Sell 80's home "as is? or renovate first?
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Anonymous
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We own a rental home outside the beltway in VA. It is a 2700 square foot colonial built in 1982 with 4 beds/2.5 baths plus a finished basement. It has all hardwood floors and is on 1/3 of an acre on a cul de sac in a nice leafy neighborhood.
It was our first home and everything is now very dated (i.e., original kitchen and baths). I'm planning to sell it shortly to help fund retirement and trying to decide whether to renovate the kitchen and baths before sale. It would probably go for $950k without any renovations at all. My first thought was to sell "as is." But a neighbor just renovated a kitchen and 3 baths in a very similar house on a less desirable lot and without a basement and it sold for $1.4 million. I also just renovated a guest bath in our primary home for $25k. That has me thinking that I could easily renovate a kitchen and 2.5 baths and come out way ahead after the sale versus selling "as is" even taking into account $20k in lost rent for 4-5 months or renovations. So what's a reasonable cost estimate for renovating 2.5 baths and a kitchen (with fixtures and finishes commensurate with a $1.4 million listing)? $200k? $250k? $300k? What am I missing in this scenario? |
Anonymous
| Assuming your calculations are all right, do you want the extra headache of overseeing a renovation? And they always, always run behind schedule. |
Anonymous
| Maybe some paint and clean the floors. Renovation never returns on resale |
Anonymous
| Remember that there is the cost of time as well (and pp pointing out that renos always last longer than you think is on point). |
Anonymous
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What exactly did the renovated neighboring house have that your house doesn't?
Is it just a new kitchen and baths? Or is it a full gut remodel and brand new HVAC systems and all new windows and interior painting and floors replaced? You probably don't know everything that went into that remodel. Just pointing this out. I'd talk to a few agents knowledgeable about the local market and buyer preferences. |
Anonymous
| I'd split the difference and do the Kitchen, and one main bath. You'll get an ROI on the effort. But don't cheap out on materials and finish. |
Anonymous
| Why haven't you been renovating and updating every 10 years, you are bad pushing this off to younger generation |
Anonymous
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It’s very likely not worth it, op, unless you can do some of the work yourself and are good at it and enjoy it.
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Anonymous
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Anonymous
Don't paint your floors. |
Anonymous
| This is peak selling season where properties go for a premium. I don’t see the value in doing a renovation and pushing off the sale into the fall and beyond at this point. Do a deep clean, paint if needed, get the floors done if you have hardwoods, and get it listed. I’m sure you will do just fine. |
Anonymous
Pretty sure pp meant to paint the walls and clean the floors. Not paint the floors. |
Anonymous
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Personally I would rather have no renovations rather than cheap/DIY ones done.
Also do you feel you have good taste? Many who have gray/white kitchens are ripping them out because they are dated now ("millennial gray" is out). So make sure your renovations are tasteful and add value. |
Anonymous
Every so often I see the strangest world views reflected here. I didn't realize that...not majorly renovating a home you lived in for 40 years was some sort of moral offense. |
Anonymous
I think it’s entitlement or clueless people. Op, I don’t think you should update. Sell it as is and price it accordingly. You save yourself the headache of a renovation and lost income. Someone with the money and vision gets to update to their liking. |