Need advice about a house

[mowens]

So, I have a house; 1750 sq.ft. upstairs, 1500 in finished basement. Selling price in good condition would be 260,000 to 300,000 depending on buyer. However the house is not in good condition. Faulty gutters caused wood rot in a bay window and a regular window. Some of the trim needs to be replaced. It needs a new driveway and back patio. Inside needs a complete redo. Bathroom remodel, flooring and kitchen remodel. The gutters were new in 2020 including leaf guard. Hi efficiency heating and air were new in 2017.

If this house were to sell as is, what would be a reasonable price to expect out of it?
I was going to begin the remodel but I'm not sure about the ROI on the cost of the work.

Thanks

[beej]

On Property Brothers it would be worth about $950,000 and a history teacher and a dental assistant would be trying to get for $900,000. 

[YoDoug]

So, I have a house; 1750 sq.ft. upstairs, 1500 in finished basement. Selling price in good condition would be 260,000 to 300,000 depending on buyer. However the house is not in good condition. Faulty gutters caused wood rot in a bay window and a regular window. Some of the trim needs to be replaced. It needs a new driveway and back patio. Inside needs a complete redo. Bathroom remodel, flooring and kitchen remodel. The gutters were new in 2020 including leaf guard. Hi efficiency heating and air were new in 2017.

If this house were to sell as is, what would be a reasonable price to expect out of it?
I was going to begin the remodel but I'm not sure about the ROI on the cost of the work.

Thanks

Currently the housing market is crazy. We have been watching Eastern TN, NC/SC (Charlotte area), AZ, and central FL. We will most likely move to one of those places in the next 1-3 years. Right now inventory is so low that houses that need a lot of work are still going for almost as much as those in great shape. It's a great time to sell. The problem is if you have to buy also you may have trouble finding something you want.

[mkd]

30 year mortgages are touching 6%
trillions in money printing still has months to filter through economy before inflation abates, imo. I guess when these two trajectories cross, the house market will tank, if not happening already.

[mkd]

How's your fire insurance?

[mkd]

25% of contractors will walk away with your deposit without doing any work. 50% will flake on a weekly basis. Most will take twice as long and cost 30% more than the estimate.
 If you're leaving, just leave. A professional house flipper will have a crew that'll do it for 25% of what home improvement folks will charge home owners.

[Incogneeto]

So, I have a house; 1750 sq.ft. upstairs, 1500 in finished basement. Selling price in good condition would be 260,000 to 300,000 depending on buyer. However the house is not in good condition. Faulty gutters caused wood rot in a bay window and a regular window. Some of the trim needs to be replaced. It needs a new driveway and back patio. Inside needs a complete redo. Bathroom remodel, flooring and kitchen remodel. The gutters were new in 2020 including leaf guard. Hi efficiency heating and air were new in 2017.

If this house were to sell as is, what would be a reasonable price to expect out of it?
I was going to begin the remodel but I'm not sure about the ROI on the cost of the work.

Thanks

Why not get a few realtors thru?

Their opinion would be a lot more beneficial as they know the market.

And Location.

i think you are more aware of the downsides and they will see the upsides.

Shit is getting real and it is hard to differentiate.

If you are buying a valued Car, would you take it to a Mechanic?


That's Ok I don't need you to Thank Me.

[Del.]

Yep. Call a realtor or auctioneer.

[RobertELee]

Unfortunately right now I'd be afraid of starting anything big. With the uncertainty in the economy I've started to see more and more home values drop and homes sitting longer on the market. If they aren't perfect they aren't selling.

I'd bring in a realtor and see what they have in recommendations. Otherwise call up one of those cash for homes places and see how much they'd offer.

[Jim at Gentex]

That's a tough one. 

Kitchen and Bath remodels are the most expensive, so I doubt your ROI would be worth it.

I agree with the others who have recommended getting an experienced realtor from your area who knows the local market.  He or she can give you a pretty realistic assessment of the current condition of the house, and may even recommend some minor repairs that can increase the asking price without investing in a full remodel.

You need to make a full disclosure anyway so that a potential buyer knows what they are getting into, but you can probably still find a happy medium between the as-is condition and the full remodel.

[pmartin]

My wife and I have bought renovated and sold 5 houses in the last 20 years. We just bought no. 6, so I have a little experience.

One problem is that in a normal housing market a prospective buyer will want a price reduction of roughly twice the cost of repair.

So. question, are you capable of making any of these repairs yourself? If yes, then you will have a lot more control over the cost and quality of the repair. I would make the repairs that have the most visual impact. Rotted wood is a no no. Now you say that the interior needs a complete redo but if you can get away with paint and a little spackle with a neutral color, it could go a long way to freshening the look. Remember, the new owner is probably going to repaint and re-carpet regardless of what you sell them.

Kitchens can be pricy but I find kitchen cabinets are a breeze to install. In one house that we did the base cabinets were ruined but the uppers were fine so we replaced the lowers in a painted finish and put in a nice looking range hood. That kitchen probably cost no more than 3 grand total including Craig's list appliances. As to the deck, consider flipping the decking and painting it, depends on condition and weather or not you have wood versus composite.
 

[Del.]

Why didn't you replace the rotten wood befor putting up new gutters?

I wouldn't invest any money in repairs other than minor things unless it would double your investment upon sale.

[mowens]

The wood is around windows and trim around the garage. I did replace the wood where the gutters are.

I learned adulting late in life.

[Incogneeto]

I learned adulting late in life.

maybe Not. You are taking advise from a Fish.

[Incogneeto]

Please get a validated person to explore your options.

Best of luck.