Sell “as is” or update? (real estate, houses, buyers)

[WorldKlas]

In the Real Estate forum, the advice is usually to clean up a house and sell as is. But I am asking specifically here because the DFW market is more dynamic than most markets right now. I am going to be selling a 2080 sq ft house pretty soon, 3-2-2. Tenants move at the end of May. The house has a lot of curb appeal, is in a culdesaq with no backyard neighbors (a 5 acre house behind and that house not visible from our backyard.)

The house has laminate flooring that has popped up in some places (7 years old, lock type flooring) and also the flagstone on the front porch during the big freeze loosened and cracked badly (must have gotten water between flagstone & concrete and then frozen). The interior of he house was last painted 7 years ago so it could use a total paint job, but there’s no damage to the sheetrock. The bathrooms are dated and the master bathroom has that old design with vanity area outside the combo tub/shower & toilet area. We did cosmetic updates to the kitchen a year ago. The house has a 4 year old 30-year roof and a 6 year old Trane HVAC system.



So, do you think its best to sell (for getting the most money):
1. As-is
2. Make flooring & other cosmetic repairs, interior paint and that’s it (est. $10K)
3. Replace some flooring, interior paint, update 2nd bathroom with double sinks & new countertop and remodel the master bath to make double vanity & walk in shower (there is enough physical room to do this, but will be a remodel). (Est. $35K for all)

Houses this size in the same school attendance zone have been listed about between $275K - $350K and seem to go pending in a very short time in multiple offer situations. In its present condition, it would need to be listed at the bottom of this range.

[Katana49]

I would probably limit myself to just doing paint and the flooring, I think you'd get the most bang for your buck just with those.



A new owner may decide they'd want a stamped concrete look for the patio, or to design/pick fixtures themselves for the bathrooms.

[move4ward]

It's peak season for contractors. Will you have to wait several weeks, before they begin work? Are you doing it yourself?

[WorldKlas]

Originally Posted by move4ward

It's peak season for contractors. Will you have to wait several weeks, before they begin work? Are you doing it yourself?

I have a contractor

[hbdwihdh378y9]

Originally Posted by WorldKlas

In the Real Estate forum, the advice is usually to clean up a house and sell as is. But I am asking specifically here because the DFW market is more dynamic than most markets right now. I am going to be selling a 2080 sq ft house pretty soon, 3-2-2. Tenants move at the end of May. The house has a lot of curb appeal, is in a culdesaq with no backyard neighbors (a 5 acre house behind and that house not visible from our backyard.)

The house has laminate flooring that has popped up in some places (7 years old, lock type flooring) and also the flagstone on the front porch during the big freeze loosened and cracked badly (must have gotten water between flagstone & concrete and then frozen). The interior of he house was last painted 7 years ago so it could use a total paint job, but there’s no damage to the sheetrock. The bathrooms are dated and the master bathroom has that old design with vanity area outside the combo tub/shower & toilet area. We did cosmetic updates to the kitchen a year ago. The house has a 4 year old 30-year roof and a 6 year old Trane HVAC system.



So, do you think its best to sell (for getting the most money):
1. As-is
2. Make flooring & other cosmetic repairs, interior paint and that’s it (est. $10K)
3. Replace some flooring, interior paint, update 2nd bathroom with double sinks & new countertop and remodel the master bath to make double vanity & walk in shower (there is enough physical room to do this, but will be a remodel). (Est. $35K for all)

Houses this size in the same school attendance zone have been listed about between $275K - $350K and seem to go pending in a very short time in multiple offer situations. In its present condition, it would need to be listed at the bottom of this range.

Put it on the market as is and -- if it doesn't sell for what you want --get a feel for how big a deal people think the problems are. Then, if the feedback makes you think it's worth it for one or more of the problems, repair accordingly.

[calgirlinnc]

As is, to a flipper, all cash offer, close in 30 days.

Good luck!

[WorldKlas]

Originally Posted by calgirlinnc

As is, to a flipper, all cash offer, close in 30 days.

Good luck!

Or be my own flipper and make the money they would?

[Grapevine Guru]

In this market, you probably will do well whichever approach you decide to take. Based on the information provided, I would probably lean toward option # 2 as the property will then show more favorably and you will likely recover your $10K plus a premium on that $10K, over and above the existing market premium, assuming that you are using quality materials and workmanship. But, given that timing is very favorable right now, I would start ASAP, so that you can list the house soon.

[move4ward]

I would update it. In this crazy market, the remodeled value will continue to increase. The comps will be more favorable in 2 months than today.

[Rakin]

My opinion is every $1 you sensibly spend will return $2-3 in returns on the sale.

Most of todays buyers don't want a lot of repairs.