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OK. So I've looked at the open threads, and none match my situation. Rather than revive one that is years-old, I figured the best thing is to start my own.
I would like to sell my home sometime before next winter (say, 01 Oct), leaving me four-to-six weeks to move before closing. I own the house with no mortgage. I'm retired, and my health precludes doing much more than packing up my stuff and cleaning the house, I will have to use a moving company to move anything heavier than say, fifty pounds. I have all my tools (two sets, I worked as a Mechanic for many years and have duplicates, plus roll-around chests, plus a garage full of other stuff). I have a lot of inherited antiques, many of which I would like to sell prior to moving. I plan to have three antique dealers give a price on the lot - if reasonable, someone is going to have a Very Good Day. If not, well, I don't even want to think about taking all this stuff with me - probably two full rooms full of stuff. I will keep maybe two or three rooms of "my" stuff (beyond the tools and garage stuff) - much of the remaining furniture will go in front of the house, be left for the new owner if he wants it, or to Good Will, I'd rather buy new when I get settled in the new place, and I'm a Minimalist at heart anyway.
The house needs a LOT of work - it has had minimal updates in its sixty year life - all appliances are at the end of their lifespan or beyond; both bathrooms and the kitchen are original and need replacing, the driveway is original concrete and badly cracked up; the garage needs painting, the fence is chain link, serviceable but needs painting; the roof doesn't leak but it's twenty years old. I put in new HVAC last year (only because I had to). I had new windows put in maybe eight years ago. The landscaping is mowed regularly, but that's about it. The exterior is brick and common to the neighborhood (inner-ring Chicago suburb, 1400 s.f. plus basement, 1/6 acre lot), it is NOT a teardown. The living room and bedroom floors are hardwood, two are serviceable, two need refinishing. The entire interior needs repainting, and the basement is "mostly" unfinished (it was finished once on the cheap, but I've torn most of it out). There are several basement foundation cracks that "weep" during heavy rains. Looking at Zillow, comparable homes sell for between $180 and $300K (depending on how much work they need - similar to the condition of mine at the low end, and fully remodeled at the high end). Part of the problem of selling is my two roommates - scary looking but friendly pit bulls, who would really complicate showings, plus I'm sure the house "smells like dog" (they complain it smells like human). I keep it clean enough for occasional company, but keeping it "show ready" would be tough, especially with the hounds. My opinion is that I can't be living here during showings if I go the conventional route.
Covid prevented me from finding my "new" home in 2020. I'm in a fairly high-health-risk group, and haven't had a single realtor in to look at mine, and don't want to until I get my jabs (probably not until May or so). Being a fairly likeable fellow, my BIL wants me to move in with him (he's got a new home, and the basement was set up as a walk-out apartment - it is definitely a consideration, but I'm not a fan of the climate, although I get along great with him - I would pay rent equal to his taxes and utilities). Getting a "regular" apartment or other local rental would be almost impossible because of the dogs. So, I need to have a new place before selling mine - luckily, money to do so isn't an issue, only the logistics of it all, I can afford to own two homes outright at the same time (although it might take my Roth to do so, it might be smarter to do a partial loan on the new place and pay it back with the sale of my existing), but I certainly don't want to own two homes long-term. On the other hand, I currently live off savings - I have a small pension and don't want to take SS until age 70, so getting a loan may be problematic with little steady income. Since I would be relocating at least two hundred miles, having to return to oversee any work would be a pain, if I hire someone, I would prefer it to be essentially "turnkey".
So, with that outline of my circumstances, do I:
1) Call the "We Buy Ugly House" guys in about July? Or better, directly find my own Flipper and cut out the "Ugly" middlemen? I did this with my Aunt's home three years ago (a house similar to mine, it sold for $150K to an ambitious young couple, and I'd be satisfied to get the same for mine). A neighbor sold to an "Ugly" outfit a couple of years ago for $80K, but it really wasn't a comp., it was older, smaller, needed a complete gut, and quite a bit "uglier" than mine - my guess is they'd come in at about $110-120K on mine.
2) Move, and hire a company that will clean, paint, repair as-needed items. and then list with a Realtor? Is there such a company? I don't think it would make sense to go nuts and replace all the appliances and remodel the kitchen and bathrooms, largely since my taste is lousy and don't want to exclude buyers who would prefer something different to what I think looks good - it would be sold as a "fixer upper". Again, I'm not in shape enough to do much myself, I've had two back surgeries and need a third, along with a new hip and knee. The interior is "functional", but Ugly.
3) Bite the Covid bullet and start interviewing Realtors, and take the Winner's advice?
4) Some other option I haven't considered yet, I'm looking for ideas. Eight months to go and counting.
