Home Selling in Toms River>Question Details

amandasan3, Home Seller in Toms River, NJ

our house needs some cosmetic work. should we refinance our mortgage to a 30yr. and ask for about $10,000. to fix it. or should we just sell it as is

Asked by amandasan3, Toms River, NJ Sat Jul 6, 2013

for a lower price. people don't even want to see it, but if we fix it we might get what we r asking for or more.

Help the community by answering this question:


You may want to just consider getting an equity line of credit to do your home repairs. That way you will only be paying out of pocket for repairs as needed and the costs will be much less than a home refinance in the short term.
0 votes Thank Flag Link Tue Jul 23, 2013

I have mortgage refinancing options which would allow you to complete any repairs/renovations that you're looking to do and include them all within your mortgage. Essentially this will minimize out-of-pocket costs to perform the work you're seeking while increasing the value of your home (depending on the type of work being done).

You have a lot of options, it's simply a matter of determining which one makes most sense for you based on your goals. Please give me a call at your earliest convenience so I may best understand your scenario and weigh out some viable options.

Kindest regards,

Paul F. Marzolla
Senior Mortgage Consultant
(201) 957-6768
Licensed by the New Jersey Department of Banking & Insurance
Member of the National Association of Mortgage Brokers (NAMB)
0 votes Thank Flag Link Tue Jul 9, 2013
Is your home already on the market?

If so, and listed with a Realtor, they would be the best person to advise you
on a course of action. It's hard to comment on price without having seen the house.

One thing to consider, you may not be able to refinance if you are on the market. Some lenders will
not refinance a home for sale because they know you will be paying off the home right away and they
wouldn't have gotten enough payments to make a profit.

Your agent might be able to market it with the understanding that there are repairs needed. Such as a 203K Rehab loan, or seller's concession for repairs or even seller paying for closing costs in lieu of repairs. There are other options as well. I wish you the best of luck.
0 votes Thank Flag Link Sun Jul 7, 2013
If people don't want to see it, then people won't want to buy it. Except for people who want to steal it. So do whatever you have to do to get it into good enough condition to make it attractive to look at. I have listed and sold homes that hadn't been updated in 30 years. But if they are utterly clean, and utterly decluttered and smell nice, they sell.
0 votes Thank Flag Link Sun Jul 7, 2013
Remodeling will definitely make it easier to sell. Agents like that of course. But if you spend $10000, it is worth that much more? Would it be better to just take $10000 off the price? You need to have a professional agent (or two) in to help you answer those questions. My general advice is that it will not pay back the cost - one needs to use the improvement some to justify it. But on the other hand, the "3Ps" usually pay for themselves - Painting, Papering, and Picking Up. And the last one does not cost a cent.
0 votes Thank Flag Link Sun Jul 7, 2013
If people don't even want to see it then the price is too high regardless of the condition.
It is best to get an opinion of a realtor that is familiar with staging or construction.
0 votes Thank Flag Link Sun Jul 7, 2013
Real questions are, do they not want to see it because it is overpriced or will you see most or all of your investment back($10,000) if you re-model?
0 votes Thank Flag Link Sun Jul 7, 2013
Speak to your REALTOR and a mortgage professional and do the math. Good luck!
0 votes Thank Flag Link Sun Jul 7, 2013
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