Profile picture for scott9095

I'm being relocated. Should we finish our house (trim, 2nd bath, etc.) before selling or sell as-is

We have been renovating a house and I am being relocated in 6 weeks.  The major contruction is finished and it is livable but need a lot of finish work (trim, 2nd floor bathroom [2 full baths already complete], main floor laundry room [basement laundry room complete], paint, etc.)  It's tempting to finish it quickly (estimate 3 - 4 weeks to complete) but I keep thinking that if I were buying, I'd rather have it unfinished, pay less for the house and finish it myself to my own taste before I move in, semi-custom.  Does finishing the house usually add more value than the cost to finish?
  • January 27 2009 - Hartford
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Answers (7)

If you can do the renovations without much cost, the appeal will attract more buyers, puting it on a higher "probability" to sell

Click on my picture for my info  if you want to receive information regarding Renovations, i can email it to you

  • January 29 2009
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Profile picture for geo12123454
Number 1 where are you moving? Hopefully to the warm sun! Remember that you have competition with everyone in your school district with that same price point! Take a look at the others to get your answer.
I lived in CT in old lyme for a little while it is so neat up there I'm sure you are going to miss it!
Thanks
Georgie Porgie
  • January 28 2009
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If you do choose to finish the renovation keep colors neutral (paint, carpet). Having a home that is 'move in ready' may set your home apart from many other homes (think foreclosures) that require work from day one of ownership. While you may not gain a profit on the remodeling you have done, your market time should be less, which is important if you are moving clear across country. (Think about not having to worry about that old house back home AND having a potential for two mortgages).
  • January 28 2009
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Unfinished, you will limit your potential pool of buyers to those who want to buy a fixer upper.  So it may be more of a time to sell issue than a price one.

I would approach this more on terms of a remodeling project.  Then there are reports on the web that are called "Cost to Value" reports that provide a detailed percentage of RIO for every dollar spent on different rooms of a house.  It is never a 1:1 ratio, though some rooms like baths and kitchens are close.

I think it still boils down to how long will it take to sell unfinished vs. how long will it take to sell finished.

  • January 28 2009
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Profile picture for Ben Faubert
In this market it's hard to say that you could break even on finishing costs. If you can diy with out spending to much go for it  buyers have a lack of vision and they like to focus on all the negitave aspects

Good Luck
  • January 28 2009
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The key to this answer is that a person of your skills probably won't be the one to purchase your home!  You evidently are a skilled DIY or contractor . . . most people are looking for easy care and move in ready.  Even if you sell for a lower price, people will want to decrease the price even more because of the finish work that needs to be completed. 
Finish the work in a professional manner and it will aid in a quicker sale and appeal to a broader base of buyers!

  • January 28 2009
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Profile picture for sunnyview
Usually, finishing with certain money limits does add more than it costs. Most buyers lack vision for what it will look like finished or simply time, so a finished house will get you more generally than an as is or even needs trim house. Price the comps in your area and find out how much it money you will spend to finish the project to make sure you are still within the price range. If you are, you will likely get a higher and faster sale by finishing. You can also call a local agent for a detailed opinion about what they see selling the best in your neighborhood and price range. They are usually happy to help.
  • January 27 2009
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