Profile picture for empowered4me

New Roof and master bath before selling??

My home was built in 1920. I bought it in March 2003. I can no longer afford the mortgage and upkeep of the home and I would like to sell. I know the house needs a new roof and an updated bathroom...but, I can't afford to do either. Am I crazy thinking, that in this competitive market, there has to be a buyer who will be willing to buy a house that isn't 100% perfect?!? Thanks!
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April 15 2010 - Lakewood
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Replies (6)

Profile picture for wetdawgs
If the house needs a new roof, most sellers will have that as part of the contingencies for either roof replacement money at closing or have it done before closing.   You can't escape that one.  

Master bath: if it is functional, then I wouldn't touch this one.  If it is moldy, rotten, smelly etc - I'd do the minimum to combate leaks, mold, and other things affecting functionality.

There are so many houses on the market that fixer uppers need substantial price discounts to be attractive.

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April 15 2010
Profile picture for sunnyview
I would not do the master bath beyond what wetdawgs suggested. On the roof, you may want to have a roofer look at it and see if they would be willing to give you a 2-3 years roof certificate so that you can sell it without a new roof. Sometimes you can spend $100-200 in repairs and another $200-300 for the certificate that guarantees to the buyer that the roof will not leak in that time and any repairs to fix it are covered sort of like a roof insurance policy. It might be cheaper for you that way and it would still allow an FHA buyer to buy your house.
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April 15 2010
As a professional stager, I always tell my clients to take care of condition before dealing with presentation.  If there are no roof leaks, but the roof is old, please take Sunny's advice.  If the roof is clearly failing, prepare to take to your agent (when you select her/him) about how that will impact pricing.

If there are condition issues in the bath, again, they will impact your price.  If the problem with the bath is age, remove as many things as you can, organize the rest, then clean, clean, clean. 

Do what you can with presentation throughout the house.  The better it looks, even if there are condition issues, the more likely it is buyers will react positively.  On my website, in the science & art of staging, I offer lots of advice about preparing a house for sale.  If you wish, explore there.
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April 16 2010
We are Seller's Agents & Buyer's Agents in & around the Lakewood area.  There are many homes in Lakewood that were built in the 1920's.  Many people want to buy "the charm" of those homes.  Some homes in Lakewood have been greatly improved & others have not.  It all depends on your listing price compared to those homes which have recently sold & those that are currently for sale in your market area with the conditions you described.  Another point for discussion in a Lakewood 1920's home is the windows. Have your windows been updated at all?  I suggest you obtain a consultation from a Realtor to see what you need to do to list your home for sale, since you said you are having trouble making your mortgage.  My partner & I believe in paying it forward, so we would be happy to give you no cost consultation, if you do not have a Realtor.   
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April 16 2010
You got a good answer from some Realtors in your area and I would suggest you contact them. Realtors are used to helping sellers analyze conditions, things to do and not do before putting the house on the market, and just what things make sense depending on what you have and current market conditions.  Your best source are the professionals who deal with this type of question on a regular basis, and I would again urge you to contact a Realtor. They can usually save you lots of time, money and stress as you struggle with the problems inherent in deciding when, if and how to sell a home.
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April 16 2010
How old is the roof? It's hard to get a mortgage when the roof is at the end of it's life, so that will likely need to be repaired before closing.
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April 16 2010
 
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