After 8 years of Northern California landlordship (with my sister and roommates as tenants), I've decided to 'git while the 'gittin's good and sell my rental property. (1968 rancher - 4/2 -- 1500 sq ft.). This is the first time I've ever sold a house.
I hired a guy to fix the bathroom (licensed contractor, based on feedback from this site!!! -- Thanks guys!), and he wants to buy this "cosmetic fixer."
I've gone to zillow.com and estimated the price ($450-ish with improvements), viewed open homes in the neighborhood (average asking price around $450-ish), and am awaiting the assessor's report (due in 2 days).
The only thing I have left to do is wrangle my ego to the ground and come up with a PROCESS for setting a price.
Condition of the house:
1. Original kitchen cabinets (new paint) updated stove, fridge, dishwasher, original tiles with BLACK!!! grout. Tenant burned a pot ring in the formica counter - -needs new sink too.
2. Original main bath -- avocado tub, newer (white) toilet, (white) pedestal sink, floor. Same nasty tiles as kitchen, without the black grout, thank goodness!
3. overgrown front and back yard (my sister fancies herself a gardner
4. New master bedroom shower (tiles, pan, door, faucets).
5. Outside: 8 year roof, 4 year new outside paint, converted garage needs to be de-converted, old deck needs to go... Backyard patio cover needs paint.
6. Inside: Needs new paint throughout, new carpet in bedrooms (ratty wood floors), carpet cleaning in "great room" and hallway...
7: Heater - original -- no airconditioning.
My (first-time-seller) thoughts:
If I go the traditional way:
set the price around $445, pay 5-6% to the realtors
clean and repair it myself (est $10K in paint, flooring, materials to make it nice but that doesn't count my labor or management time), plus various closing costs, etc.
MAYBE come out with $400K before taxes and mortgage
If I go with this guy:
No costs for realtors, pest report, etc.
No hassles with workers, fixing things myself, etc.
Get it sold NOW before the market REALLY tanks, instead of waiting 2 months to fix or manage fixing in my spare time
Question to the wise people on this site:
1. How do I price this? He deserves a profit for fixing it, but I am afraid to leave too much on the table because I want out fast and easy.
2. How much less will it cost a contractor to fix this place than it will cost me? What's the logic or process here?
3. How hard is it to round up another person willing to go without a realtor if I lose him? Are these people roaming the world in large numbers? ;-)
4. I could just clean it and sell it as-is. To my eyes it looks a bit old and tired. But others in the neighborhood are about the same... How much fixing up is too much? Not enough?
Thoughts, suggestions, corrections, warnings on any part of this?
All are most welcome - and thanks again!
Caroline
I hired a guy to fix the bathroom (licensed contractor, based on feedback from this site!!! -- Thanks guys!), and he wants to buy this "cosmetic fixer."
I've gone to zillow.com and estimated the price ($450-ish with improvements), viewed open homes in the neighborhood (average asking price around $450-ish), and am awaiting the assessor's report (due in 2 days).
The only thing I have left to do is wrangle my ego to the ground and come up with a PROCESS for setting a price.
Condition of the house:
1. Original kitchen cabinets (new paint) updated stove, fridge, dishwasher, original tiles with BLACK!!! grout. Tenant burned a pot ring in the formica counter - -needs new sink too.
2. Original main bath -- avocado tub, newer (white) toilet, (white) pedestal sink, floor. Same nasty tiles as kitchen, without the black grout, thank goodness!
3. overgrown front and back yard (my sister fancies herself a gardner
4. New master bedroom shower (tiles, pan, door, faucets).
5. Outside: 8 year roof, 4 year new outside paint, converted garage needs to be de-converted, old deck needs to go... Backyard patio cover needs paint.
6. Inside: Needs new paint throughout, new carpet in bedrooms (ratty wood floors), carpet cleaning in "great room" and hallway...
7: Heater - original -- no airconditioning.
My (first-time-seller) thoughts:
If I go the traditional way:
set the price around $445, pay 5-6% to the realtors
clean and repair it myself (est $10K in paint, flooring, materials to make it nice but that doesn't count my labor or management time), plus various closing costs, etc.
MAYBE come out with $400K before taxes and mortgage
If I go with this guy:
No costs for realtors, pest report, etc.
No hassles with workers, fixing things myself, etc.
Get it sold NOW before the market REALLY tanks, instead of waiting 2 months to fix or manage fixing in my spare time
Question to the wise people on this site:
1. How do I price this? He deserves a profit for fixing it, but I am afraid to leave too much on the table because I want out fast and easy.
2. How much less will it cost a contractor to fix this place than it will cost me? What's the logic or process here?
3. How hard is it to round up another person willing to go without a realtor if I lose him? Are these people roaming the world in large numbers? ;-)
4. I could just clean it and sell it as-is. To my eyes it looks a bit old and tired. But others in the neighborhood are about the same... How much fixing up is too much? Not enough?
Thoughts, suggestions, corrections, warnings on any part of this?
All are most welcome - and thanks again!
Caroline