should check what kind of exterior siding is permitted in your neighborhood -- if you're in a homeowners' association, house exteriors may be regulated -- and then price it out.
The real question is this: What would you get for your $140,000 when you sell the house? In your neighborhood, would someone pay more for a brick house that needs to be tuckpointed every 10 to 15 years or a vinyl-sided house that needs minimal care? Would spending the money mean you would sell more easily because you've eliminated the issue? Are you even planning to sell in the near future?
On the other hand, can you save $140,000 by keeping the synthetic stucco and maintaining it in good condition while spending $5,000 to $10,000 to spruce up the exterior and interior of your home?
If your neighborhood is desirable but someone has the choice of buying a home without synthetic stucco, you'll be at a competitive disadvantage, whether or not your home has ever had a moisture-infiltration problem.
If your neighborhood is undesirable for other reasons, or if most of the homes are for sale, it may not make a difference, and you could be throwing your money away. You might be better off dropping the price by $80,000 to $100,000 and moving on.
You should talk with two or three top agents in your area. Pick their brains for ideas on whether this kind of investment could be recouped or, if not, would allow you to sell your home quickly.
Remember to keep good records of the maintenance you have given to your synthetic stucco. With diligent maintenance, your synthetic stucco can remain in good condition and you can probably make better use of your money.
If you have to sell your home in this market and find out that the synthetic stucco is preventing the sale, you will have the option to replace it or to negotiate a lower price, allowing the buyer to replace the stucco later.
My fiancee and I recently bought a home in the New York metropolitan area. It's an 1880s brownstone, completely renovated about four years ago. Because the home is a bit different for the area and can be converted to a single-family building, we agreed to work with the seller's agent to complete the sale.
