Community Chat

[DiAnne]

You also need to take into account the real estate market in your area.  The market is so hot where I live houses over a million are being sold "as is" with multiple offers.  

[trenet]

@pattypeep

Sounds nice, I love the style of older homes.  

And I love the overcast weather and greenness of my native PNW.   (At least west of the Cascades).

Property taxes can be a bit high depending on the county which doesn't always compensate for no state income tax in Washington and, in Oregon, both property taxes and income taxes are high! 

Good luck with the sales. 

[pattypeep]

@trenet I've lived here for 60 years, so can't compare taxes, etc. with other areas. That being said, I've visited many states and none hold a candle to the PNW. LOL

[Lindsays Grandma]

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@WenGirl42 wrote:

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@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?

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@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.

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Good advice.  My first reacation was, if they spend $60,000 to upgrade, are they going to get it back in the sale?  Most likely not.  This is a case of picking your battles.  And you also gave excellent advice that a Realtor more than likely can answer the question.  Thumbs up.

[RealtyGal2]

You need to talk to a local realtor (or several realtors) in your area.  The answer to your question requires more information that is specific to your area.

[CelticCrafter]

It sounds as if you've already spent a big chunk on the outside improvements.

I would definitely speak to a few realtors before spending that much on the inside.  

[Nataliesgramma]

 agree with everyone else.....check with a few Agents.....make the necessary repairs and price it to sell.

I think young buyers prefer to pick their own colors and believe me once you start major remodels......you turn up surprises that end up costing MORE and take more time.......

Good Luck!

[terrier3]

Something to keep in mind - you never get a 100% return on investments when selling a home.

There are charts that show average rate of return.

So if a new kitchen would cost 20K to complete and only raise your sale price by 15K, you will actually LOSE money.

When I sold my mother's home, my son and I did everything the experts told us to do - we painted, refinished the hardwood floors, etc. It took us months - and we still ended up selling the home for 10K less than asking price.

When I had to sell my aunt's home (she died unexpectedly) I told the realtor to make it an estate sale and price it exactly at the comps, not a penny over. It still took me about 8 weekends to get all the clothes and personal stuff out of the house.

The man who ended up buying the house had been in an accident and had suffered brain damage. He was literally starting over at age 55. He was thrilled to get everything, including the canned goods in the kitchen, the housewares, even the coffee maker!

The house sold with no advertising the first weekend we placed it on the market.

Sad to say - he just died - 6 years later and the estate sale will be in October. The items in the sale photos include my aunt's china, silverware, pyrex, furniture - even the decor items! It actually comforted me to know that the gentleman kept and enjoyed living with my aunt's things.

So I wouldn't go crazy - people care more about the mechanicals and the roof than they do the decor, which is a highly personal decision, IMO.

[jackthebear]

I think you might loose a buyer with all new stuff that is not to their taste 

this sounds like a big project for you to do 

You should talk to more people first, perhaps get inspection first 

[Bridgegal]

As your prospective buyer, I'd rather buy it as is and remodel to my tastes.  I am quite picky and don't like the current must haves:  grey walls, granite counters etc.   I'd hate to love a house that had just been redone and not like how it was redone.   So, I say leave it and adjust the price accordingly.