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Repair Expenses, Selling Contracts and House Prices

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  • John Knight
  • Thomas Miceli
  • C Sirmans

Abstract

This article examines the impact of repair expenses on the selling price of a house. Using data that include the actual dollar amount of repairs stipulated in the settlement statement, we investigate the frequency and extent to which the performance of major repairs is part of the sales contract. We find that most homes are restored to a “normally maintained” state each time the home changes hands, and that the cost of bringing the home to this condition is included as part of the house selling price. This implies that it may be unnecessary to measure maintenance levels when using transaction data to study components of house price or to construct house price indexes.

Suggested Citation

  • John Knight & Thomas Miceli & C Sirmans, 2000. "Repair Expenses, Selling Contracts and House Prices," Journal of Real Estate Research, Taylor & Francis Journals, vol. 20(3), pages 323-336, January.
    • Handle: RePEc:taf:rjerxx:v:20:y:2000:i:3:p:323-336
    DOI: 10.1080/10835547.2000.12091040
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