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What is better? Sell our home as is or update it first then sell?
The home needs new carpet and definitely some interior paint at a bare minimum. These are things we'd be willing to give allowances for in the selling price. But we've always said we were going to move our crap into storage, rent an apartment, and have the whole thing done all at once, including some additional projects to upgrade the kitchen, deck, and landscaping, and then have someone stage it.
So what do you think puts you on top financially? Sell low but with minimal added investment, but perhaps it will sit on the market awhile? Or sell high after making a lot of upgrades and hope to recoup the costs?
I'm in Windsor Forest in N. Raleigh, where homes can sell in 3 or 4 days in this market if they are move in ready, but where they can linger for quite some time if they need work. We bought about 4 - 5 years ago, so the average prices have gone up about $40K. I'd love to hear your thoughts.
What is better? Sell our home as is or update it first then sell?
The home needs new carpet and definitely some interior paint at a bare minimum. These are things we'd be willing to give allowances for in the selling price. But we've always said we were going to move our crap into storage, rent an apartment, and have the whole thing done all at once, including some additional projects to upgrade the kitchen, deck, and landscaping, and then have someone stage it.
So what do you think puts you on top financially? Sell low but with minimal added investment, but perhaps it will sit on the market awhile? Or sell high after making a lot of upgrades and hope to recoup the costs?
I'm in Windsor Forest in N. Raleigh, where homes can sell in 3 or 4 days in this market if they are move in ready, but where they can linger for quite some time if they need work. We bought about 4 - 5 years ago, so the average prices have gone up about $40K. I'd love to hear your thoughts.
If you don't update, discount the Listing Price enough to reward a Buyer for taking on the project.
In other words, if a carpet estimate is $4,000, figure on a $5,000 discount, or even more. This will reward a Buyer for accepting the responsibility, and the hassle, of upgrades.
What is better? Sell our home as is or update it first then sell?
The home needs new carpet and definitely some interior paint at a bare minimum. These are things we'd be willing to give allowances for in the selling price. But we've always said we were going to move our crap into storage, rent an apartment, and have the whole thing done all at once, including some additional projects to upgrade the kitchen, deck, and landscaping, and then have someone stage it.
So what do you think puts you on top financially? Sell low but with minimal added investment, but perhaps it will sit on the market awhile? Or sell high after making a lot of upgrades and hope to recoup the costs?
I'm in Windsor Forest in N. Raleigh, where homes can sell in 3 or 4 days in this market if they are move in ready, but where they can linger for quite some time if they need work. We bought about 4 - 5 years ago, so the average prices have gone up about $40K. I'd love to hear your thoughts.
I'm going to say..."it depends". It depends on the prices of the homes that have been selling and if the homes that you are using for your comps are upgraded.
If you upgrade now, what will it cost you versus what you'll get back?
If you don't upgrade, how much will you discount because your home isn't as nice as the other homes?
It also depends on how many other homes are on the market (your competition). Look at it as if you are a buyer, yourself.
Would you prefer to have a home that is "move in ready" or would you prefer to pay less (how much less) and take on the project, yourself?
Yep...the answer to your question is...it depends.
I had the same issue last time I sold a home. The place was under three years old, but the carpet needed replacing downstairs, some rooms needed fresh paint, and a couple rooms were painted a yellow/gold color. I fully expected to be asked for allowances.
I was wrong. The guy that bought it didn't care about the carpet b/c he wanted laminate installed throughout the entire downstairs. He also have very distinct ideas on paint selection and had planned on having the place painted prior to moving into it. I probably just got really lucky but wanted to throw my experience out there.
There's a good article on the front page of real estate section in today's N&O. They give a great overview of what needs to be done to sell a home in today's market.
I had the same issue last time I sold a home. The place was under three years old, but the carpet needed replacing downstairs, some rooms needed fresh paint, and a couple rooms were painted a yellow/gold color. I fully expected to be asked for allowances.
I was wrong. The guy that bought it didn't care about the carpet b/c he wanted laminate installed throughout the entire downstairs. He also have very distinct ideas on paint selection and had planned on having the place painted prior to moving into it. I probably just got really lucky but wanted to throw my experience out there.
I agree with "it depends." I bought a house that needed a lot of work but I was willing to take on those projects (well, mostly hiring people to get them done) because I really wanted the house. I had a previous contract fall through on a house in the same neighborhood with really ugly blue carpet and some equally bad wallpaper. They found another buyer a month or so later. But, this is a fairly desirable neighborhood and at the time listings were in short supply (this was in June).
My neighborhood in Apex is very cooker cutter. There's currently a dozen or so houses for sale. To get my house sold I'll be painting, carpeting, installing new kitchen appliances and making sure the place is spotless. Even with all that I know I'll need to price aggressively to sell.
So, I guess my advice is to take a look at your competition. If there isn't much, then you may get lucky and find a buyer who will take it as is, and not expect a huge discount. But, if there are a lot of choices in your price range & neighborhood, then at the very least I'd paint and carpet. The other projects I probably wouldn't bother with, although if your appliances are very old you might go ahead and replace those.
There's a good article on the front page of real estate section in today's N&O. They give a great overview of what needs to be done to sell a home in today's market.
It is a good article.
With a couple of major flaws.
DIYer's prepping to sell should NOT install their own carpet unless they are good at it. It takes skill to install carpet adequately for resale.
12" granite tile on kitchen counters is a very poor substitute for granite countertops.
I'd redo the carpet and paint, at least. It will make the place look maintained. As for the other stuff, unless it was a complete eyesore (like pink bathroom tiles or something) I'd do whatever I could to dress it up, without actually investing a lot of money in it. ROI on major upgrades is almost never 100%.
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