My house is 43 yrs old and needs a lot of work. It may cost 30k to do it all which includes siding &windows.

Asked by Di, Aberdeen, NC Mon May 18, 2009

Is it worth putting the $ into it in today's market or would I be better off just making minor repairs and painting through out and selling at a lower price? We are in one of the best family friendly neighborhoods with an elementary school right down the street. 90% of the other homes in the neighborhood are sided and seem to be better maintained and upgraded. We had an appraisal of 270k this month with the house "as is".

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Ken Lambert’s answer
Ken Lambert, , Exeter, NH
Thu May 28, 2009
Hi Mama- These days most residential contractors are dying for work. You could get it done pretty cheaply by shopping around and trying to negotiate a bit. May be less that you think. I would say it is worth it; there is just too much inventory out there to compete with. Unless you really want to unload it quick in a "firesale" . Just because an appraiser gave it a $270K value doesn't mean a buyer (now) will pay you $270K for it; you never really know. A lot of that is timing and luck too. If you have any questions, please give me a call. Thanks and good luck,
Ken L.
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Marilyn Mess…, Agent, Concord, MA
Mon May 18, 2009
Hi Mama,

Buyers these days really don't want to do any work and they see need windows and siding as energy issues as well as cosmetic issues - everyone is concerned about heating bills and conserving energy. If the exterior of your house isn't up to par with the other homes on the street, that is a negative for people driving by and seeing photos on the Internet; people will make low-ball offers for houses that need work.

The demand for homes at $270K is good - first time buyers are definately buying, but there are 25 houses currently listied for under 300K in Hudson, so buyers have lots of choices; if they are able, they'll pay more to have the work already done. Those who don't have the money to pay more also can't afford to do work.

As to whether you will get back the full $30,000 - that is unlikely, since buyers have high expectations. But I think if you can do these things, it's worth it - you will attract more buyers and the house will sell more quickly - the quicker you sell the more you make; and you can get on with you next move. Also, energy saving items sometimes carry tax credits, and as a seller you may also have additional tax deductions - you should check with your accountant (real estate agents can't give tax advices).

Hope this helps. I would be happy to give an opinion of value - however, no one can predit the future. We do know the better the condition, the quicker you will sell. Marilyn
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John Savigna…, Agent, Hopkinton, MA
Mon May 18, 2009
your best bet would be to gat a market analysis from 2 or 3 realtors and discuss with them, the best startegy and what updates will yield the bets return. I would be happy to be one of them. contact me at website below.
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