Home Selling in 57106>Question Details

Stevensue, Home Buyer in

How much is too much to do to an older house to sell?

Asked by Stevensue, Thu Apr 26, 2012

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Would help to know what the same homes on that street, neighborhood etc are selling at. What did those same homes do for improvements? You definitely don't want to invest more than what the neighborhood is capable of bringing.
0 votes Thank Flag Link Tue Sep 2, 2014
I'd love to help you. Please feel free to contact me through my Trulia profile.
0 votes Thank Flag Link Wed Apr 23, 2014
A simple way to judge the amount is to look at the difference between what you paid for the property, and what the property would be worth at market value if it were in perfect condition with the upgrades in place. If the cost of renovation exceeds the amount you will make with them in place, you are better off to sell the house as it is. Look at similar houses with the upgrades in them, a Realtor would be able to look up the comparable sales and tell you what the upgraded home would be worth with them in place.
0 votes Thank Flag Link Fri Apr 19, 2013
Location and comparative sales are what to look at. Assuming your potential buyers will need to lend money from a bank, your house will have to appraise for the amount you are asking or the remainder will come out of pocket for the purchasers (which more than likely will kill the deal) The appraiser will be selected randomly by the buyers bank. You can go all out and do high end everything, but the appraiser is going to have a finished square foot dollar amount in mind, and then make adjustments using comparative sales in the area, as well as a quality and condition grade for your home. In short, if your house has nicer everything then all your neighbors, your probably not going to get paid for it. Try to stay within the luxury level of your neighborhood.
0 votes Thank Flag Link Sun Jul 15, 2012
How did you make out? What did you decide to do? We like to hear updates when we give advice!
0 votes Thank Flag Link Thu Jun 21, 2012
Really is more a question to do with the neighborhood (or location) and most recent time frame that those (Homes in neighborhood) have sold for, I think. If perhaps a small community, then look at homes sold in that era of which the (subject) home was built in (exaple 1920's - 1930's era sold). For sure, get a competant Realtor opinion of value
0 votes Thank Flag Link Sat Apr 28, 2012
Very broad question, obviously you are thinking of selling in the near future. Depends on the value of homes in the neighborhood. You do not want to be the highest priced home in the neighborhood, from a resale point of view. Clean and fresh is the most important improvement.
Three things determine value. Location, Condition, and price. Location is the most important, because you can't change it. The other two can be changed. Condition will bring higher offers, and quicker sales. Price is the easiest to change. Anything will sell if priced below market.
If you are thinking of selling in the next year, use caution. Sales the last 4 years have been slow. I question if you can get back a dollar for a dollar spent.
0 votes Thank Flag Link Thu Apr 26, 2012
If you haven't already call a Realtor and ask them to give you an opinion on what to do as well as a price it is worth. That is the safest bet.

Brandon Martens
HJN Team Real Estate
0 votes Thank Flag Link Thu Apr 26, 2012
Depends on what you can sell it for. Best to get an Agent out to view the property & give you a price for the condition of the house now and then what it would be worth after improvements.
0 votes Thank Flag Link Thu Apr 26, 2012
The biggest mistake I see people make is 'over improving' a home. I don't care if you have granite counter tops and travertine tile floors, the home will only sell for what the neighborhood will bear. Remember that kitchens and baths sell a house, but if all the other homes in the neighborhood have lower end ceramic tile and formica counter tops, then those, or something of only slightly higher quality should be your choice.

And remember, a good cleaning, fresh paint and a little landscaping go a long way.

In my opinion, It's not so much the age of the house as bringing it up to neighborhood standards.
0 votes Thank Flag Link Thu Apr 26, 2012
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