Asked by Greg Olson, Chicago, IL • Mon Sep 23, 2013
My sibling and I inherited our parents condo 41/2 years ago. I live there and pay monthly expenses. We're not ready to sell just yet, but we're trying to figure out how long to hold on to it and what we can do to increase it's value.
We owe just under $300,000 (mortgage plus home equity line of credit). The condo is a 3 bedroom, 2 bath in a small Andersonville building. We would each like to walk away with enough to put a nice down payment on our own places. We need some advice.
1) Sell or Hold?
I'd like to hold for a year, preferably two? I think Andersonville prices will go up nicely. What do you think?
2) Appraiser vs. Real Estate Agent?
I think we should find a very knowledgeable Andersonville real estate agent and ask him or her for a competitive market analysis. My sibling wants to spend $400 on an appraiser. What do you think?
3) Should we make improvements?
I'm out of space here. Thanks in advance.
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