Profile picture for ztclarke

Should I sell now or remodel?

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 nice home. Should I keep at it or sell it as is?
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September 11 2007 - US
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Replies (7)

Your ability to sell is going to depend on the condition of the house. It is also going to depend on whether or not you are living in the house. I have been there and it is really draining so you should try to take your projects in smaller increments if possible.
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September 11 2007
Profile picture for wcwcw
You give none of the really important information in your question. How long have you been in it? The house may have been listed on Zillow for 115 when you bought it, but what is it worth now in its present condition? Are you going for super nice or are you going for livable? Is this affecting your family or your personal mental state? How much do you owe and where would you live instead? You have to list your options and decide compared to your alternative. The fact that you started with the living room makes me wonder. Always start with heating, plumbing, electrical and foundation before worrying with pretty stuff. Hate to rip out that crown molding to get rid of aluminum wiring!
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September 11 2007
I'm with sas912. It sounds like you intend to live in this home, rather than fix it up and re-sell it to make a few bucks. If that's the case, I'd just slow down on the fixes. Do you really need the driveway to be re-poured this year, or can you wait a couple years? Can you live with old ugly cabinets for a little longer? (We've been living with ours for nine years...) Slowing down will reduce the drain on your sanity and your wallet. And, aside from your desire to be done, there's no rush to finish everything now. As long as the house is all fixed up by the time you sell it, you'll still get a nice price for the home, hopefully recouping the money and sweat equity you've put into it over the years. Hang in there!
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September 11 2007
LOL Andy!

Ztclarke,

I actually lived for several years with no floor in the downstairs of my current house just an open pit. The contractor put a plank from the front door to a beam and from the beam to the staircase upstairs; no lights, no AC which wreaked havoc with my ability to cool the upstairs of the house. I did it in phases because I did not want to borrow the money, only do the work as I could afford it. As a lawyer, it was embarrassing to live like that but after a while, I just got over it and continued to entertain like I always did. One Christmas I actually had 16 people for Christmas Day dinner and several of them said later it was the best Christmas dinner they could remember - I cooked dinner for all those people on a 20 in stove in a little tiny kitchen over my garage!

If you do it as you can afford it, you will make better decisions. You can always come here for support when you start thinking of dismembering the next contractor who fails to show up for an appointment or to start a job!!! You do HAVE to keep a sense of humor, though.
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September 11 2007
Also selling a fixer right now is practically impossible, unless you dump it real cheap, so selling it might be more of a pain than fixing it ;)
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September 11 2007
Hey Justyn,...I disagree. i will be looking specifically for a fixer (though I will of course expect it to cost less than remodeled houses) when the market here pans out. I'm in Ca,...so you know that's still a while out.
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September 12 2007
Key word is "right now". In majority only investors are buying fixers right now and they are not paying good at all.
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September 12 2007
 
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