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Old 10-14-2020, 01:28 PM   #21
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Originally Posted by JRon View Post
Could you leave the interior as is, but fix the roof and do any needed updates to furnace, A/C, water heater, etc? That way the buyer sees the basics have been taken care of, but gets to do the finishes the way they want them. If there's too many problems, buyer may wonder what else is wrong they can't see.
According to Remodeling Magazine’s 2013 Cost vs. Value Report, homeowners who have new roofing installed can expect to recover an average of 62.9% of the installation cost through increased home value.

So, if you want to give the new buyer 37% of the cost of the new roof, go ahead. Not me. Sell as-is.

You can look up the resale value of a new furnace, A/C, and water heater, but expect similar results, expecially if it's not DIY.
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Old 10-14-2020, 01:36 PM   #22
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Yup, I agree. Even if the roof needs replacement, you go and put on shingles and the buyer really wants shake or metal. I would do improvements after a signed contract that the buyer wanted, but not before.
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Old 10-14-2020, 01:37 PM   #23
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As it turns out we had the water heater replaced in January (when COVID and worries about plumbers in our house were just over the horizon). Furnace was replaced when we had central A/C installed about 15 years ago. This is getting up toward the mean service lifetime I guess, but it works fine and we have no intention of replacing before sale.

Thanks for all your input - and confirming my cheapskate low-hassle philosophy.
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Old 10-14-2020, 02:49 PM   #24
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If you fix up current house, will you live there until it is finished/sold and THEN buy your new house? If so, this tips the scale a bit toward remodeling (from a financial standpoint - not from a PITA standpoint.) Of course balancing the savings of owning only one house at a time is that you may need to rent for a while after sale of old place unless you find dream home right away.

If you buy new and still have the old to fix up, then as is, priced right, will prevent you from having two houses (with associated costs) at the same time. That is, if the old sells (that's why I say "priced right.")

We bought the new place, fixed up the old place (more cosmetic than anything else but extensive). It took a couple of months with one handy man that we knew. Monthly costs (like HOA dues, taxes, falling market (at that time)) cost us a fair amount.

We are big believers in move-in-ready which is how we sold the place. I'm not sure we made the costs back, but the sale was virtually instantaneous even in a falling market. SO, difficult to say, but NOW I lean toward "as is" sale if willing to price it right. It should also reduce the stress involved, but YMMV.
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Old 10-14-2020, 02:58 PM   #25
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I made the mistake of fixing up a house, painting most of it, fixing things, renovating the kitchen.
It looked nice.
House sold for less than it would have earlier in the time it took to renovate.
Buy put in a tenant.
Two years later the house was on the market again, and I saw the new owner had renovated the kitchen again!! and renovated the bathroom.

Next time, I'm selling as is with $$$ for their own renovations.
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Old 10-14-2020, 03:52 PM   #26
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Test the water by putting it up for sale on Zillow. It costs you nothing and you may be pleasantly surprised how fast you have a buyer without the cost and inconvenience of a realtor.
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Old 10-14-2020, 04:09 PM   #27
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We faced this exact situation when we sold my mother's house in Florida.... they had been there 25-30 years and it was well maintained but dated. Our realtor recommended that we not do any fix-ups. We cleaned out all the "stuff", and had the wall-to-wall carpets shampooed and had the gutters and some of the siding powerwashed. That was it.

As a result of the inspection we had to replace the electrical panel and breakers, but that was it. And we priced it accordingly and it sold within a month or two as I recall.
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"As-Is" vs "As-Is"
Old 10-14-2020, 04:18 PM   #28
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"As-Is" vs "As-Is"

I would avoid the words "as-is" at all costs. The term means, to some, that it's not ready to move-into. It's just an invitation for low ballers to waste your time.

What I would do in your case is spend just enough to make it "move-in ready". And to do that, I'd get an inspector and fix everything that would prevent the buyers from securing a loan, for sure. So get all the rotted wood bondo'd and if it needs paint, paint it (inside and out). Make sure everything works. Make sure everything is clean. If some things are marginal, for instance carpet that's going to need to be replaced for sure, you can call it out yourself before the offer is made by putting a small allowance in the deal ("$500 carpet allowance"). If you didn't do these things, you put your house in a "dump" category and can expect a lot lower offers (unless you're in a hot market, where the houses like yours have been flipped with new countertops for megabucks). But if that's the case, you might consider a significant face-lift yourself and not letting the flipper have the money.
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Old 10-14-2020, 04:48 PM   #29
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Originally Posted by stepford View Post
Ive seen houses more beat up than ours sell quickly if priced a few 10s of $K less than comps. I have little doubt that our place will sell if priced similarly aggressively (though it may make our neighbors hate us).
OP, you have provided the best answer for your question above. Each market is different, and you already know what to do. Final goal is to net the most $ at the end. In your case, it means no remodelling.
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Old 10-14-2020, 05:12 PM   #30
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Originally Posted by 2017ish View Post
Our relevant experience has mainly been from the buying side. Seemingly innumerable houses that we looked at both when younger and in our late 40s had been "rehabbed." The problem generally was that the seller wanted to recoup their expenses, while we wanted to pay less because of the cost of ripping out their "improvements."
This is a great point. It's much better for the buyer to do a whole new remodel rather than have to rip out a Home Depot remodel. When we bought our forever home, one of the draws was that it was a 50 year old house with almost no remodeling done - I could take it down to the studs and not feel guilty about ripping out that horrific black granite countertop.