1. You might be farther ahead to go with an iBuyer. OpenDoor, Zillow, etc, than an "Ugly Houses" flipper.
2. Check the lending market.
You may be able to get a line of credit against your house to give you cash to purchase another one before you sell. And, when you sell the loan is paid off from your sale proceeds.
3. How hot is your local market?
It may not be necessary to do more than get out, have it cleaned, and sell without putting any money into it. Here, I am seeing fixers going at amazing prices.
I am big on holding sellers back from spending too much before selling.
Second the suggestion of Open Door etc. and sell your antiques NOW. Leaving that kind of thing till the last minute will only stress you out. Once you get the ball rolling on this you’ll be inspired to figure things out as the answers will become clearer.
I'm retired, and my health precludes doing much more than packing up my stuff and cleaning the house,
IMO, this is all you really need to do. Your idea of decluttering is spot on. Sell/donate your "stuff" and move on.
Quote:
I can't be living here during showings if I go the conventional route.
... my BIL wants me to move in with him (he's got a new home, and the basement was set up as a walk-out apartment - it is definitely a consideration, but I'm not a fan of the climate, although I get along great with him - I would pay rent equal to his taxes and utilities). Getting a "regular" apartment or other local rental would be almost impossible because of the dogs.
Take your BIL up on his offer. As you know, finding another place that will accommodate your dogs will be very difficult. You can always move out when the housing market becomes a bit more favorable to buyers.
Quote:
3) Bite the Covid bullet and start interviewing Realtors, and take the Winner's advice?
This one. If your real estate market is like most of the rest of the country, prices are at an all time high and inventory is practically nonexistent, so selling shouldn't be difficult at all. Hire a house cleaning service (most realtors can give you referrals), price it competitively, and list it "as is" to alert buyers that you won't be repairing anything they find in an inspection.
The "we buy ugly houses" people will offer you 40 - 50% of what you can get in a conventional sale. Their market is people who need to sell fast, and this does not seem to be your situation.
If mortgage interest rates start to rise, this extreme seller's market could turn cold very quickly. So if it were me, I'd get going ASAP.
Your biggest challenge will be clearing the house of all of the stuff that you don't want to take with you. Make that your primary concern and start at it. I wouldn't worry about spending much on fixing the place up--let someone looking to enter the market at a lower price point do that. People often underestimate what it will cost to even just paint and fix up the minor things, so it may not affect your price as much as you think--especially in a strong seller's market.
4) Some other option I haven't considered yet, I'm looking for ideas. Eight months to go and counting.
Let me throw this idea at you~
Realizing you're in Chicago, this may be a tough call, but here in San Diego, there are real estate agents that are ALSO general contractors. Here's how their program works~
You have some refurbishing/repairs to make on your home. They'll repair your home with their own money. Once your house sells, they are reimbursed the money they spent to refurb your house. Realizing that your home should sell for more than the repairs cost, the "net" would come to you. This is a win-win. You get more money in your pocket, due to the higher selling price, even above the cost of refurbishing, which costs you NOTHING.
Another option is to fix up and rent your existing place. Since it's paid for, you'll have a steady stream of income. (As long as you don't rent to animals, the damage should be minimal hopefully.)
You move in with BIL, while receiving rent monies from your home. This should help cover your living expenses. This is, IF you want to be a landlord. The current COVID rules/regs have had a large impact on renters as of late. Might look into this.
Lastly, since you're a "minimalist," you might want to start getting rid of your tool sets. I know you were a wrench, and probably have an emotional attachment to many of the tools. (I am to mine.) Anyway, if you haven't used them in 18 months, then it's time to sell them to someone who would like to make a living turning wrenches too. Or, donate them to a local community college auto shop program. A trade school would be even better. Just trying to help you "reduce/simplify."
Another option is to fix up and rent your existing place. Since it's paid for, you'll have a steady stream of income. (As long as you don't rent to animals, the damage should be minimal hopefully.)
Given the OP's circumstances, I would highly recommend that he NOT consider this option.
Bite the bullet and interview realtors. Both wear masks; air out the place when your visitors leave.
Agree. Things can be done safely. Over the past 11 months I've had (major) dental work, we've all had our teeth cleaned, son had his wisdom teeth removed, I had yearly mammo....life must go on. ALL of those medical things require close and in some cases prolonged contact. No issues. Just make sure the realtors you interview are willing to go along with what you are comfortable with.
OK. So I've looked at the open threads, and none match my situation. Rather than revive one that is years-old, I figured the best thing is to start my own.
