topic Re: Real Estate Opinions Requested in Community Chat

Real Estate Opinions Requested

pattypeep — Thu, 28 Sep 2017 15:52:36 GMT

We are preparing to sell our rental this spring. It's an adorable home built in the 30's. We have just re-roofed house and garage, painted house and garage, put all new windows in the house, and built a brand new cedar deck the length of the house. (It has a water view) Our contractor estimated that it would be about $60,000 to do what I was thinking to do inside the house. It's perfectly livable as is and is currently being rented. My thought is: sell it as is on the inside at a reduced price so that the homeowner could put their personal stamp on it. Would a buyer prefer to live in it as is and do whatever they want inside and pay as they go - or pay an additional $60,000 sales price and pay over 30 years? If I was to buy I would opt to live and pay as I go. Thoughts?

Re: Real Estate Opinions Requested

Laura14 — Thu, 28 Sep 2017 15:56:07 GMT

Wow, that's a big renovation. If your house is $60,000 below what the comps would be, it makes some sense if you have the time and energy to do all that. If not, sell as is.

I'll only speak for myself but decor like carpet and paint, I'd rather do myself. Actual repairs, do it!

Re: Real Estate Opinions Requested

brandiwine — Thu, 28 Sep 2017 15:59:20 GMT

I would update bathroom/s and kitchen, but that would be all. You don't have to make it top of the line. Fresh light colored paint always helps with a quick sale. Good luck to you.

Re: Real Estate Opinions Requested

sheilababe — Thu, 28 Sep 2017 15:59:41 GMT

If it doesn't hurt your bottom line then I would sell it as is. Construction work creates stress that I'm sure you don't need. Plus selling a home is stressful. Make your life as easy as possible.

Re: Real Estate Opinions Requested

Lipstickdiva — Thu, 28 Sep 2017 16:27:45 GMT

If it's major repairs, I would do those. If it's cosmetic things, I wouldn't bother. I'd be less apt to buy a house that needed something major done then buy a house that just needs easy, cosmetic changes.

I live in a city where they enacted a point of sale inspection. No homes can transfer to a new owner without being inspected by the city. Initially it was supposed to prevent homes from being transferred that had building code violations. Now it has turned into them citing people for some cosmetic things as well.

This inspection has sent people over the edge and it's probably not legal but it would take a lot of money to fight it.

Re: Real Estate Opinions Requested

kitcat51 — Thu, 28 Sep 2017 16:31:56 GMT

Leave the house as is on the inside, as a buyer I want to pick the finishes. You could offer a small amount for a flooring allowance if needed but just listing the house at a reasonable price is what will lead to a sale. I can't afford to stay in my current home so I'm looking for exactly what your selling, done outside & priced so I can make the inside mine. Good Luck.

Re: Real Estate Opinions Requested

Ibby114 — Thu, 28 Sep 2017 16:33:55 GMT

A lot depends on the comps - and your location, location, location (as they say!).

A fresh coat of neutral paint and new carpeting/refinished wood flooring always brightens up a place for a sale. Those are more minimal expenses.

Re: Real Estate Opinions Requested

WenGirl42 — Thu, 28 Sep 2017 16:35:25 GMT

@pattypeep wrote:
We are preparing to sell our rental this spring. It's an adorable home built in the 30's. We have just re-roofed house and garage, painted house and garage, put all new windows in the house, and built a brand new cedar deck the length of the house. (It has a water view) Our contractor estimated that it would be about $60,000 to do what I was thinking to do inside the house. It's perfectly livable as is and is currently being rented. My thought is: sell it as is on the inside at a reduced price so that the homeowner could put their personal stamp on it. Would a buyer prefer to live in it as is and do whatever they want inside and pay as they go - or pay an additional $60,000 sales price and pay over 30 years? If I was to buy I would opt to live and pay as I go. Thoughts?

@pattypeep One thing to keep in mind is that just because you spend $60,000 on the work does not mean that much value is added, or that you could reasonably charge $60,000 more for the house as a result of spending that. That's the real question you need to have answered...how much value is added by the work you're thinking of doing? It's more likely a realtor who can answer that question for you, rather than your contractor. If the value added is less than $60,000, then it doesn't make sense for you guys to do the work before you sell, because you won't get your money back from it. But if the value added is more than that, I would consider it as long as it doesn't price you out of the market or "overimprove" the house relative to others in the neighborhood.

Re: Real Estate Opinions Requested

pattypeep — Thu, 28 Sep 2017 16:48:37 GMT

@Ibby114 Actually, the flooring I was considering is a big ticket item. Minimally, I will definitely replace fixtures, paint, probably paint the kitchen cabinets and add hardware, which they currenly have none. I figure I can make it cute and clean for well under $500.