I'd remove the clutter and have someone stage it so someone can see what's possible, but that's it.
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Old 10-14-2020, 05:37 PM   #31
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I tend to agree with most posters here, sell the house, let the buyers have it cheap, they will fix it up the way they want and be happy that they got a bargain.

If your house was not in a desirable area then you might act differently, but it sounds like yours will sell quickly. Take the money and invest it in your second home.
Doesn't even own a dryer.
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Old 10-14-2020, 06:31 PM   #32
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There will be an inspection if loan contingent and per local (termite) and you may be well off getting one at your cost (before listing) just to see. I don't think it'll be over a grand.

Then you'll have your own basis to negotiate from.
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Old 10-15-2020, 08:22 AM   #33
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I would probably replace the roof in a neutral color and that's it. Price it competitively and someone who doesn't mind or wants a fixer upper will buy it. Don't put a lot of money into remodels they may not even like.
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Old 10-15-2020, 08:57 AM   #34
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I would clean and declutter the home. This has to be done anyway. Maybe move some of your stuff into storage temporarily.
This will make your eventual move easier too.

Maybe paint a few rooms if they are painted dark colors, or the walls are really banged up.

Only fix what inspectors/mortgage companies determine is necessary to allow the buyer to establish a loan for the home.
They will come up with something to fix anyway, just to negotiate the price down slightly

Something I've never done, but I think might be a good idea, is to pay an interior designer to stage the home. Some people have an amazing eye, and can make any place look better and more inviting.

Good luck.
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Old 10-15-2020, 09:15 AM   #35
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Rather than remodel, stage. I would fix the important things roof, HVAC stuff new owners don't want to hassle with those things. Staging, even a dated home creates a well maintained to impression buyers. Even if you rent a few furniture pieces, buy new towels and add some pizzaz to countertops. HGTV Fixer Upper puts a lot into staging. And it's cheap. You never know what a buyer is looking for. Shabby Chic is popular. If you can blend shabby with new...that's trendy.

Comb through ideas like these:
"Do not go where the path may lead, go instead where there is no path and leave a trail."

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Old 10-15-2020, 09:30 AM   #36
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We sold our well loved but well worn 1800 family home last year in a high cost, desirable location.
We struggled a bit with how to sell. Easily could have just thrown it on the market and obtained an ok price.

Decided to invest a bit to depersonalize our choices and address the glaring cosmetic issues.
Tore out all the 40 year old ORANGE carpet and refinished the glorious hardwood underneath, removed old wallpaper and painted most rooms.
Removed one fake 'stone' wall in living room that we had basically ignored for 30 years.
Spent perhaps $5000.
We didnt choose to install central air or replace furnace or even rickety windows, or update main bath.
Kitchen was updated and still lovely.

House sold in about two months to another old house lover at a very fine price.

I dont think it has to be an all or nothing approach.
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Old 10-15-2020, 10:48 AM   #37
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I'd consider the roof and any other mechanical issues that may fail an inspection. Those things can be deal breakers. Other than that the only other thing I'd consier is a coat of interior paint. Then potential buyers can't point out what's wrong with your house, only what they don't like.

I sold my last house with older carpets that we knew needed replacing. We built a carpet allowance in the purchase price. The buyer thought that was great.

It doesn't matter if your kitchen is 40 years old or 10. If the buyer doesn't like things it will cost them the same to update it.
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Old 10-15-2020, 11:00 AM   #38
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Originally Posted by Rustic23 View Post
Every house, and market is different. Example, SIL lives in a home built in the 30's. The value is 1.2M. No amount of fix up will increase the value of the home, because it is going to be torn down. 1.2m is land value.

This is the same situation we are in but we are not interested in selling. What we have done are only those things that make life more comfortable for us and not with trying to increase its value. When the day comes ours too will be torn down for McMansions to be built just like 90% of the house on our street. No sense in going through the expense and annoyance of dealing with contractors as we throw money away trying to squeek out a couple more dollars that may not even happen.

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Old 10-15-2020, 11:14 AM   #39
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I would definitely give a carpet allowance versus changing it because most people don’t want it and use hard surfaces. I would definitely clean, declutter and fix any obvious eyesores.
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Old 10-15-2020, 12:44 PM   #40
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Agree with the consensus that you are better off to just clean it up, declutter and depersonalize. As Sengsational suggested, be careful of the term as-is. A pure as-is sale means no inspections, or at least the inspections will not result in any actions for repairs. It will cause low ballers and flippers to waste your time with the very low unacceptable offers. Your as-is means that you will not be doing any significant remodeling or repairs prior to sale. Very different than the strict as-is real estate sale definition.

Just list with an attractive price, knowing that the buyer will be able to do what they want for colors, style, costs that they want. You cash out and move to your new place. There can be inspections and it is likely you may need some small repair items. But no new roof (you already know it is needing replacement), no new HVAC, no new water heaters, no new carpet, etc. No upgrading to current code since you are not doing any of the remodeling work. All that remodeling and fixing u p will only end up costing you in the end, and *may* result in a little easier sale. Remember though, price sells.

Not your problem what neighbors think about the price. Not your problem about real estate agent wanting all the remodeling to jack up the price and corresponding commission.
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