I've recently inherited a home from my uncle that passed away and I'm not sure how to proceed with this.
I could either sell it as is. The entire exterior is finished, as well as a good portion on the foundation for the interior (walls without drywall).
Or, I can try and complete the build out and it would be finished within the next year.
I'm looking for advice on whether, I should just let it go as is, or build it out to get more equity into the home, but risk the market taking a dip between now and then, and possibly losing out on money that's been invested.
@Alex Block I had to look it up on a map... not really what most Coloradans would consider a "mountain town". I appears to be somewhat close to Fort Collins. I would find a BP member who is a broker in Ft Collins and get a market analysis or broker price opinion for both options - it would be helpful if they had a good GC to help assess as well. The broker will be willing to help because you would offer them the listing - correct? With you being long distance I'm leaning towards the sell "as is" rather than try to supervise a project from afar...
@Alex Block I had to look it up on a map... not really what most Coloradans would consider a "mountain town". I appears to be somewhat close to Fort Collins. I would find a BP member who is a broker in Ft Collins and get a market analysis or broker price opinion for both options - it would be helpful if they had a good GC to help assess as well. The broker will be willing to help because you would offer them the listing - correct? With you being long distance I'm leaning towards the sell "as is" rather than try to supervise a project from afar...
I live in the area and have mountain property. Im interested in learning more about the property. Would you pm me the address. I can also reffer you to good agents and contactors in the area.
I’m also in Fort Collins, a contractor here. Livermore is certainly not a resort town. It seems to be more of a place where you’ve still got proximity to mountains, and the absolute quite to go along with it.
If you’d like to PM me as well, I may be able to offer some more insights as well.
Sounds like the decision is a half dozen one way, 6 the other...
I have done work in red feather and there seems to be tons of activity, at least at the moment.
I would do two things:
Contact a real estate agent that is very familiar with the market and ask them about the market, as is or finished. Heck, they may have a buyer in mind! Make sure you ask about what the best time of year is to sell in your area.
Second I would get a couple bids for finishing it, don’t jerk the contractor around as we can spend many hours on a detailed bid, let us know your intentions and we can put together a “quick” estimate. (Still takes time)
What you are looking for is data. How much to finish (take an average) how long to complete, and after finished value. That last one the realtor will help you with obviously.
Holler at me if you have any other specific questions!
Very close to the coveted Red Feather Lakes though, so although not really a "mountain town", I think there is a lot of value there. Back in the 80s, my boyfriend's family had a plot in the Red Feather Lakes that was used for camping with the intent of eventually building.
I think a lot of people have since built in there and you can't really camp on land there without getting raised eyebrows from neighbors.
Depending on location, this could be a really good play. Wealthier people from Ft Collins really like having property in Red Feather Lakes.
You probably need a Ft. Collins centered agent to help you figure this out though. My knowledge is hopelessly out of date and Red Feather is going to be a pretty niche play. Marketing will be key.
How much free time/ambition do you have to get into real estate? Managing a rehab is no easy task, even with a ton of experience under your belt. However, the payoffs are huge.
I'd personally go to a bank and try and borrow the funds to rehab it against the house equity. You could then rent it, airbnb it, flip it, or live in it!
However, there's a ton of information you'd want to get before moving forward. Try contacting some local real estate agents and see if they can get you a market value if it was all fixed up. Also get the market rent numbers and figure out the airbnb #'s. Then call some contractors (ask the real estate agents for referrals) and get some quotes.
Sorry to hear your uncle passed. Cool opportunity though. Make the best of it. Good luck!