Buying a house that needs updating
Hi - We are in the process of trying to purchase a short sale property that needs a lot of work.
Like, assume all carpets need to be replaced, and we'd want some wooden floors, all kitchen cabinets replaced, some with the clear glass windows, and the bathrooms would need to be remodeled, like turn...I do need to update my bathroom though but at this point I already lost money when I purchased the house, this update would only add on loss. I've spent a lot of time and money doing exterior remodeling of my home, plus a sizeable remodel of the master bath. We have fairly new appliances, but the counters and cabinets probably need replacing. Answer: This is one of those questions where the answer depends on variables such as condition of competing inventory, whether it's a hot, cold or neutral real estate market and the likelihood of return on investment.reader named Lisa wrote me about an old house she found in Pittsburg, Kansas, that she’d like to “save.” It’s in a great historic neighborhood where the houses around it are selling for much more. This one is on the market for only $149,900 and has a lot of things going for it: over 3,000 square feet of living space, to start with, including 4 bedrooms and 2 1/2 baths. However, the rest of my 22-year-old home needs attention inside. In my experience, many sellers put way too much money into fixing up their homes for sale.
They make repairs a buyer may never notice or will not pay extra for.
Talk to your agent before making any repairs and please make sure your agent is experienced and qualified enough to provide cohesive answers on which you can rely. It had holes in the walls all the way to the exterior and urine-soaked wood floors; most of the electrical didn't work and the bathroom tub had fallen through the joists.
For example, a few years ago, a past client called to say her next-door neighbors needed to immediately sell their home. All the faucets leaked and, in one bedroom, I found a pile of dead rats swept into a pile in the center of the floor. Not even a coat of paint would have helped sell this place.
However, I'm not sure this option is even possible in the current environment.
We have enough money to pay the 20% down, closing costs, etc. Hi - We are in the process of trying to purchase a short sale property that needs a lot of work.
Lisa says the house looked worse in person than in the photos (possibly because these are a little blurry?