Reply to sell as-is vs renovate

Forum Index » Money and Finances

Reply to "sell as-is vs renovate"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

I'm confused.  Are you OP?  Is this all a sock puppet?  Given OP's young age (61) and retirement resources, OP should examine why he/she is not able to cover monthly expenses and how moving would improve that. Can expenses be cut?  Can OP get a roommate? Also, OP does not seem to be factoring in moving expenses and expenses associated with the new place to live.  Rarely do furniture, window treatments, rugs work perfectly and that costs money.   [/quote]

I am the OP. My husband died and he was the majority breadwinner.[/quote]

PP of this comment.  My condolences. I'm sorry for your loss.  My suggestion is that if this is relatively recent, can you take 6-12 months by modestly drawing down your savings or finding a renter to make ends meet to give you time to adjust.  Also, if you were the PP to the 30 year comment, that is a long way in the future.[/quote]

I am the same person with the health issue that is a long-term thing but major cannot-do-stairs issues are likely decades away.

My original question centered on should I sell the house as-is or should I do renovations now.

I failed to mention that there is the exclusion of $500,000 in home sale profits to consider -- this expires after 2 years.

https://www.kiplinger.com/article/taxes/t010-c001-s003-paying-taxes-on-a-home-sold-after-a-spouse-s-death.html

In the meantime, I have been using savings to cover the difference between my monthly income and monthly expenses.

What I am hearing is I should reach out to a real estate agent to get some feedback. (However, I should be cautious as they may want me to spend $ on renovations to increase their profit margin over an as-is listing.)[/quote]

Ok.  I'm this PP.  Yes, reach out to a real estate agent to get some feedback and be cautious. Why not just go ahead with the renovations?  There is a difference between what you gross and what you net (i.e., deducting expenses incurred).  For example, if the kitchen renovations are estimated to be $20K and you can sell the house for $550 without renovations and $565K with renovations, then you are actually netting less money (565-20=445). The realtor however earns more on the sale of a $565K house than a $550K house.  If the house is not top of the market condition, you need to price it competitively for the condition or price high and be willing to drop quickly if someone does not buy the first weekend or so.

However, can you find something with what you will net from the house that you can buy outright?  Remember interest rates are likely higher than on your current house.  So, you might be trading one mortgage challenge for another, albeit with less accessibility concerns.  Other people have spoken about challenges associated with your three beloved dogs.  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics