Generally projects that involve major remodels do not pay for themselves when you sell, so it generally is best to simply do the fix-up, paint-up clean-up projects that will make the house more appealing to buyers. You can take a look at the payback data from Remodeling Magazine at the link below.
However, structural issues are another matter. In Colorado you must legally disclose such issues. And you might as well, since they likely will be discovered during inspections anyway. There is no way to tell how a particular buyer will react to structural problems, but, in most cases, the buyers will want the issues fixed before moving in. As a general rule, they will want you to fix problems or reduce the price of the house by an amount roughly equal to what it will cost them to fix them.
As such, it often is better to handle these kinds of issues ahead of time so they don't result in problems during the contract period.
I would be happy to discuss this with you at length if you would like.
Prudential Real Estate of the Rockies
There is small chance you are still in your home. But, you are welcome to contact me to discuss this, if not.
A lot of buyers are fond of older homes and they know that asbestos likely is present.
You may want to have an evaluation performed. While the health risks of exposure to asbestos are serious, it's the inhalation of the fibers that has given it the terrible reputation it has. Remediation by a professional usually involves making sure it is undisturbed. Removal should only be done by someone who is trained to do that. They have the proper gear and they seal up the work area.
It was on this Q&A that a homeowner had complained that a buyer who had submitted an offer brought his electric drill to an inspection and drilled holes in the owner's older home. The buyer withdrew his offer telling the seller that there was asbestos present.
I live by this rule: Never expose myself to hazardous materials.
Addressing these issues will get your home sold more quickly. It is true you do not recover the costs of the fixes you describe. You can look at it this way, though. What is it worth to you to have your home sold quickly. The market is improving as we approach summer.
Call, if you have questions.
You might consider the upgrades if you do them yourself. Paying a professional to do them would cost you money but might make it easier to sell.
Here is the cost value report for remodeling from the National Association of Realtors:
Also, I can get you a 10% off (up to $10,000) from Lowes. Let me know if this would be helpful.
1) Figure out what your home will realistically sell for in todayâ€™s market - not what you hope it will sell for or what your neighbors listed their house for but didn't sell. BE REALISTIC
2) Make an extremely detailed list with prices of everything you will do to your home. Add 15% to this cost.
3) There is an opportunity cost of holding onto your home for another year while you remodel (yes it will take a year from start to sold). What else could you have done with your time, what else could you have done with your money, and what are your holding costs?
4) How is the market for a fixed up home in Whittier vs. one that needs to be fixed up? How much will it sell for? Did you know that the luxury market is extremely soft right now? How are other homes selling for in your target price range?
5) Were will you live while doing the renovation? Living in the home could cause a lot of stress. Watch the movie "Money Pit"
6) Add up all the numbers and see what makes sense. I grew up in a family that fixed up houses and sold them every two years. It was fun, I loved it, and now Iâ€™m a Realtor. Donâ€™t forget to add the fun emotional factor which is priceless.
P.S. If you will not enjoy the experience I recommend selling your house as is. There is a lot less money in fixing it up than you may think.
I also live in an old house in Whittier. It's a great neighborhood but these old places can be tricky. I'd be glad to swing by and take a look at your house and your projects if you'd like.
Ben Oliver 303-803-7526
The issues you mention would most likely result in inspection items if you tried to sell now, unless you price the house accordingly (low) and as-is.
Have you gotten any repair and/or remodeling estimates? These estimates plus a neighborhood market analysis would help you determine your course of action.
Hope this helps!
Coldwell Banker Residential Brokerage