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Hubby and I found a house we love before we had planned to put our condo on the market. We had planned on re-doing the kitchen - new cabinets and countertops. Well, now we are putting the condo on the market later this week. As we looked into finding replacement cabinets, we realized that our cabinets are far from standard. To re-do the cabinets, it will cost 7-8k (tiny kitchen) and take 6-8 weeks.
We have decided to put the condo on the market w/o re-doing the cabinets. The ones there are horrible, and the rest of the condo is upgraded, including the kitchen appliances (they needed replacing in the last 1-2 years, so we went ahead and got what we liked). We plan to drop the price in 3-4 weeks and would be ok with offering a little $ for a kitchen rehab.
Any thoughts? I'm not sure if it is the best idea, but we would like to to close on the other house before the holidays (if our offer is accepted, ect)
If you are going to include renovation costs in your asking price, get samples of cabinetry and countertops (within the budget) and leave them in the kitchen for the buyers to see. Some buyers will want the kitchen renovated; others will want the price reduced and do the renovation themselves. You might also buy new, but inexpensive cabinet hardware. It can give an updated appeal to an otherwise drabby kitchen.
I agree with sanding and painting, if possible, and new hardware if it's that outdated. Don't go for a new kitchen unless you're planning on staying. Generally speaking, you cannot immediately recoup the investment on resale. Countertops are tough. Many people want granite and I would never recommend that a seller make an allowance for that. What colors are we talking here?
We found what we like, but won't close until this is sold. No two mortgages for us!
Quote:
Originally Posted by CouponJack
IMO, you are looking for trouble if you CHOOSE to purchase a home before you close on selling your own home. In most markets you could've done that 2 years ago, but those days are long gone....
You can map out a timeline "we plan to close before the holidays, yada, yada, yada..." however no one can accurately predict how fast they are going to sell their home.
Look how many stories here people post about "I have two mortgages and my stress level is going through the roof..."
Why would anyone choose to put themselves in that position if they don't have to?
I agree with sanding and painting, if possible, and new hardware if it's that outdated. Don't go for a new kitchen unless you're planning on staying. Generally speaking, you cannot immediately recoup the investment on resale. Countertops are tough. Many people want granite and I would never recommend that a seller make an allowance for that. What colors are we talking here?
The kitchen right now is white laminate w/ white laminate countertops (circa 1989). I've heard that sanding and/or painting laminate doesn't change much, although it would solve the problem of the extra hole in the cabinets. We have new(2 yrs old or less) SS appliances.
I like the idea of getting some countertop and cabinet samples to put in the kitchen, but what if you end up accepting an offer that is too low to consider changing out the kitchen as well? You might want to put up a sign by the samples stating that with an acceptable offer you are willing to have the cabinets and countertops replaced with any of the options provided or give money at closing for that purpose.
It's a tough question. Not everyone wants a kitchen done up to someone elses taste so if the price is right with money in there for the kitchen that may just be the thing that snags an elusive buyer. Never know, you may be able to spin it as a selling point that makes you stand out.
Also like the idea of the samples, it might just get the creative juices flowing in a prospective buyer who wants to stamp their own personality on the property.
It's a tough question. Not everyone wants a kitchen done up to someone elses taste so if the price is right with money in there for the kitchen that may just be the thing that snags an elusive buyer. Never know, you may be able to spin it as a selling point that makes you stand out.
Also like the idea of the samples, it might just get the creative juices flowing in a prospective buyer who wants to stamp their own personality on the property.
You are so right. With the glut of property on the market today, doing what everyone else is doing just isn't working. I've seen so many hardwood floors, granite countertops, stainless steel appliances and soaking tubs it's hard to keep them from running together. You have to do something to set your property apart from the rest and use that to your advantage. I've entered very specific buyer criteria into our MLS database and often gotten over 1,000 results. Now, how to choose?
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