How much would you fix a house to sell?
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Anonymous
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We will be putting our house on the market in spring. We are in sought after part of CC in old house that we partially renovated years ago -put in good kitchen, updated baths, did major structural work - electric, heating, plumbing, structural beams. Good lot, larger than many houses, desirable features like fully finished basement - but also old house design issues - small master bath/closet, kitchen doesn't open to family room, We never finished all the parts of the renovation - which was fine at the time with young kids.
DH thinks we should finish these things to get higher price . But, could quickly get into some serious dollars and some of the areas would lend to specific tastes The higher price range will also likely put us into a bracket with less buyers and that grey area below full renovations/new small houses. I don't think you get the return on the investment as not sure we can get that price. I also think younger families expect in these neighborhoods that there will be projects to do over time, and also want to put their own tastes. (we will of course do things like paint and fix obvious stuff etc) thoughts ? |
Anonymous
| I'd appreciate paying less for a house and putting extra money into it to make it my own. It will also take up lots of your time to make the renovations complete. And you never know, you may not get your money back. |
Anonymous
| Don't do it. You probably won't get the money you invest back. Let the new buyers do it to their taste. |
Anonymous
| If something looked like an abandoned/unfinished project, I would probably finish it. I would want buyers to view it as a well-maintained home. |
Anonymous
OP - definitely not abandoned and property is maintained - but not the full level of finishes in this market. 100 year old homes have endless projects unless a 100% gut -redo. ours was 50% gut job overall - but all systems (electric, etc replaced). |
Anonymous
| I agree with PPs - finish unfinished projects and do some minor sprucing up, but nothing major. I think the only people who get their money back from major renovations are flippers who buy at the right price. Also it's good to be in a price range with more buyers. It will likely sell faster and you might spark a bidding war which means more money for you. |
Anonymous
| Sounds beautiful. I am sure it will sell right away. Look at other renovated houses -- gone in days. Good luck. |
Anonymous
| Leave it alone and let the new owners do it. Fix anything glaringly obvious and just keep it clean. I don't like the open concept and not everyone does. |
Anonymous
| Buyers are so picky. They want a move in ready house, where they will not need to do any work |
Anonymous
+1 |
Anonymous
Agreed. You already did the major stuff like updating the kitchen, bathroom and finishing the basement. You also did some of the unseen big things like updating electrical, plumbing, and heating. Unless the things you have left are deal breakers, where a high percentage of people wouldn't even visit the house or would want to discount heavily because of it, let it be. Lack of open concept kitchen and small master bedroom closet I could live with and wouldn't necessarily value dollar for dollar your improvements. If you only had one full bath that would be a different story. |
Anonymous
| Do basic finishing of projects. For example, if there is a hole where a portion of construction wasn't completed, complete that. Put some paint on unpainted surfaces. But don't bother with nice finishes. Make sure it looks like projects were finished even if not nicely finished. Unfinished projects often discourage buyers. But redoing basic projects with higher end or personalized updates appeals to buyers. |
Anonymous
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Don't do it. PPs are right.
If i were buying a house, I would rather buy your house as it currently stands than your DH's completed project. |
Anonymous
| If you have a realtor you trust, ask him or her now. We are also putting our house on in the spring, and what our agent said to fix was very different from what we expected she would say - both plus and minus. |
Anonymous
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It all boils down to price. You will have no problem if your home is priced considering the repairs needed.
If you price your home like a neighbors that was move in ready you will end up getting even less than if it were priced to sell in the first place. |