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Replies (7)
- Nathan Wolf, "natewolf"
- Contributions:1825
You can market the home for sale with repairs to be completed, if you have a good estimate from a licensed contractor, this can usually be included as an escrow to be completed after the sale.
So if you have that kind of equity, compared to your neighbor's properties, you should be able to sell without a problem, because you have a lot of equity to play with.
So if you have that kind of equity, compared to your neighbor's properties, you should be able to sell without a problem, because you have a lot of equity to play with.
- real estate mike
- Contributions:2001
What's wrong with spending $15k and renting it out again at a higher lease price? I would not try to sell this property in it's current condition. You will have very low offers and miss out on thousands; from undone repairs and a bad market for sellers. You're in so cheaply that this should be a great long term investment for you and surely you get tax benifits. just my opinion, if you needed the cash would be a different story.
- Kate Case, "Kate_HomeStager"
- Contributions:78
Most buyers are looking for a move-in ready house. I agree with the previous post, you may be better off to hold on to this property a little longer and perfrom some minor upgrades and then either sell or rent it for a higher price. The real estate market is still on the low side for sellers at the moment too.
- Jessica Reed, "jessica.reed"
- Contributions:151
It is ALWAYS a good investment to own a home. On average the cost of homes have grown even more than the stock market since the 1920's. And since you are young and "naive" you have now bought a house that may not look good now but you can make into your vision of a home. Invest some money in the home, and later on if you decide to sell it will be worth much more than it is now.
- workabee
- Contributions:1030
Oh PLEASE save me from your NAR lies. Of course it is not ALWAYS a good investment to own a home. If you haven't figured that out by now, who would ever want to hire you for your "professional" advice.
- Michael Emery, "MikeEmery"
- Contributions:7298
It is ALWAYS a good investment to own a home
Save investing for the stock market. Homes are for shelter, raising a family, growing old - not for 'investing'. It was 'investors' that bought entire tracts of Minneapolis only to bail out when their 'investments' didn't quite pan out. That left block after block of empty and discarded homes.
Save investing for the stock market. Homes are for shelter, raising a family, growing old - not for 'investing'. It was 'investors' that bought entire tracts of Minneapolis only to bail out when their 'investments' didn't quite pan out. That left block after block of empty and discarded homes.
- Nancy Lee, "An OrderLee Home"
- Contributions:1195
Adriana,
It sounds to me you are approaching this very carefully and with intelligence. Keep up the good thinking. If you are going to continue living out of town and really do not expect to ever return to this house, and since you have found that having an investment property is not right for you, then do some serious research about what it would take to sell it and really what you can expect to make.
I suggest you contact several local RE agents, preferably those who have successfully sold houses in or near your location. Ask them to look at the house, prepare a report on comparable sales to give you an idea of probable value, and talk to you about the deferred maintenance. In fact, I even suggest you get a home inspection and find out if there are any surprises and/or easy maintenance it is in your best interest to get done.
If any of the deferred maintenance is cosmetic, check out various stagers websites or see what it would cost to have consultation with a local stager. We usually have a lot of ways to make cosmetic improvements at minimal price.
As Michael and Kate said, most buyers want very, very close to turn key houses. Buyers who are willing to purchase fixers expect to pay very low. So, do your research and plan your plan. I think you are on a good track.
It sounds to me you are approaching this very carefully and with intelligence. Keep up the good thinking. If you are going to continue living out of town and really do not expect to ever return to this house, and since you have found that having an investment property is not right for you, then do some serious research about what it would take to sell it and really what you can expect to make.
I suggest you contact several local RE agents, preferably those who have successfully sold houses in or near your location. Ask them to look at the house, prepare a report on comparable sales to give you an idea of probable value, and talk to you about the deferred maintenance. In fact, I even suggest you get a home inspection and find out if there are any surprises and/or easy maintenance it is in your best interest to get done.
If any of the deferred maintenance is cosmetic, check out various stagers websites or see what it would cost to have consultation with a local stager. We usually have a lot of ways to make cosmetic improvements at minimal price.
As Michael and Kate said, most buyers want very, very close to turn key houses. Buyers who are willing to purchase fixers expect to pay very low. So, do your research and plan your plan. I think you are on a good track.
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