Home Selling in Norwich>Question Details

SWJ87, Home Seller in Norwich, CT

I inherited a House that is in the middle of remodel and I'm not interested in doing the work and can't afford to pay a contractor. What should I do?

Asked by SWJ87, Norwich, CT Tue Jun 24, 2014

I recently inherited a historic 5000sq ft. 4-family rental property that is in the middle of renovation. The house has updated electrical, new furnaces and new hot water heaters, new gutters and the roof was recently repaired and is in good condition. However, much of the first floor requires updating and the second floor has been prepared for remodel (all plaster/lathe removed from walls/ floors pulled up). The house is on about an acre in a decent area but the yard is overgrown and the house really needs to be painted outside. There seems like a million little (and some big) renovations that are needed to get this house up and rented. While I appreciate the gesture, I do not have the time or money to engage in a renovation. The house comes with a mortgage of about $180,000 still to be paid off. It was appraised in the last few years (ripped up and mid remodel) at ~$275,000. Years ago, and with its full rental potential, it was worth over $500,000. What should I do? Can I sell?

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6
circahouses’ answer
I agree with the community here on this one. Sell As is and let an investor take this and complete it.

We have a ton of buyers looking for historic properties and would love to help you find a buyer.

--
Elizabeth
Circa Old Houses
http://www.circaoldhouses.com
0 votes Thank Flag Link Sat Jul 5, 2014
Please contact me if you think you can help with my situation. You can email me at saidj2@rpi.edu.

Thanks
Flag Wed Jul 9, 2014
Its hard to tell without seeing the actual condition of the property but since you are not interested in the headache of the construction it sounds like you will be better off interviewing some agents and getting the house on the market as is. You may limit your profit some but you will also be limiting your risk and your time. Best of Luck.
0 votes Thank Flag Link Tue Jun 24, 2014
We had this before and the seller sold as is. They got a much lower price but if you are interested in hiring a contractor or doing the work this is the best option for you. You will not make as much money but you will also not have the headaches and stress...which a lot times money does not fix!
0 votes Thank Flag Link Tue Jun 24, 2014
Your target market for this property would be investors anyway, so I would advise you to sell as is. Yes, you'll probably get a little less money than if the renovations were done, but clearly you don't want the headaches that it would take to get the property ready for rental. I would say to go ahead and pay to have the yard trimmed... overgrown properties can be hiding nasty surprises.

Track down some agents who have sold 2 or more multifamily properties in the last year, they'll be able to advise you on anything else you need to do after seeing the home and doing a CMA.
1 vote Thank Flag Link Tue Jun 24, 2014
I would definitely consider interviewing several of the top agents in your area to get an idea of market value, and selling potential. With that information you'll be in a much better position to decide if it makes sense to list and sell it.
0 votes Thank Flag Link Tue Jun 24, 2014
Is there a contract in-play with the contractor? You could consult a local Realtor for a comparative market analysis to determine if it is time to list and sell or pursue the renovation project and rent the home.


Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
0 votes Thank Flag Link Tue Jun 24, 2014
No, as far as I can tell, individual plumbers, roofers, electricians and HVAC contractors were used to get the work done. There isn't currently anyone under contract. I can afford to spend a small amount of money (under $30k) for improvements if it will help me to sell, but that won't get the house anywhere near finished.
Flag Tue Jun 24, 2014
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