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Old 10-15-2020, 01:04 PM   #41
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According to Remodeling Magazineís 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.
+2 Leave the roof as is... if it is an issue the buyers can negotiate for it. I've sold two homes in the last 10 years that had old roofs... but no leaks... we were never asked to replace either.

One of the roofs was over 35 years old but still looked good... shingles layed flat but there was a little wear along the eaved edges... but no leaks.
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Old 10-15-2020, 01:20 PM   #42
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I'm not a proponent of pouring money in before a resale, but I got screwed royal by bad advice from a real estate agent with respect to having the septic system inspected prior to sale. It was 50 years old and working, but I'd heard from neighbors that it might not pass the mandatory inspection.

Long story short, by the time it failed the inspection it was winter in Michigan, the sale was held up and I paid over $22K to have it replaced. So, for others in a similar situation, beware.
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Old 10-15-2020, 03:23 PM   #43
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When we were getting our "old" place ready to sell, our realtor told us to paint the interior taupe. I had no idea what that was though DW had a general idea. We looked at color swatches and picked a fairly light taupe and used that. In the light of our very open and airy interior, it could have been beige for all I knew.

The place sold in 4 days, so maybe taupe was the ticket. YMMV
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Old 10-15-2020, 06:04 PM   #44
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We cleaned and repaired my mom's house a couple years ago before selling it:

Fixing Up The Dallesport House

She had smoked in the house for 20+ years (nicotine stains were running down the walls), didn't keep up with any maintenance, and just generally hoarded and trashed the place. It was dirty, smelly, and disgusting. I considered selling it as-is, but we wouldn't have gotten anything for it in the state it was in.

So, we spent about $6000 on basic repairs. We removed the filthy popcorn ceilings, repainted the house inside and out, fixed all the leaky faucets and toilets, and installed new (cheap) carpet. We "remodeled" the bathrooms using the cheapest materials we could find (peel and stick floor tiles, cheap mirrors and towel bars, etc.), but it "looked" new. I also replaced all of the light fixtures and electrical outlets, had a cracked window replaced, and replaced the water heater. We painted the kitchen cabinets and added some cheap chrome handles. Despite all of the inexpensive materials we used, everything looked and smelled new when we were done. It's funny what new paint and a few shiny handles can do for a place. I'm guessing we got $50-75K more than we would have received in as-is condition.

We did have to fix a few minor things before we sold it, like splash blocks for the downspouts, and painting the shed. They asked for more updates like a new header for the garage door and installing a heat pump, but those were out of our budget. We declined, they bought it anyway.
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Old 10-15-2020, 06:28 PM   #45
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Hehe, yeah who cares about the neighbors eh? Not you, you're down the road!
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Old 10-15-2020, 08:26 PM   #46
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I agree with the posters above. If things look dirty and are broken, replace them. Cheap carpet is inexpensive, as is paint. Replace anything broken that won't pass inspection. Don't waste time or $ renovating, or replacing anything 'dated' unless it doesn't function.

We just got our condo ready for sale in Hawaii. Replaced the stained carpet, repainted the walls with yellowed spots where art had been hung. Replaced the lanai tiles as a bunch were cracked. Replaced two broken kitchen tiles. Replaced a couple of light switches. That was it. All in for about $2K, and the place should sell quickly. We cleaned thoroughly, including drapes. Make it look good and clean. If it's dirty, buyers, even those wanting to do upgrades, won't be able to see past the obvious defects.
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Old 10-15-2020, 10:33 PM   #47
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I was a licensed home inspector for 7 years. Some home buyers want the one that's already been fixed up, others want the lower price and "dated" so they can do it their way...there is no "right" answer.

When I inspected any house that had been recently substantially renovated, I always put a paragraph in my inspection report saying something like....

"This house has recently been substantially renovated. The quality of the work behind renovations cannot be ascertained by our inspection, so we encourage you to get additional details from the seller such as the names of companies who did the work, any warranties available, and ask for permits that were pulled when doing the work"

Too often we saw people cover up issues, do poor wiring, and so on. One time I tested a tub in an upstairs bath, and when I went downstairs water was STREAMING through the ceiling...the person who did the plumbing failed to glue the trap below the toilet! The ceiling on the lower floor was drywall, so a large repair had to be made.

