The Bates House used in "Psycho" is in fact used in this episode of "Thriller", as well as many other shows such as "Swamp Thing", "Murder She Wrote", "Big Momma's House", and "America's Top Model". It actually was modeled after the 1925 painting by Edward Hopper, "The House by the Railroad" which was the first painting ever acquired by New York's Museum of Modern Art in 1930.
The PSYCHO HOUSE on Universal's back lot is featured as the primary location of this episode. It is seen in the rain as a place accepting guests, which also makes it similar to the "role" the house plays in PSYCHO.
Based on Henry Kuttner's story "Masquerade", which appeared in the May 1942 issue of Weird Tales.
It's not just the exterior of the Bates mansion from Psycho that appears here. Several recognizable props from the Hitchcock classic (including stuffed birds, statuary and the staircase and landing where Martin Balsam met "Mrs. Bates") are also seen in this episode.