Dockside Chat - Dad's house, remodel or sell as is

Ok, this is the situation. I already own my dad's house so probate is not a problem. He is 95 and still going, but reality is he can't go much longer.

he lives in an upscale retirement development (upscale for this area that is). very large, golf for free etc. typical Florida retirement shit.

anyway, his house is structurally sound but dated. my question, do I sell at a lower price 'as is' or do I put out 20-25 K for a remodel of the kitchen and bathrooms.

I dont mind paying for painting and a new carpet, but do you think I would get back the investment in new appliances (they all still work, just dated).

any thoughts.

Will you get your inverstment back . . . with current market (or should that be lack of market) in Florida you might be better to sell as is . . . lower price may draw more potential buyers

Good luck with the sale.

Too many unknowns to give a solid answer to that question. You need to look at comparables in the area. Figure the costs of renovations verse how much you will likely get out of it. You also need to decide, how long you want it to sit on the market and price accordingly. If there are a bunch of similar products in the area, I would consider not doing the updates unless you want top dollar. Most people in today's market are going to low ball ya... Good luck..

You said he lives in a retirement community? Leave it be. Your target is going to be retiree's on a fixed income. It will be hard to remodel with what that type of buyer will find appealing. Sell it at or just below FMV and just move it. Remember, alot of retirees and those getting ready to retire have lost a substantial part of their retirement nest egg.
JMO of course

Chances are you will never get your total investment back on a remodel. I'd sell as is and save the headache and money.

What we did to my Dad's Florida home when he passed a way a couple of years ago was just clean and paint...

We only had a few folks say things like they really wished it had a new kitchen.

Stilll...it was on the market for close to a year...things are slow here in Florida with lots of foreclosures coming into the market...

Leave it dated the old people you sell it to will love it. The dated look keeps them in that era

If you're going to sell through a real estate agent, this is a discussion to have with the agent. Agents should know what has been selling well lately in that neighborhood, whether totally up-to-date or dated-but-cheap is better. Depending on the house value, a remodeling allowance added to the price can help sale, but if likely buyers will seek FHA financing such allowances don't work.

If the agent can't hold up his/her end of this conversation, find a different agent.

Remodel draws whoever likes that style, lower price draws
Everyone. A detailed cost benefit analysis is needed, but I can tell you the home builders are taking losses on overly decorated/optioned spec and model homes .

sell it... NON-REO and non short sale listings are pretty rare and should sell quickly

What do the other properties for sale in the community look like? If they have all been remodeled then start calling contractors. If they are all dated sell as is.

Its not what you think of the place, it's what the competition looks like that you should be concerned about

What do the other properties for sale in the community look like? If they have all been remodeled then start calling contractors. If they are all dated sell as is.

Its not what you think of the place, it's what the competition looks like that you should be concerned about

x2

I sold my house in December after doing a lot of remodeling. (New hardwood floors, granite in kitchen, remodeled bath, painting, landscaping, masonry repair, etc.) -- at the end of the day... it was a wash. I would have netted the same amount of $$ either way.

In my case there were some circumstances beyond the remodel that were an issue.

The situation at this very moment is that the market is in a pretty good upswing... so you *really* need to know what else is out there and act accordingly.

Too many unknowns...........structure, roof, foundation, windows, hvac............

If you think of improving it get inspections done on all the above and estimates on recommended improvements.

Then get comps on upgraded houses sold/for sale in the area and compare them to those selling as is.

Good luck.

Once you crack open a house for remodel a lot of stuff can surface that yiu did not expect...as a matter of fact expect for the unexpected to surface. Problem is you cant put a number on those type of things and that could easily burn up your extra profit. We are in a buyers market here in Tampa. No matter what you do to a home youre going to get beat up on the price remodeled or not. Its much easier in.this type of market to dump and run.

Based on the information you provided, I'd say sell as is. If you are handy and can do much of the labor of a remodel then it may be worth it. Talk to a good local real estate agent. Do a cost benefit analysis. Make sure you account for surprises during a remodel. It's all about risk. I'll bet you will sell as is and move on.

I'm going thought the very same thing with my MOm's house here in NJ, trying to sell her lagoon front home in Beach Haven West, NJ (in case someone wants to look at her), The last update the house got was a new roof and a couple of floors but the house is stuck in the 80's. We'l;l be selling as is after we do a quick pain job and clean out. It's worth ther time and effort to us to lose some money off the top. And besides your never going to please everyones taste with the new things you buy/fix.

Contact 3 real estate professionals and ask them for their opinions.
As others have said, the renovation costs may not be worth it especially if you factor in your time and the renovation time.

I'd say do a basic patch and paint in and out if need be, but hold off on big remodeling. As so many said, people are looking for cheaper homes with potential.

That said, there is no harm in exploring the issue with a couple good contractors.....or if a DIY either way do a decent analysis of the outlay and potential return. I know there are quite a few remodelers here in S. FLA who are willing to work with you on pricing to keep their people busy if you are flexible on timing. May be the same in Tampa.

Ok, this is the situation. I already own my dad's house so probate is not a problem. He is 95 and still going, but reality is he can't go much longer.

he lives in an upscale retirement development (upscale for this area that is). very large, golf for free etc. typical Florida retirement shit.

anyway, his house is structurally sound but dated. my question, do I sell at a lower price 'as is' or do I put out 20-25 K for a remodel of the kitchen and bathrooms.

I dont mind paying for painting and a new carpet, but do you think I would get back the investment in new appliances (they all still work, just dated).

any thoughts.

If it's in Tampa you better sell it like it is, trust me.......

If it's in Tampa you better sell it like it is, trust me.......

A big plus 10

You said he lives in a retirement community? Leave it be. Your target is going to be retiree's on a fixed income. It will be hard to remodel with what that type of buyer will find appealing. Sell it at or just below FMV and just move it. Remember, alot of retirees and those getting ready to retire have lost a substantial part of their retirement nest egg.
JMO of course

I agree with Bum and others..put it on the market "as-is". IF (big if) it doesn't sell and the reason is outdated, then go to plan B.

BTW, we're in the kitchen cabinet/remodeling business. We see more remodeling done AFTER the sale than before.