Profile picture for user6051266

To Remodel or sale as is?

We bought our home 23 yrs ago. The neighborhood then was nice individual homes of families. Now it is mostly apartments. We live in a residential- business district in the downtown area. The occupants of these apartments are shady characters to say the least. The area has really depreciated. My question is should I attempt to remodel, or sell as is? I can't see an individual family wanting to move in this neighborhood. However I think the market is good for someone wanting to set up apartments or set up a business. This is a 4 bedroom 1&1/2 baths with a large yard. On a major route.
  • August 09 2012 - Huntington
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Answers (12)

Nice job! Real Estate isn't rocket surgery.
  • November 14 2013
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Profile picture for user6051266
The realtor who sold us our new home gave us some advice on selling our old home. I'm sure we got less than it was worth. But just glad to be out from under it. Paying utilities on two homes was getting expensive.
  • November 14 2013
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Congratulations. It sounds like it worked out for you. I do have concerns that sellers like yourself, especially as a for sale by owner, might get taken advantage of by some investors.
  • November 14 2013
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Profile picture for user6051266
Paid the loan off 18 months early in Feb. 2013. Bought and closed on our new home April 2013. Took our time clearing out the old house. In August 2013 we asked the handyman of a Lady who owns at least 3 sets of Apts on the same block if he thought she would be interested. She waled through the property, then had it inspected. Another buyer started showing interest in it also. Started out $4,000 less than our asking price, but eventually we got $2,500 more than our asking price. Sold the old house the end of Sept 2013.
  • November 14 2013
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Profile picture for user6051266
This was my original post. Just giving an update. We sold our home without making any repairs at all. Never listed it, we sold it ourselves. We sold it for $2,500 more than we were asking. We turned down another offer the day we were closing for an additional $2,500 more than the first buyer. We already had a verbal agreement with the first buyer. Although nothing was signed, I would not do that to anyone. I cried like a baby when we sold it. Raised 3 kids in that home. Still can't bring myself to drive by to see the repairs they have made. They are splitting this up into apartments.
  • November 14 2013
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Personally, I feel that if the neighborhood has really gone down it would probably be better to sell your home as-is.  It would be worth it to try doing it that way to begin with, especially.  Your real estate professional should be able to share with you any concerns, or likes and dislikes, people who look at the property may voice to them. 

If your improvements to your home won't net you any greater return, then don't go that route.  The whole idea of home improvement is to realize some type of return on your investment.  If the neighborhood has gone down in types of people who live there - namely, a lower-income population - it would also make sense to keep the price of your home as low as you can in order to sell it in that neighborhood.  Any further investment you would make in your home would only bump up the price or reduce what you will walk away from the closing table with. 

So, try to sell it as-is, that seems like the best route to me.
  • August 10 2012
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Profile picture for Bert Pope
Sell "AS IS"

I'm not a believer of spending money to sell. Show a value to purchase based on you not having to spend your hard cash.
You sound like you understand your market, pair yourself with a good realtor and be realistic in valuing your home to sell in an "AS IS" type sale.

And Dont keep it as a rental, if you need to, turn it into a mortgage where you have a good chance of finding a buyer that would pay more for your property for your financing =good price and good interest for you.
Plus you get a good down payment, make it balloon in 3-5 years so you are not married to the property forever.

Good Luck


  • August 10 2012
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Profile picture for Ofe Polack
I suggest that you contact at least two listing agents and ask them to visit your property, do a CMA and seek their advice as to what to do.

 
  • August 09 2012
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It sounds like to me that this may be something an investor may be interested in, so, with that said, i would do minimal repairs.  Make it presentable to sell but no major remodeling needs to be done.  So price it to sell.
Hope this helps.  I wish you the best
  • August 09 2012
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You have received the best advice.
  • August 09 2012
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Profile picture for user6051266
Thanks! That was what I was leaning towards.
  • August 09 2012
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Profile picture for SoCal Engr
Sounds like it's a cut-your-losses proposition. I'd do the minimum to make it presentable. You typically don't get $-for-$ on remodels/upgrades, it just may make it easier to sell. Based on your description of the area, the local market isn't going to support the cost of remodeling.

Also, it helps to know who you are marketing to. It sounds like you already have an idea that it won't be a family looking for their "first house" or "dream house", but more of an investor looking for something that can generate income. Different crowd, different tastes.

Make sure everything works, make sure there are no "ewws", price accordingly.

Best of luck
  • August 09 2012
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