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Jeff Lubetkin

XYZ Brokerage

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Should I put house on Market or remodel?

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ztclarke

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I bought my first home with attentions on doing some major remodeling. This home is an older home and previous owners have done the minimum to take care of it. I did get it for $95 thousand when it was listed for 115 on zillow. I started with the living room the first year and after that first year everything went to hell. From replacing the A/C and frunace to buying new water heater, it keeps pilling up. I still need to replace the cabinets, fix the garage door, demo/repour the driveway, and so much more! And with my 60hr/week job and my paycheck being poured in this house.....I think I am tired of dealing with the constant struggle of making this a home. I really want out. Should I keep at it or sell it as is?
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September 11 2007 - US
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Michael Ricks GRI

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This is a question we are ask all the time, the problem is where do you stop and as you say; you don't have the time. Paint can do a lot, will you get 5-10K more if you complete those projects?I would consider cleaning up the house as much as possible and putting it on the market, I don't think in a declining market it would make sense to take six more months to finish the projects while the property is going down in price.
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September 11 2007
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Robin Lynch, "robin398"

West Harrison

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How do your home compare to others in your neighborhood? If other homes have a new kitchen then update some features in your own kitchen. There are easy ways to update your kitchen without burning money. Maybe just a fresh coat of paint or refinishing your cabinets is an easy way to update. You don't need to be extravagent with other features. If neighbors have in-ground pools, it doesn't mean you need to put one in also. It is an amenity and not a necessity.

How long do you plan at living at your current residence? If you plan on living in your home for a long time to come then the money that you invest will reap its rewards for the future. If you are planning on moving in the near future then the upgrades that you make now should be the right ones that will be an incentive for buyers and will increase the value of your home. You should focus on the kitchen, bathrooms, painting and floors.

What did you originally pay for the property and how much will you list it for now? If there is a vast range between the original price of your home and what you plan on selling it for then you will have more elbow room for upgrades. How do you find out how much your property is worth? It costs up to $400 to get an appraisal done. You can also have a realtor do a FREE Comparative Market Analysis. This is not an official appraisal, it an help you understand the highest price you can get for your property and if market conditions are favorable in your neighborhood.

Do you like living in your home? People make improvements because they want to get the most out of their home.
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September 11 2007
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ztclarke

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The Cabinets need to be replaced. The previous owner had tons of cats and they peed in there. Then she passed away and the house was vacant for couple years. Mice have then taken over. I have gotten control of the rat problem and maybe catch one or two every six months. I have nothing in there and been using plastic storage bends for storing kitchen stuff. The floor is laminate that is on top of laminate then on top of 1/2" plywood. The master bedroom has this ugly wood walls. plus the master bathroom is small and needs remodeling. Other than that....I have replaced the 20 year old a/c unit, have added a wall that seperates the living room and front door which created a front hallway and added a coat closet with that wall. I have also replaced the water heater and some of the plumming (it was rusting and replaced it with copper). I am sick of fixing when I want to be improving. I will be getting my settlement (automobile accident) and really want a new home.
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September 11 2007
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pinksandbaby

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how about some gasoline and a match?

I'm just kidding...
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September 11 2007
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mpal

Norwalk, ct

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sounds like a fun home remodle to me, but if you don't love it anymore, then you should sell, it's just such a tough market now, even for people with houses that are in move in condition!
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September 11 2007
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Carrie R

Port Republic, Maryland

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ztclarke,

I agree with mpal. It sounds like you dont live your home and that makes it so hard to find the energy to work on it. You may have a tough time selling but sounds like that is what you want to do. I'd call a couple agents and see what they think.
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September 11 2007
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2 Big 2 Fail

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"how about some gasoline and a match?"

Don't kid yourself. Lots of people have already gone down this route...
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September 11 2007
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rockinblu

Glen Carbon, IL

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As Robin said, "How does your home compare to others in the neighborhood". Is the neighborhood in decline? If it is I would follow the advice that was given me many years ago by a friend and agent. He said "Move don't improve". If your home is the the just one of a couple of bad eggs, and you like the neighborhood and really see the potential for the house, stay and improve. You could move into a situation where you have to start replacing all over again. On improving, my agent friend also told me not to be Mr. Jones because chances are the neighbors are not going to keep up. So don't go overboard. I didn't listen and now 20 years later, I am in a subdivision I can't wait to get out of, with a house unfairly judged by comps that don't compare. Do not make the same mistake.
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September 12 2007
 

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