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How do I decide if I should sell my home as is or update the kitchen and 2 baths. The home is in gr

How do I decide i I shuld sell my home as is or update the kitchen and 2 baths?  The home is in good condition, it is 20 years old and could use an update.  . 
  • September 01 2012 - Pensacola
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Answers (8)

I'm interested to know what you decided to do?
The other option not listed here is to market the property as a "Ready For Renovation Loan Financing"...having those HGTV before and after photos from magazines to suggest what the new owners could do to personalize the space.
Too often I have seen seller's invest money to upgrade a home to sell, (this is the old school thought process), and not recuperate their investments and the buyers not really like the choice of upgrades.
The new school of thought is to work with a lender that provides renovation loan financing options and involve a local contractor to provide some bids, so the buyer can realize actual costs to renovate the space...
"Ready for Renovation Loan Financing"
Voila! 
  • December 30 2012
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Christopher outlined the steps perfectly.  In some instances you may not recoup the investment of the remodel.

I did two baths middle line down to the studs - $10,000 each.  I did my kitchen and reconfigured it for more space with new moderate cabinets, appliances and granite - $22,000.

Depending on your market and how it came through the meltdown you may not be able to add $40K to the price of the house.
  • September 23 2012
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Chances are, if you update your kitchen and baths, you may not want to sell it after that. ;) LOL If you haven't been helped yet, please check out my website and call me with any questions. [Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]
  • September 22 2012
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Call me in the morning [phone removed by Zillow moderator] To answer your question. it completly depends on your area. sometimes you can net more fixing and updating but you have to be careful not to out do your neighbor. good luck with the sale.
  • September 02 2012
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Update.
  • September 02 2012
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It is pretty simple.

1) You speak with a realtor first, and preferably one that works with an investor. That is because they tend to know where the cheapest material and contractors are in town. Do not hire a contractor at retail prices it will not make sense for what you are doing. A realtor will save you a ton of time and money on this front.

2) The realtor will first give you the "As-is" value of the home. There will still be some expectations on cleaning and de-cluttering, etc...

3) The realtor will then give you an "after repaired value of the home". This is the top number the house could realize in your market.

4) Let's say that if you fix up the house you can realize an extra $30,000 for the sale of the property. It only costs you $15,000 of repairs to get there. This is primitive, but if you can double your money then it is a good idea.

5) It is really that simple. Now, the realtor may suggest other items before the kitchen and baths. Typically you always "Repair before Remodel". Also, selling a home is all about "removing objections a buyer may have". A realtor will tell you potential reasons a buyer will not like the home. Those get fixed first in priority and actually NET YOU THE MOST RETURN. HGTV does not get that crap right, but then again they are not in the business of selling.


It is very possible you end of doing other mini projects besides just the kitchen and baths. At the end of the day I just need to know your budget, and from there come up with the most cost effective way to NET it a high return. If you are not making money on the projects then just sell it As-Is.

Good Luck!   
  • September 02 2012
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I suggest that you have 2 contractors come to your home to give estimates for the remodel of your bathrooms and kitchen.  You may find that the expense is too high to consider.  You won't be able to recoup all of the money when you sell your home.  Perhaps there are some remodeling you can do yourself; talk to experts at Walmart, Lowes, etc.
  • September 01 2012
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I would ask friends and family to recommend a couple of agents you could speak to. They will come over and give you their advice on whether the renovation would be cost effective. It is rare for a remodel to net a dollar for dollar return, but some updates could determine if you are able to sell your home at all. Of course the agents will be hoping to earn your business in the future.

Simply googling the terms "remodel to sell your home" gives article after article: Google

However, a local agent who knows the market could be very helpful.
  • September 01 2012
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