Home Selling in Medway>Question Details

Amy Janczy, Home Seller in Medway, MA

Trying to sell 2 antique colonials in the spring/summer, currently occupied. In this market, will we have more

Asked by Amy Janczy, Medway, MA Tue Feb 10, 2009

luck selling "fixer uppers" (both have nice lots) or do we need to make key upgrades to get serious buyers? One property is single family; one is 3-flat (only one tenant).

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Hello Amy- As a RE investor and a former builder/ remodeler, I have some general information and thoughts on this-
If you look at the different remodeling magazine and resale data, very few remodeling jobs will even pay themselves back. Some kitchen and bath updates might pay back 90% of what you spend on them. Most updates/ remodeling or additions, etc will only pay you back between 60- 80 cents on the dollar. So given that, I'd say don't do anything expensive.
That said, some cheap things that you should definitely do- paint (interior and exterior) and steam clean carpets/ clean the floors well, and just throw away stuff and garbage. That can make a big difference in the real world of selling.
Thanks a good luck,
Ken L.
1 vote Thank Flag Link Wed Feb 11, 2009
Amy-
I tend to agree with Judy and Kathy. Be very careful of investing too much money into upgrades that you may never see a return on in your final sales price. Price accordingly to the condition they are currently in. My own feeling is that serious buyers are more interested in "deals" than in newer kitchens, etc... And what if you pick some upgrades a particular buyer wouldn't chose themselves?

Get some professional opinions on the current values of the homes "as is" ("as are"?). In addition to being a Realtor, I am also a Certified Residential Real Estate Appraiser who has appraised close to 2,000 properties in the area. I live in Norfolk and know Medway quite well. I'd be happy to give you my professional opinion not only as a Realtor, but also as an Appraiser who tends to look at homes through the eyes of the bank that will eventually lend your buyers the money to purchase them.

Good luck with everything!

All My Best,
Mike
1 vote Thank Flag Link Tue Feb 10, 2009
Hi Amy,

Great question!

It's hard to make a recommendation about repairs, however, without seeing the properties. Real estate agents like myself, however, often have a database of investors who are just waiting for situations like you are describing. If you'd like me to take a look, I'd love to. Either way, I would highly recommend a couple of professional opinions.

Best wishes!
1 vote Thank Flag Link Tue Feb 10, 2009
Your best bet is to get them on the market immediately because serious buyers have started looking in the last few weeks. Your price must reflect that the properties need work and buyers will be attracted to your reasonable price. Do not wait because you may miss out on all the serious buyers who can get lower interest rates now.
1 vote Thank Flag Link Tue Feb 10, 2009
Amy-
I am closing on an antique colonial in Medway this Friday. It was a definite "fixer-upper". Drop me a line if you think my insight can help you at all.

All My Best,
Mike
0 votes Thank Flag Link Tue Apr 14, 2009
Amy, you've received excellent advise about not pouring too much money into these properties. Antique homes are definitely a niche market and target the old house lover is the way to go. For them, renovation is a labor of love on a Historic Home. Additionally, the 3 family might attract a younger buyer who is looking for an owner occupied situation. Spring is here - I wish you luck!
Laura Mahon
0 votes Thank Flag Link Tue Apr 14, 2009
Amy,

Good question! I find that most buyers I work with want to purchase a property that they can move right into and not have to do any major repairs or renovations (in addition, I am not embarrassed to bring my buyers to see these properties. If I see pictures in the MLS of a home that needs. Depending on the price range your propery is in, you may want to do as many reasonably priced upgrades that your budget will allow without going overboard. The kitchens and baths should be your main focus. If you know someone who can make cosmetic upgrades for you (counter tops, tile, etc.), those can go a long way.

Hope that helps.

Sheri Place
People's Choice Realty
Tampa, Florida
#813-843-6643
http://www.NewTampaHomeSite.com
0 votes Thank Flag Link Wed Feb 11, 2009
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