Currently in the middle of remodeling my home. I have until August to reach the 2 year capital gain exemption. However, I believe a sale in its current condition could see a profit of $40K. I have mostly finished "street appeal" remodeling, and still have a complete bathroom and kitchen remodel ahead (pending this advice).
Completed Projects:
- 1. Sanded Floors
- 2. Painted Interior
- 3. Framed/stained decking over corroded slab
- 4. Built Back deck over small 3x3' slab
- 5. Painted Exterior
My initial plan has been to completely finish the bathroom and kitchen. With the crazy market, houses in the neighborhood (within the last 5-6months) have been selling at very favorable prices - and not entirely updated. Would there be a benefit to listing the property at a more favorable selling price before the 2-year mark, in hopes I could sell during the seller's market, and possibly make similar profits (w/out putting money/time into the bathroom/kitchen remodel). My thought is even while it is listed, I could continue to work on the property. Would love some insight. These profits will go towards a multi-family for my first "house hack." Also, I am a real estate agent in the area.
