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Updated about 6 years ago on . Most recent reply

Account Closed
  • Auburn, WA
4
Votes |
7
Posts

Fix up and rent, or sell and move on?

Account Closed
  • Auburn, WA
Posted

I hope this is going in the right forum. I need help! My husband and I bought our house (our first and only home we own) 3.5 years ago. Long story short, we bought a fixer because that's all we could afford at the time, and sunk $10,000 in doing renovations that, looking back now, we probably shouldn't have tried to tackle at all because we really didn't know what we were doing. But it was new and exciting and, well, lesson learned. 

So now we have this house that has all kinds of renovations unfinished, and we're not sure if we should sink more money into it to finish everything and do it right and rent it out, or sell as-is and take what appears to be a significant gain and move onto a house that doesn't need so much work. If we rent we could potentially bring in about $500 month cash flow. If we sell it looks like we could come out $80k + positive (and it would cost us about $20k to sell).

We aren't sure what/how much exactly we'd need to do to make it rentable. Some of the issues are:  

-The ceilings need to be refinished throughout the house (it's 900 sq feet), and some parts of the walls that were messed up during our renos from when we moved in.

-The previous owners made a garage out of an existing carport and none of it was done right, but it's been pretty functional for us.

-All the interior doors (4 doors) need to be replaced, and probably the front door too.

-Bathroom needs a renovation (very small, basic bathroom, it's the only bathroom in the house).

-The kitchen needs to be finished (upper cabinets installed, some kind of backsplash installed).

-Whole house needs to be painted inside.

We also recently had the roof done, which was another $10k. Any help or advice is much appreciated! It all feels so overwhelming. Let me know if more info is needed. Thanks! 

Most Popular Reply

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
41,252
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28,163
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied

You admittedly don't know what you are doing with a renovation. Odds are you wouldn't know how to handle a rental, either. You can't dig yourself out of a hole. Sell it, count your blessings, get a little more education, and then try again.

  • Nathan Gesner
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