Re: Real Estate Opinions Requested

tansy — Thu, 28 Sep 2017 16:52:06 GMT

I would definitely talk to several realtors about who your potential buyers are before investing 60k.

Re: Real Estate Opinions Requested

itsmagic — Thu, 28 Sep 2017 16:57:17 GMT

I agree with @tansy. Maybe you could have a couple different local realtors look at the Inside and get their opinion.

Re: Real Estate Opinions Requested

Azcowgirl — Thu, 28 Sep 2017 17:33:49 GMT

We are listing our out of state rental n October. It is in a super hot market area, with low inventory, bidding wars, and sales above asking price. It was built in the 60's, is in good condition. We are not doing any renovating or updating beyond having it freshly painted. Mainly because it is out of state. But, I agree with those who think people like to choose their finishes.

Good luck with your sale.

Re: Real Estate Opinions Requested

chrystaltree — Thu, 28 Sep 2017 17:41:28 GMT

There is no quick and easy answer to that. It depends on many factors and probably not what a perspective owner wants. You make a decision like that based on the selling price and profit YOU want. We opted to do a pretty extensive renovation on our former house because investing that money in the house got us a much higher sales price and quick sale. We had an offer 2 days after the house was shown. I loved that house but it was a beer house in a champagne neighborhood...so renovating before we put it on the market was a logical and lucrative thing to do.

Re: Real Estate Opinions Requested

chrystaltree — Thu, 28 Sep 2017 17:43:47 GMT

@tansy wrote:
I would definitely talk to several realtors about who your potential buyers are before investing 60k.

Bingo! I hope she takes your advice, there's much more to this than she thinks. It's complicated and I think she needs to work with her realtor on this.

Re: Real Estate Opinions Requested

Stevie Nix — Thu, 28 Sep 2017 17:56:59 GMT

I think you need to determine what you MUST do to the house to make it sellable vs what you would LIKE to do.

Have you had it inspected? Do you need to do structural, electrical or plumbing repairs and upgrades? Sounds like you've done many cosmetic improvements, but a house built in the 30's needs to be up to code in order to sell.

I think I watch too much Property Brothers!

Re: Real Estate Opinions Requested

pattypeep — Thu, 28 Sep 2017 18:19:27 GMT

@chrystaltree We most definitely understand the complications and it is our plan to have realtors involved. My dh's best friend, his brother, and his niece are in real estate. My original question was meant to solicit "opinions" from a prospective buyer's point of view as to whether they would prefer to make the decorative choices themselves and pay a lesser amount for the home. The other choice is to pay top dollar and then wish this or that was different and not buy. IE: Some people want the bedrooms carpeted, others prefer hardwoods throughout.

Re: Real Estate Opinions Requested

kitty60 — Thu, 28 Sep 2017 18:24:18 GMT

I personally would rather pay a lower price and go in and make the changes I want. When we look at houses for sale the first thing we do is figure out what works for us and prefer to make those changes ourselves. I know others who can only see what is there and can't even envision changing the colors on the walls. I don't mind moving a wall.

Re: Real Estate Opinions Requested

mac116 — Thu, 28 Sep 2017 20:19:23 GMT

We needed to sell my mother-in-law's house when she moved into an assisted living apartment. We put it on the market without the realtor recommended improvements because the exterior of the house and curb appeal was great. We had immediate interest from a buyer to buy it as is. He had an inspector go through it, and decided there was too much interior work to be done. We ended up doing all of the updates. She/we did lose some money on the deal, but just wanted to sell!

Re: Real Estate Opinions Requested

trenet — Thu, 28 Sep 2017 21:12:07 GMT

@pattypeep

I agree with most of the others that, if the makeover is flooring, cabinetry, etc that I'd prefer the lower price.

The important things are structural soundness, roof, wiring, plumbing, and lack of termites or other critters.

If you don't mind my asking, what area of the country is the house? Square footage? (I'm planning a move, I have some flexibility as to where, and have been looking for the right property!).

Re: Real Estate Opinions Requested

pattypeep — Thu, 28 Sep 2017 21:18:40 GMT

@trenet We are in the PNW between Gig Harbor (Tacoma) and Bremerton. A view of the Seattle skyline and Puget Sound comes with the house. LOL This house will be snatched up, either way. A couple that looked at the outside a few months ago gave me their phone number and asked me to call them before we list with a realtor. That was prior to all of the outside improvements. It's a cute, cute house. I could live there in a heartbeat.