I would like to sell my home sometime before next winter (say, 01 Oct), leaving me four-to-six weeks to move before closing. I own the house with no mortgage. I'm retired, and my health precludes doing much more than packing up my stuff and cleaning the house, I will have to use a moving company to move anything heavier than say, fifty pounds. I have all my tools (two sets, I worked as a Mechanic for many years and have duplicates, plus roll-around chests, plus a garage full of other stuff). I have a lot of inherited antiques, many of which I would like to sell prior to moving. I plan to have three antique dealers give a price on the lot - if reasonable, someone is going to have a Very Good Day. If not, well, I don't even want to think about taking all this stuff with me - probably two full rooms full of stuff. I will keep maybe two or three rooms of "my" stuff (beyond the tools and garage stuff) - much of the remaining furniture will go in front of the house, be left for the new owner if he wants it, or to Good Will, I'd rather buy new when I get settled in the new place, and I'm a Minimalist at heart anyway.
The house needs a LOT of work - it has had minimal updates in its sixty year life - all appliances are at the end of their lifespan or beyond; both bathrooms and the kitchen are original and need replacing, the driveway is original concrete and badly cracked up; the garage needs painting, the fence is chain link, serviceable but needs painting; the roof doesn't leak but it's twenty years old. I put in new HVAC last year (only because I had to). I had new windows put in maybe eight years ago. The landscaping is mowed regularly, but that's about it. The exterior is brick and common to the neighborhood (inner-ring Chicago suburb, 1400 s.f. plus basement, 1/6 acre lot), it is NOT a teardown. The living room and bedroom floors are hardwood, two are serviceable, two need refinishing. The entire interior needs repainting, and the basement is "mostly" unfinished (it was finished once on the cheap, but I've torn most of it out). There are several basement foundation cracks that "weep" during heavy rains. Looking at Zillow, comparable homes sell for between $180 and $300K (depending on how much work they need - similar to the condition of mine at the low end, and fully remodeled at the high end). Part of the problem of selling is my two roommates - scary looking but friendly pit bulls, who would really complicate showings, plus I'm sure the house "smells like dog" (they complain it smells like human). I keep it clean enough for occasional company, but keeping it "show ready" would be tough, especially with the hounds. My opinion is that I can't be living here during showings if I go the conventional route.
Covid prevented me from finding my "new" home in 2020. I'm in a fairly high-health-risk group, and haven't had a single realtor in to look at mine, and don't want to until I get my jabs (probably not until May or so). Being a fairly likeable fellow, my BIL wants me to move in with him (he's got a new home, and the basement was set up as a walk-out apartment - it is definitely a consideration, but I'm not a fan of the climate, although I get along great with him - I would pay rent equal to his taxes and utilities). Getting a "regular" apartment or other local rental would be almost impossible because of the dogs. So, I need to have a new place before selling mine - luckily, money to do so isn't an issue, only the logistics of it all, I can afford to own two homes outright at the same time (although it might take my Roth to do so, it might be smarter to do a partial loan on the new place and pay it back with the sale of my existing), but I certainly don't want to own two homes long-term. On the other hand, I currently live off savings - I have a small pension and don't want to take SS until age 70, so getting a loan may be problematic with little steady income. Since I would be relocating at least two hundred miles, having to return to oversee any work would be a pain, if I hire someone, I would prefer it to be essentially "turnkey".
So, with that outline of my circumstances, do I:
1) Call the "We Buy Ugly House" guys in about July? Or better, directly find my own Flipper and cut out the "Ugly" middlemen? I did this with my Aunt's home three years ago (a house similar to mine, it sold for $150K to an ambitious young couple, and I'd be satisfied to get the same for mine). A neighbor sold to an "Ugly" outfit a couple of years ago for $80K, but it really wasn't a comp., it was older, smaller, needed a complete gut, and quite a bit "uglier" than mine - my guess is they'd come in at about $110-120K on mine.
2) Move, and hire a company that will clean, paint, repair as-needed items. and then list with a Realtor? Is there such a company? I don't think it would make sense to go nuts and replace all the appliances and remodel the kitchen and bathrooms, largely since my taste is lousy and don't want to exclude buyers who would prefer something different to what I think looks good - it would be sold as a "fixer upper". Again, I'm not in shape enough to do much myself, I've had two back surgeries and need a third, along with a new hip and knee. The interior is "functional", but Ugly.
3) Bite the Covid bullet and start interviewing Realtors, and take the Winner's advice?
4) Some other option I haven't considered yet, I'm looking for ideas. Eight months to go and counting.
I think how much work you need to do depends on the market you are in. There are some markets that are so hot right now, I wouldn't even bother. Where do you live if you don't mind telling us?
I wouldn't go for the easy sale with the Big Ugly houses unless you are desperate. They will give you a fraction of the worth.
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