Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Fixer uppers are only worth it if the price is really attractive. HGTV brings home the message that fixer upppers generally have hidden problems that will blow the budget. "There goes my open concept kitchen."
Though the Love It or List It folks make out like spending $85K on remodeling will result in $100K increase in equity, we all know that is not accurate. The return on remodeling is about 60% or so.
With the best returns being on curb appeal projects and you've already done that.
So, do you spend $50K remodeling the kitchens and bathrooms, or drop the price that much and call it a wash?
My only suggestion is calling a professional stager in for a consultation. The stager may have some low dollar suggestions that will up the appeal of your home. Perhaps new paint. Or ???
If you've had 40 showings with no offers, either the price is way out of reason or your home is not appealing to people. If you are serious about selling, you need to fix one or both.
That is it in a nutshell.
"Price fixes all deficiencies." And the price is not in line with the value perceived.
When do home sales start dropping off? Sept.? Oct.? Nov.?
Somehow I have it in mind that once kids are in school and holiays looming, home sales drop.
Is that accurate?
If so, you may want to do a significant price readjustment quick before folks wander away.
Hopefully, your realtor has kept track of all the realtors who have shown your home and can get in touch with them regarding the price change.
If that's what you decide to do.
Somewhat accurate. For some inexplicable reason people tend to buy when everyone else buys. The buyers who show up in "off season" are really serious buyers IMO. I would prefer to buy fall or winter if I was looking
Thanks everyone, more good points. I never wanted to be a landlord <shudder>... but now I am wondering if that might be a better decision at this point - just rent it out. Of course we would still need to make some of the exact same repairs, but maybe we wouldn't have so much pressure on us to fix everything all at once, like the windows, and maybe the rent would help pay for some of these repairs. We could do it over time. Rentals in our area for the same 4/2.5 house (age, sq ft, etc) are going for $400 more than our monthly mortgage payment. We would put that money aside in case there is damage to the property of course, but we could also roll that money into repairs/upgrades once we are ready to list our house. Anyway, I'm just exploring all of our options so we can make the best decision. Off to do more research! And again, thank you!
Thanks everyone, more good points. I never wanted to be a landlord <shudder>... but now I am wondering if that might be a better decision at this point - just rent it out. Of course we would still need to make some of the exact same repairs, but maybe we wouldn't have so much pressure on us to fix everything all at once, like the windows, and maybe the rent would help pay for some of these repairs. We could do it over time. Rentals in our area for the same 4/2.5 house (age, sq ft, etc) are going for $400 more than our monthly mortgage payment. We would put that money aside in case there is damage to the property of course, but we could also roll that money into repairs/upgrades once we are ready to list our house. Anyway, I'm just exploring all of our options so we can make the best decision. Off to do more research! And again, thank you!
Best of luck! Let us know how it works out for you. We're moving out of state so renting out is not a good option for us but maybe it will work to your benefit.
Thank you! We are also looking at moving out of state, so I will explore hiring a property manager, etc, just to see what all of this would entail. Renting might not be an option in the end, and I'm certainly not fond of the idea of being a landlord, but we won't know until we do the groundwork. All the best to you too!
And as has been described NOT laying out cash you don't really have to maybe get a better price.
Sell it. Do so "as is". Get what you can ... and then move on unencumbered.
Somewhat accurate. For some inexplicable reason people tend to buy when everyone else buys. The buyers who show up in "off season" are really serious buyers IMO. I would prefer to buy fall or winter if I was looking
I once bought a house in February... because I was looking for a house.
I would not encourage you to go the renting route. It can be smooth sailing. Or it can be a nightmare.
We had a management company look after a home and I would never do it again. The tenant they found was a German engineer. Sounds good, eh?
Nearly every appliance in the house needed repair or replacement that year. Garbage disposal involved both. Turns out, he moved in his daughter, her SO and their combined passel of kids. No one cleaned. They drilled holes in the wall. Took us two weeks to get the place back in shape after they left and the management company still gave them all of their damage deposit back. "Have to expect a bit of wear and tear," they told us. Seemed they were more interested in staying in good with the oil company than with us.
But at least they left. BIL had renters that didn't pay for months on end. He had to go to court to evict them. They left one jump ahead of the sheriff--with the stove, refrigerator, and wood stove.
I have another friend who has rented a home out for years and had great success. She does it herself and has had no trouble. So you take your chances.
But being that tight on money would put you in a financial bind if your tenants were not reliable.
Declutter, clean, fix the obvious things and put it on the market "as is" if that's all you can do.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
