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I have around 80k in equity on my home i will be selling in October in a very hot market. The things that i would want to do if i bought the home is living room carpet out, tile on kitchen countertops out, older sliding door replaced, and bathroom fiberglass showers refinished or replaced. In a hot sellers market should i just clean the place up as best as i can and sell or should i look into changing any of these areas? Each one works fine but first time selling and just want opinions and different perspectives.
I have around 80k in equity on my home i will be selling in October in a very hot market. The things that i would want to do if i bought the home is living room carpet out, tile on kitchen countertops out, older sliding door replaced, and bathroom fiberglass showers refinished or replaced. In a hot sellers market should i just clean the place up as best as i can and sell or should i look into changing any of these areas? Each one works fine but first time selling and just want opinions and different perspectives.
You need to interview different agents in your market who have SEEN your property. That is the only way to determine if you should do anything.
There's articles on the Internet about what upgrades are worth the investment as a general rule of thumb. Kitchen and bathrooms are most important. Aside from that you need to think about whether your home is a first time buyer's type home or a second time buyer's upgrade home. This can effect how much you spend on things like a kitchen counter top. If your home is a relatively cheap home in a higher end neighborhood, then it could be a target to be gutted out and rebuilt with a 2nd story. Talk to some experienced realtors, although keep in mind that realtors have a conflict of interest. The higher the sale price the more commission money, so they might tell you to spend the money when it might not be in your best interest.
Yes I've talked to a few agents and they recommend the same kitchen and bathroom if doing anything at all. We definitely fit the first time homebuyer for this area. This is a townhome where homes are sold on avg for 800k. Ours according to our agent will go anywhere from $450k to $510k if selling in October. i will look into the whats worth upgrading just to see if i missed anything. We're leaning towards selling it as is
Ours according to our agent will go anywhere from $450k to $510k if selling in October.
I (estimate) have around $80k in equity
1) How long have you been there?
2) How much will you have to spend on those "repairs" in order to sell at a high enough price...
and/or to close sooner and to KEEP all or most of the equity?
At $500,000 sale price -- after RE commissions and closing costs are paid --
it wont take much in repairs to wipe out most of what remains of your $80K in equity
Quote:
i will look into the whats worth upgrading just to see if i missed anything.
We're leaning towards selling it as is
Then stop using terms like upgrading... focus on the actually broken/damaged.
I’d go as is, provided everything works and is clean.
You’re never going to get dollar for dollar on upgrades.
Agree, with 80 grand in equity, you certainly don't have a lot of room for upgrades in kitchen and bath unless you want to sell your house with little money left in your pocket. I'd make sure everything looks clean and works properly. Forget the upgrades, they aren't worth it.
You answered your own question. It's a hot sellers market and updates aren't necessary in that kind of environment unless it's dirty/an eye-sore or non-functioning. Clean everything to the best of your ability, declutter and stage rooms according to their designed purposes (dining rooms should be that, not an office or home gym for example).
Why so so many of these RE posts not include location? If it's a hot sellers' market you shouldn't have to worry. If we knew your location, the RE agents could advise you better. If you're in California, it probably is a hot seller's market. If you're in Mississippi, you might have just paid too much for the house.
Updates may not be necessary but I assume that without them, you'll be at the 450K end of the range rather than the 500K+ end. Depending on how many other units are for sale at the same time, you may also take longer to sell for the non-updated version.
That doesn't automatically mean you should update, of course, it depends on your goals in selling. If the 80K is your equity based on the low end of the range, then maybe it is worth putting say 10K in, so you sell faster and it puts you into the middle of the range rather than at the bottom - assuming you have the cash on hand to do that, of course. To me, that would include replacing the carpet, shower door and sliding door, but not replacing tile counters. I would have someone come in to clean the grout though, it makes far more of a difference than you can imagine.
But to be honest, it's tricky question to post here because some people have very strongly held opinions that you should never do any updates prior to selling and others think you should do practically a full remodel. I'd discuss it all with your agent, that's what they are getting paid for, and figure out what is the best choice for your specific home in your particular market.
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