Originally Posted by luv2fly3
My wife and I are contemplating selling our home. We have an option to sell and move into a house that would cost us little to nothing to live in and the equity we have in our home would be great to recover, especially in the economy we're in. However, while I love the idea of making some money on the sale, one big thing I am struggling to think about is saying goodbye to my theater. That said, the house we'd move into has a finished basement and I know I could make it into a great media space.
That got me thinking about how to manage selling my house with the theater and gear. Would I sell my equipment with the house (above the price of the house itself) or take it all with me? Would the theater be a value added for a lot of buyers? So I'm just curious the experiences some of you have had when selling a home with a theater in it. Did you find the theater to be a great selling point and that buyers were willing to pay a bit more for your house because of it? How did you handle the equipment, seating, etc in your theater when selling your homes? Any other things to think about?
Any experiences shared would be great! Thanks.
We sold our house this summer WITH it's home theater. To say, you can gauge our experience as relative to what you'll experience is a misnomer. My example as well as anyone else's is anecdotal. With that being said, let me tell you what we encountered:
We are in Kansas City in a well established older neighnorhood among more expensive houses than ours. Our house was built in 1925 and had all the original molding and woodwork in the home. Without boring you with the details, I'll focus on the HT. The house was owned by one family since 1925, before we bought it in 2001. The daughter of the original owner became too old to climb the stairs, so they built out the garage to a bedroom (with adjoining full bath). They built a new garage in it's place (which looked like the previous garage). We did take out the two windows (left the framing) and sheetrocked over the windows for light control and better acoustics.
So the previous bedroom (back of the house) became our HT. The walk-in closet became the equipment closet and media storage area. We had two rows with a platform for the second row. The equipment with current with JVC projector, Tannoy speakers (11 Atmos speaker set up), JTR subwoofer, stewart screen, NAD receiver with Driac and acoustically treated room. This was not a professionally designed and built-out room from Quest Acoustics...but we didn't own a 7 figure home either. It was a decent mid-level set up, certainly pleased all those who entered.
Here's the rub, MOST ppl do not want a home theater. We suspected this might be the case, so we had a re-modeler come out and create a quote/bid to change the room "back into a bedroom/family room" so prospective buyers would know the cost. We also priced out the equipment as an optional package to purchase in addition to the price of the house. The price was fair, but not deep discounted selling to the AVS market. I had spent a lot of time, sweat and research to put it all together etc....but it was "used" pricing.
I would say, of all the ppl that looked at the house, there were about 10% that were interested in having a home theater. Much like a swimming pool, most like the idea of "visiting" someone with a pool, but not actually owning one ...due to cost, maintenance and real estate (rather have a backyard)...in this case, rather have a 4th bedroom or a family room (vs the living room or partially basement).
We did find a buyer that after the initial talks decided they "wanted the home theater" and to include the equipment...long story short, we did not discount the cost of the equipment package. Here's a lesson ....if you are going to sell the equipment do it as a personal rider to the sale...meaning the sale of the equipment is direct purchase with the buyer and seller...leave the agents out of it. I didn't think of that and we ended up paying both agents their commission on the equipment sale as well.....DUMB mistake on my part...lesson learned. The agents added absolutely no value to the sale of the equipment.
My experience is my experience and will provide very little value to you and your sale. But, I posted this as an example of home with an HT sale.