If you do fix it up, keep receipts, get warranties, and keep permits...put it all in a package so you can show the quality of the work that was done.
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Old 10-17-2020, 12:53 PM   #48
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When I was looking for homes I purposefully avoided those that had obvious work done before going on the market. I don't want to pay $$$ for garbage-grade carpet or $0.99/sq ft engineered flooring that was installed by a handyman. I don't want to pay for a new low-end AC unit that's going to result in 10+ years of high utility bills and frequent repairs. Or a new roof using the cheapest shingles and cheapest fly-by-night installer. I'd rather just fix that stuff myself.

A buddy of mine replaced all the carpeting in the house he sold in 2015 since the carpeting looked awful. On closing day the buyer literally had his wood floor guy waiting outside for the green light to go in and start ripping up the flooring so he could put wood floors in the entire house... The buyer joked that he would've paid more for the house if there was no flooring and only plywood haha.

I would only fix major showstoppers that will legitimately make a house difficult to sell (mold, termites, odors from smoking) and any safety issues (leaky pipes, bad electric panel etc.). Those will likely come up in the inspection and you could get dinged for far more than it costs to fix them now. Maybe a coat of white paint in rooms that look awful. And definitely clean and declutter.
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Old 10-17-2020, 02:15 PM   #49
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Normal costs for repairs are 50-100% more than you figured. We are in Oregon and I've had the experience of hiring plumbers, electricians, and carpenters in the last month. It is NOT easy and takes way longer and is substantially more expensive than last year. Parts are unavailable, lumber availability is very spotty, and the costs are stupid - 1/2" plywood that was $15 is now almost triple that. Ugly. Not something you want to start and get trapped mid process.
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Old 10-17-2020, 09:49 PM   #50
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I'm not a proponent of pouring money in before a resale, but I got screwed royal by bad advice from a real estate agent with respect to having the septic system inspected prior to sale. It was 50 years old and working, but I'd heard from neighbors that it might not pass the mandatory inspection.

Long story short, by the time it failed the inspection it was winter in Michigan, the sale was held up and I paid over $22K to have it replaced. So, for others in a similar situation, beware.
Septic and wells inspections are commonly required by law before a property can be sold. In my experience the septic inspector and the regional supplier/contractor was one and the same.
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Old 10-17-2020, 10:16 PM   #51
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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.
I have to disagree with your "as-is" idea. As-is does not designate the house as a dump, especially with old houses. It gives protection during the negotiation phase. Without as-is there would be no end to requests by buyers with an old house. In an area with 100+ year old houses as-is is the norm. As-is also protects the seller against litigation for problems found later.

I believe in using the disclosure form to point out any know defects, so the buyer can make an offer based on good information. If the buyer hires an inspector and finds other (non-major) problems, I will stand firm on the negotiations.

The property has to look good and be move in ready in order to have the best chance to sell. Spend money on paint and fix anything that makes the place look neglected.
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Old 10-17-2020, 10:33 PM   #52
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Septic and wells inspections are commonly required by law before a property can be sold. In my experience the septic inspector and the regional supplier/contractor was one and the same.
In this case, there was no conflict of interest, just bad advice from the real estate agent. If I'd found the system was bad when I was about to list it, I could have competitively bid the job and done it before the ground was frozen.
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Old 10-18-2020, 10:01 AM   #53
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I have to disagree with your "as-is" idea. As-is does not designate the house as a dump, especially with old houses. It gives protection during the negotiation phase. Without as-is there would be no end to requests by buyers with an old house. In an area with 100+ year old houses as-is is the norm. As-is also protects the seller against litigation for problems found later.

I believe in using the disclosure form to point out any know defects, so the buyer can make an offer based on good information. If the buyer hires an inspector and finds other (non-major) problems, I will stand firm on the negotiations.

