I am selling my co-op and buying a condo in another state. They are both 2 beds/2 baths. This one is 760 sq feet. The new one is 1760 sq feet.
I cant think of a better place to get advice on both actions than from you folks.
My co-op appraisal by 3 realtors came in much lower than I hoped and I decline to make significant improvements such as a new kitchen. It is clean and neat, newly painted and will be properly staged.
What say you all? Advice, admonishments....
__________________
Minds are like parachutes, they work best when open
Ugh. We got royally screwed by the appraiser when we sold our house. She refused to consider the value of the houses across the main road(in the same development!) when doing her appraised value.
Granted, our street had some seriously sketchy neighbors and houses (not next door or anything though), but our house was very well kept and nice.
In the end we lost about $2000 in the sale.
Good luck, aergia. I hope it goes well for you.
if your property's amenities ( specifically the kitchen )are functioning properly then would not spend the $$$ to IMPROVE them--square footage/room
is the baseline for values in residential properties--no matter if it's a $15k kitchen or a $40k kitchen--your chances of recovering the cost of the renovation PLUS a commensurate profit on the sale are not guaranteed at all--let alone the stress/inconvenience of doing the renovation in the first place--would take a lower price and keep your $$$ to use on your NEW place
__________________
" the only thing necessary for the triumph of evil is for good men to do nothing. "--edmund burke
we renovated numerous older properties in austin--ranging from 30yrs old to over 80yrs old--and one thing we learned for sure: assuming everything's functionally properly, ADDITIONAL SPACE is where the major profits are made
__________________
" the only thing necessary for the triumph of evil is for good men to do nothing. "--edmund burke
Are you moving closer to your daughter? If I remember she moved away? I hope you are going someplace warm!!
I agree with what burns said. It isn't worth the money or the hassle. If you redo the kitchen a buyer may still hate it. Neat and clean is the way to go.
Good luck!!
__________________
Out of all the lies I have told, "just kidding" is my favorite !
daughter lives in OK but her husband is AF so it is never a permanent post.
I am actually moving closer to where my BF lives and he will move in with me.
We both need one floor, no stairs. This is a Del Webb built 55+ community in the tri state area.
It is 10 years old and looks brand new. Their first crop of residents is now aging out, one way or the other.
__________________
Minds are like parachutes, they work best when open
Well I would just say that you don't have to spend a lot to have things look nicely kept, you can update kitchens simply by removing dated trim work on cabinets and having them painted properly. The thing is if thing look maintained, it gives the buyer a sense of all areas being kept update. New plumbing fixtures and lighting are other items that will seem dated if more than 10-15 years old. Flooring is a real key item, carpets have to be newer.
__________________
Sometimes you're the windshield, and sometimes you're the bug.
I would not re-do the kitchen, but I would consider a few updates, like hardware or maybe a new stove. What are the appliances like? Everyone oohs and ahhs over stainless steel, and new appliances can be done for less than $2000. Old appliances are something everyone will notice and think - I'm going to need to replace that. But I wouldn't do new cabinets or anything like that.
__________________
LawyerLady
I can explain it to you, but I can't understand it for you.
Are you moving closer to your daughter? If I remember she moved away? I hope you are going someplace warm!!
I agree with what burns said. It isn't worth the money or the hassle. If you redo the kitchen a buyer may still hate it. Neat and clean is the way to go.
Nah, leave the home reno's for the new owner. I agree with a new stove or fridge. Make sure you don't have any issues-electric, etc. If the new buyer does the inspection and finds problems they become yours.
Personally, I would never renovate a house to sell it. I renovate to enjoy it for myself. Every person has their own preferences, and what is appealing to you may be torn apart by the next person. Plus, unless you can recoup your expenses and add value to your property for sale, what is the point? To make it "show" better? If it doesn't sell because it's outdated, then I might consider...but otherwise, nope.
You can ask whatever you want for it. But keep in mind that unless it's a cash offer, your comps may not come in and the buyer won't be approved for a loan.
The market here is very hot, the vast majority of sellers here stage their home for a quick sale.
Its amazing how people see all the pretty furniture and forget to look for faults....
The market here is very hot, the vast majority of sellers here stage their home for a quick sale. Its amazing how people see all the pretty furniture and forget to look for faults....
Same her apple...
DD listed her house on Friday afternoon...Sunday morning she had 18 offers. The one she took was cash. $8K over her asking price. No contingencies...
-- Edited by Ohfour on Wednesday 22nd of June 2016 03:12:44 PM
__________________
America guarantees equal opportunity, not equal outcome...
The market here is very hot, the vast majority of sellers here stage their home for a quick sale. Its amazing how people see all the pretty furniture and forget to look for faults....
Same her apple...
DD listed her house on Friday afternoon...Sunday morning she had 18 offers. The one she took was cash. $8K over her asking price. No contingencies...
-- Edited by Ohfour on Wednesday 22nd of June 2016 03:12:44 PM
A man I work with just put his condo up for sale on Friday, he finalized the sale today. 75K over asking, no subjects.
I fear my children will never be able to own a home unless I leave them mine!
Wow real estate is hot there Apple. I remember back when there were bidding wars here. Not anymore. The house next door to me was on the market for 6 months & sold for $100 k UNDER initial asking price. After the real estate company finished the basement. It sold for over $200k LESS than the sellers had paid for it back in 2005. When the bubble burst here the market took a shyt. Plus they are still building new houses on a daily basis so why wouldn't a buyer go for the new one that they can pick the cabinet, carpet & countertops they want.
In this city the latest stat shows the benchmark house price for a detached single family home to be 1.4 million dollars.
