Real estate question...to fix home before sale, or forget it? (house, refrigerator)

[apexgds]

Personally, I'd move out, replace the roof, refinish the floors, and neutral paint (and maybe power wash the siding).

Brand new HVAC and brand new roof would go a long way in selling. Leave everything else up to the buyer's preferences.

[slduvall]

On the fridge..I would actually not move the old fridge in. Leave it empty. it is actually easier for some buyers to say - I will need to get a fridge, instead of ..oh look a really old fridge..now I'm going to have to get a new one and get rid of an old one!

My mother did something similar (same age as yours) and as a child of the depression a working fridge/dryer/washer is a good one. Not all buyers can get past that. They will wonder how old everything is. Simple staging goes a long way with an older home. Remove the area rugs, and any of the dated items that you can. This includes shower and window curtains! Go to Target and get clean white ones. If it is floral...it's gotta go!

[apexgds]

Originally Posted by slduvall

On the fridge..I would actually not move the old fridge in. Leave it empty. it is actually easier for some buyers to say - I will need to get a fridge, instead of ..oh look a really old fridge..now I'm going to have to get a new one and get rid of an old one!

Good point! I agree that no fridge is much better than 30 year old fridge.

[GreenGene]

Originally Posted by airjay75

We wanted a move-in ready home, not something that was going to require extra time and money to update and upgrade. I don't think everything needs to be updated or renovated, but enough that the house doesn't look the way it did when it was built in the 1960s or the 1970s. But, of course, real estate is an incredibly localized market - that's where a good realtor is really going to be able to advise of you of which upgrades are worth it and which ones aren't.

We updated our home before putting it on the market, for two reasons.

1. Most of our kitchen dated back to when the house was built in 1977. It worked for us, but it really dated the house. Both full baths and both half baths were also original. We had replaced some carpeting when we moved in (in '92), but some was original (and if at this point you're cringing, I don't blame you).

We had kept up with some things: the HVAC system was replaced a couple of years ago, the roof was replaced 10 years ago, we replaced/widened the driveway 5 years ago, we had replaced all the windows and installed vinyl siding within the last 10 years.

But the interior of the house needed work - that was clear. We remodeled the master bath and the half-bath on the main level. We removed the carpeting on the main level and replaced it with hardwood (real, not laminate). We remodeled the kitchen, removing bulkheads and installed nice, big cabinets and a really nice ceramic tile floor. Carpeting & padding upstairs (bedrooms) and downstairs (rec room) were replaced. And if it was in the house and didn't moved, I painted it.

It was SO much better when the work was finished.

2. Having decided to sell our home and move out of the area, we wanted to maximize the sales price (while acknowledging the cost of renovations) as well as - and just as importantly to us - being able to sell our home quickly.

We sold the house for $5K less than asking, 11 days after it went on the market.

I don't regret a single penny of the money we spent fixing up the place.

[spleuchan]

I'm sure most real estate agents would say to go ahead and update it. That way, they get a higher commission (3% of a higher amount). As the seller, however, it usually isn't a good deal to spend a lot in renovations right before you sell unless you do it yourself.

[boyd888]

The question is are you trying to move the house for a reasonable price or looking to get as much as possible?

I would put the home on the market as-is and see what kind of bites you get. If you get a decent offer then you just saved yourself the time and effort of fixing things up.

Split levels in Springfield all share the same basic layout, so what it comes down to is how modernized they are on the inside. Considering the condition of the home now, you'll be lucky to break even on any renovations you do. It's not like you are going to be able to spend $10K and suddenly the home will pull in $20K more. Really you just want to put money into things that would make the home undesirable (like buy a new fridge if your Mom takes the current one). Top dollar means top modernization, which it sounds like is something you have little interest in pursuing.

I would market it as a home that potentially needs updating, but it's not like it's a time capsule from 1960 and falling apart. You don't want to spend $20K updating it just to get $15K more than you could have gotten as it sits today. I say do the bare minimum to make it presentable and see how it does on the market.

[filmsniffer]

Selling "as-is" will put the masses at unrest, thinking the house is condemned, and move on to another place. Flippers and developers will start low-balling you Craigslist style.

If anything looks dated - throw it out. I don't care if it's new. If it's old, it's gone. Old things are kryptonite to houses for sales in this area. This ain't Mayberry. We are the elite, and we won't for settle less.

Refinish all hardwood floors. Pull and discard carpet if they went over hardwood. Replace carpet where appropriate. Paint every room in a neutral palette. Fix anything that needs fixing. Update all the little things, too. It's all in the details.

Scrap old appliances. Sell old furniture. Rent staged stuff if necessary. An empty house is almost as good as a staged house.

And most important of all...curb appeal. Landscaping is a must.

[kww]

Originally Posted by spleuchan

I'm sure most real estate agents would say to go ahead and update it. That way, they get a higher commission (3% of a higher amount). As the seller, however, it usually isn't a good deal to spend a lot in renovations right before you sell unless you do it yourself.

even if the updating brought another $20,000 to the sellers profit, that's $600 in increased compensation for an agent (assuming 3%)

$600..

[kww]

Originally Posted by Stagemomma

I know we should call a realtor and get a professional opinion. But since I can't make that call without Mom's blessing, I'd love to get some amateur expert opinions.

TIA

IMO, do everything you can to convince Mom to atleast allow an agent an hour to walk through the property. The agent can then run comps against comparable under contract, sold, and active listings. This will help to determine if certain upgrades truly are worth it, or if the return on those upgrades will be minimal or nonexistent.

[Fredesch]

Ask a real estate agent that is familiar with the area and sells lots houses in the neighborhood. They will know the market and what sells/doesn't sell. lots of neighborhoods in that price range have two kinds of buyers - folks who want a move in ready house and flippers. Folks that want a move in ready house may need everything rolled into their mortgage and they won't have several thousand post purchase to change the flooring or put on new siding. Flippers will make the house move in ready, but will want a large profit.