The property has to look good and be move in ready in order to have the best chance to sell. Spend money on paint and fix anything that makes the place look neglected.
I think we are in general agreement with our advice for someone in the OP's position; if it's marketed as move-in ready with call outs for imperfections so as to set expectations that their inspector will certainly find things that will not be adjusted for, that's what I'd go for. I've found that even putting the words "as is" into the deal doesn't keep the buyers from asking to have things fixed. Of course you can point to the words and say "your offer was made on the property described as being sold as-is", and that's helpful, but if their expectations of minimal defects are dashed by a horrible inspection report, the words won't keep them from walking away. The best of both worlds is to make the buyers aware by gently introducing the idea, before they make the offer, that you have had your own inspection and there are non-essential things that you will not be fixing. In my experience, buyers should know that things like window screens and grandfathered building code violations, old but working mechanicals, and stuff like that should be "off the table" in the negotiations.
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Old 10-18-2020, 01:24 PM   #54
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I'd only fix what's needed to pass inspection - your market probably has flippers ready to pounce.
Yes but in a older home be prepared for surprises as to what this might cost...and as far as fixing it, just give the buyer a reasonable credit and let them worry about the fixing.
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Old 10-18-2020, 02:05 PM   #55
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I think we are in general agreement with our advice for someone in the OP's position; if it's marketed as move-in ready with call outs for imperfections so as to set expectations that their inspector will certainly find things that will not be adjusted for, that's what I'd go for. I've found that even putting the words "as is" into the deal doesn't keep the buyers from asking to have things fixed. Of course you can point to the words and say "your offer was made on the property described as being sold as-is", and that's helpful, but if their expectations of minimal defects are dashed by a horrible inspection report, the words won't keep them from walking away. The best of both worlds is to make the buyers aware by gently introducing the idea, before they make the offer, that you have had your own inspection and there are non-essential things that you will not be fixing. In my experience, buyers should know that things like window screens and grandfathered building code violations, old but working mechanicals, and stuff like that should be "off the table" in the negotiations.
Agree
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Old 10-19-2020, 06:23 PM   #56
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Price it lower than market and fix cosmetic stuff. Pricing higher generally doesn't work in our area because house goes in the "stale bucket" once the existing buyer pool rejects the house. The people just ignore stale house thinking there is something wrong with the house. Just my two cents.
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Old 10-19-2020, 08:56 PM   #57
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Iíd probably list it as is hoping to attract a buyer who wants to remodel it to their own taste. If you donít get any bites, then you can remodel and try again. (But get opinions from Millennials. I was recently schooled that my preferences for brown cabinets and a pot rack in the kitchen are far out of date!)
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Old 10-19-2020, 09:31 PM   #58
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Iíd probably list it as is hoping to attract a buyer who wants to remodel it to their own taste. If you donít get any bites, then you can remodel and try again. (But get opinions from Millennials. I was recently schooled that my preferences for brown cabinets and a pot rack in the kitchen are far out of date!)
Sheesh..I suppose they didn't like the brass accents? Yeah, i think anything brown has got to go. Just watch Chip & Joanna and you will be right in the target market
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Old 10-20-2020, 05:47 PM   #59
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Talk to an experienced house appraiser. Find out what it is worth as is and what it would be worth if updated. Ensure you add in the cost for you living somewhere else while renovations are going on (and put in a ~10% hedge for unseen problems). If the value is significantly higher than the renovation costs, then go for it. If not, advertise it as is and, if a good deal some real estate flipper/investor might snap it up.
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Old Yesterday, 09:21 AM   #60
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Real Estate is local. It sounds like you have not paid much attention to the local market and are looking from free advice from a national (or broader forum). Based on your track record of not maintaining / updating your house, this is neither your strength or interest. If you have adequate resources without using the house as a final boost to your portfolio, do not try to maximize it now. My DW also hated upgrades just before selling... she wished she could have enjoyed the new stuff for a year or two. My free advice, is get a good inspection, research 2 or 3 realtors and get market assessments and fix up advice from them relative to the local market. If you want or need top dollar, you may need to work for it... if that does not interest you, set a realistic price and be prepared to be flexible.
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