Feb 8, 2010

To Sell or Not to Sell: Realtor results (and a poll)

The realtor FINALLY got back with us with the numbers. They're pretty much what we expected. Now we have to begin phase 1 of the the decision process.


In order for our house to be ready to sell, we would need to accomplish the following:

  • Replace the roof on the back of the house and the whole garage. We already have the materials, it's just a matter of labor--and decent weather. Cost: currently unknown. (Our roofer is in the hospital with his wife today--they're having a baby!)
  • Replace the carpet in the downstairs. We are going to try to rent a cleaner and see what that will do first. Cost for cleaner: $50. OR Cost for replacement: ~ $300.
  • Paint interior. Since my husband is a paint contractor, the labor would be "free." The realtor said my kitchen blue had to go! He thought the "pudding" color in the living room would be fine (since it's a neutral). The rest of the rooms just need a fresh coat. He actually thought the powder room faux finish could stay. Cost: ~ $200 for materials.
  • Paint the exterior. Again, the labor would be "free." Time and weather, of course, would be the issue. Cost: ~ $500 for materials.
  • Finish the basement stairs. They're still raw wood and taped drywall. Husband's labor would be free. Cost: ~ $50 materials.
  • Finish shed. SIX years ago my husband added a tool shed to the back of the garage. It has been useful, but not pretty. It needs siding, a roof, and a door. We've got the roofing and siding materials, but still need the door. Cost: ~ $50.
  • Odds and ends throughout the house. Cost: ~ $100.

That means we're looking at a LOT of man hours and around $1200 for supplies. That doesn't include the roof. That could be another (guessing here) $2000? That would bring the total to ~ $3200.

Granted, all of these things have needed to be done for quite some time. The reason we HAVEN'T done them is because of the money! Ironic, isn't it?

Now, about that powder room.


If you were searching for a home and saw this bathroom, would you want to keep it as is, or would you prefer it to be neutral? The walls are a deep red with faux finish stripes. One stripe is shiny, one is matte.

Would you vote on the sidebar, please? I'm really curious what YOU would find more appealing.

Thanks!

11 comments:

Packrat said...

My thoughts? Personally, I'd up the fix-up cost to at least $7000. Go high to start so that there aren't any unpleasant surprises.

I'd start with these and see what the "lookers" response is:
*Replace roof
*Leave carpet - just clean it
*Do not paint interior unless a room is very dirty, banged up, or dingy.
*Exterior - how bad is it really?
*Finish basement stairwell and stairs
*Install good handrail if there isn't one
*Finish shed
*Fix any dings, dents, broken items

Depends on the type of people who will be looking at your house. Is the realtor only going to show it to those who want move-in ready, or is he going to show it to everyone? Some people like to choose their own carpeting and paint.

What is the price differences between what you can ask for your house as it is right now vs with repairs I listed above vs doing all the work? You don't have to tell us. This is something to think about.

Packrat said...

PS Your husband sounds like mine. Six years? You may never get a house built. Seriously consider this. HUGS

The Glamorous Housewife said...

Sounds to me like if you have two grand to make improvements you should have two grand to pay off part of your credit card. I bet two grand would make a good dent in at least one of them.

BTW, if you decide to rent out your home, all the improvements can be written off against the money you make on rental. So if you spend 2 grand on improvements, you can write off 2 grand from the gross of the rental! Just something to think about.

Thanks doll,
The Glamorous Housewife

Roxanne said...

Packrat--That number is even scarier LOL! Thanks for the list. I love being able to tap into everyone's experience. VERY helpful!

I think the price would be much lower to try to sell it "as is." We want maximum income for minimal outgo. Of course, doesn't everyone?

LOL--Don't think that hasn't crossed my mind about the husband not getting the work done in a *timely* fashion! He's really good at getting things up to their useful point, but never following through to the finish. (e.g. The basement is completely finished--except for the stairwell.)

Roxanne said...

Glam--that's just it. We DON'T have the 2 grand. That's why all the repairs haven't been done. We committed to a cash basis last May and didn't want to put anything at all on the CC. If we fix things up for sale, it would have to all go on the CC and then be paid off when the house sells. Blech.

That's good to know about the rental/write off. I will definitely keep receipts in one place just for that option. Great tip!

I really, really appreciate the options you're bringing up. It feels better to know that there are many ways to look at this.

Trixie said...

Hi,

Your bathroom is beautiful -- I especially love the sink. If I bought the home, I would repaint to a lighter colour on the top half. Nothing against the colour, but it's a small room and I have a thing for small rooms to be lighter.

I wish you the best of luck in getting a quick sale and for what you ask for or close to it.

I'm not sure how depressed the real estate market is in your area, so this little tid bit of info might not be helpful. Here in Michigan it's really bad.

We had to sell a house a couple of years ago and it just wasn't selling, the one thing that finally caused it to sell was this: instead of reducing the sales price for the umpteenth time, we offered a $3,000 bonus to the agent the brought in an accepted offer. We got an offer in one week. At closing the buyer said he had been looking at homes in this price range for 8 months but his agent never showed him our house until the $3k bonus. This worked so well for us that we made a pact to sell our next house this way.

weenie_elise said...

i like the colour in the powder room but then I grew up in a mostly all white house so i love coloured walls...

you should see our house right now... technicolour dream house, and it came like that, which i think may have deterred some other buyers

FarmMom said...

I LOVE the powder room and wanted one very similar to yours in two of our homes (our last home and our current home!) The color works well in your particular situation.

I hope everything goes well with your roofer and the new baby!!

Roxanne said...

Trixie--That is a great tip! We will definitely keep that in mind when we do end up selling.

The market here is still a seller's market, though it's not as crazy as it was about eight years ago.

What neutral color WOULD you use on the top half of the powder room? Everthing else in there is white except the commode seat and the floor.

Roxanne said...

Weenie--We, too, lived in rentals for so long that I was THRILLED to finally get to use some color.

When we get to our next house, I will definitely continue that trend!

Roxanne said...

FarmMom--The roofer and their baby are Jim and Michele and baby Justice!

He's two weeks old now and cute as the dickens!

Michele's mom is there, so things are easiER, but they're still all sleep deprived LOL!

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