Advice on selling my first house?

Question

Okay, so I'm getting ready to buy another house and then do some quick rehab on my current house and sell it. I've budgeted 15-17k for repairs.

The carpets pretty much all need to be replaced (2000 sq feet or so. The kitchen isn't in great shape, and I manage a cabinet company so re-doing the kitchen will be cheap. The roof also is pretty old (does not leak) but probably needs to be replaced. Also, some minor landscaping.

My question is, should I do all of this before putting it on the market, or... should I just do the landscaping, minor paint touch ups, maybe re do the kitchen, and then offer an allowance towards flooring and roof once I get it under contract?

This way, the buyer could get exactly the floor they want, and I also cover myself a little by not putting a lot of money into it before I have a contract.

I owe $114,000, After repair value is about $190,000 right now.

What do you think?

Account Closed · Answer

Asher Anthes are you going to the metrolina REIA meeting tonight? should be a good place to meet people in person that have done this multiple times and get in-person advice on what you should do. If you already know about the group then see you out there. If not shoot me a message or call and we should meet up out there.

Talk to you soon.

Jon Holdman · Answer

Asher Anthes when a homeowner replaces a functional kitchen with a new one, they won't increase the value by the amount they paid. When a rehabber replaces a junk kitchen with a nice once, they certainly expect to get more than the amount they paid back. Same with any other renovation.

Keep in mind the rehabber's rule of thumb: Price plus rehab must be less than 70% of the selling price. There's a huge difference between turning a junker into a nice house and replacing slightly worn carpet with brand new (and expensive!) carpet. If you're doing homeowner type lipstick, then stick to things that are really cheap like paint and some flowers out front. If you're doing real fix-and-flip type rehabbing, its up to you to figure out what renovations really make the difference and what is a money loser. If spending $4000 on carpets increases your selling price by $3000, don't do it! OTOH, if spending $2000 (or $1500) on carpets gets you the same $3000, then spend the money.

Justin S. · Answer

You should look at the comparable properties and do similar type finishes. I don't know your area to know which type of flooring is best. I personally would not do a laminate but that may be okay in your market.

Perhaps Bryan A. can chime in, he does flips in Charlotte and is very good at it.

Account Closed · Answer

Asher, I just responded to another thread, but Justin brought me in here too..if you wanna chat about any opportunities or areas, I'm not expert, but always happy to throw in my 2 cents :)....BTW thanks Justin S.

Account Closed · Answer

@asher anthes just shoot me a call ill explain it to you. 252.544.7665

Account Closed · Answer

Asher Anthes

Account Closed · Answer

@asheranthes

Meets the 3rd Thursday of each month at 5:15 PM before our monthly meeting. Hilton Hotel 5624 Westpark Dr. Charlotte, NC (I-77 & Tyvola Rd) Contact: Tony Reis (631)767-0821

So it is tonight starting 5:15. Think you can make that? It'll be fun.

Scott W. · Answer

look at the competion but more importantly, look at the price point. If you're selling for $100k, I see no reason to put in granit, canned lighting, expensive tile, $4k carpet, & 42" cabinets.

Asher Anthes · Answer

Robert Lapp I tired calling that number but it didn't go through. Is there another number I can call? Or should I just show up? Do I need to bring anything

Asher Anthes · Answer

Robert Lapp where is the meeting and what time? I'm very interested in getting involved

Advice on selling my first house?

Advice on selling my first house?

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