Its gone up 30% in the last year alone. Its absolute insanity.
that's CRAZY!!!!!!!!!!!!
Right!!! How will my kids ever be able to get into this market? ughh.... Of course our property taxes are high now too, I think a lot of older people can't afford the taxes alone!
In this city the latest stat shows the benchmark house price for a detached single family home to be 1.4 million dollars.
Its gone up 30% in the last year alone. Its absolute insanity.
that's CRAZY!!!!!!!!!!!!
Right!!! How will my kids ever be able to get into this market? ughh.... Of course our property taxes are high now too, I think a lot of older people can't afford the taxes alone!
That's sad. People pay off their houses and then can't afford the taxes. That's just not right...
Can your area sustain those prices, apple? I just KNOW there is going to be a huge crash here in the next 5-10 years.
I grew up in an area called East Nashville. G-H-E-T-T-O. Really old houses, some clapboard falling apart.
Now, it's one of the hottest places to live in the country. People are coming in and buying these dumps for way more than they are worth. They won't be able to sell them in a few years and it will go back to being the ghetto...
__________________
America guarantees equal opportunity, not equal outcome...
In this city the latest stat shows the benchmark house price for a detached single family home to be 1.4 million dollars.
Its gone up 30% in the last year alone. Its absolute insanity.
that's CRAZY!!!!!!!!!!!!
Right!!! How will my kids ever be able to get into this market? ughh.... Of course our property taxes are high now too, I think a lot of older people can't afford the taxes alone!
That's sad. People pay off their houses and then can't afford the taxes. That's just not right...
Can your area sustain those prices, apple? I just KNOW there is going to be a huge crash here in the next 5-10 years.
I grew up in an area called East Nashville. G-H-E-T-T-O. Really old houses, some clapboard falling apart.
Now, it's one of the hottest places to live in the country. People are coming in and buying these dumps for way more than they are worth. They won't be able to sell them in a few years and it will go back to being the ghetto...
People buy up every piece of land they can. Tear down older homes and build as big of a house as they can.
Its an anomaly, they have said we are in a bubble but they have been saying that for going on 15 years as the prices steadily climb. It is an international market, so I don't see an end to it any time soon.
Put a nice vase of flowers in the kitchen or on a coffee table. We laugh how well it works.
And bake cookies so it smells homey!
Yep!!!!!
Another thing we did was put mild scented Glade plug-in inserts on the vents in the floors. It wasn't overpowering, but when the heat/air kicked on, you got a bit of a nice scent...
__________________
America guarantees equal opportunity, not equal outcome...
Put a nice vase of flowers in the kitchen or on a coffee table. We laugh how well it works.
And bake cookies so it smells homey!
Yep!!!!!
Another thing we did was put mild scented Glade plug-in inserts on the vents in the floors. It wasn't overpowering, but when the heat/air kicked on, you got a bit of a nice scent...
Cinnamon, that is a very popular scent for staging.
Nashville is CRAZY! There is no way it will sustain this bubble. 2 BR 1BA houses (800-900 sf) are going for over $300K.
It's ridiculous...
We crashed in 2008 or right about. I bought in Dec 2006 when it was starting to level off. 2800 sq ft 3 bed 3.5 bath is now worth about 2/3 of what I paid. I have no intention of selling any time soon but if I did I'd probably be able to sell for exactly what I owe but then have nothing.
Put a nice vase of flowers in the kitchen or on a coffee table. We laugh how well it works.
And bake cookies so it smells homey!
Yep!!!!!
Another thing we did was put mild scented Glade plug-in inserts on the vents in the floors. It wasn't overpowering, but when the heat/air kicked on, you got a bit of a nice scent...
Cinnamon, that is a very popular scent for staging.
The only scents I like are vanilla, cinnamon & lemon verbena. Everything else gives me a headache.
Yeah, I remember that, lexxy. I bought my townhouse in 2001 and sold it 2 years later and made about $60k. It was crazy. 7 offers, 6 above asking price. The day it was listed the agent held an open house and it sold same day. I've never seen anything like it. We bought our house in Spring 2006, but we got a very good price because it needed updating. The neighbors across the street bought theirs end of 2006 and I think they are upside down a little. Not much, as homes in our neighborhood have recently started going up again. But for awhile, I'm sure they lost value. My parents lost about $100k on the first house they bought in Loudoun County because of the timing.
We were soooo lucky when we sold our home in New Jersey in 2004. It sold in one day, for $10K more than the asking price!
Some things our realtor insisted on were (1) professionally shampoo the carpets - they were light beige (2) meticulously clean the corners of the stairs (3) clean the oven to within an inch of its life, as well as the washer, dryer, and dish washer. (4) Refrigerator/freezer should be clean, with lots of empty space (5) Clean the windows & sills, inside & out. Of course there were lots of other instructions, but those were paramount.
Hint from Momala: to clean your dishwasher, run an empty cycle with 3 packets of lemon Kool Ade. Sparkling white!
Wow FNW, I didn't think Loudoun was as affected. Maybe it was just their county assessments held the value not the resale as much.
Oh yeah, they bought over in Lowe's Island. Major depreciation. They should have held on another couple years after Trump bought the club and they probably would have made money. But the lots were so small they hated being so close to neighbors, even though they loved their neighbors.
ok put a bid i on a condo this weekend. I went under what the realtor thought it should go for (but who is paying him, right?)so the decision now lies with the bank, It is a short sale. PLan is to close in 30 days.
Hope they take it I will increase it by a hair, but not by much
__________________
Minds are like parachutes, they work best when open
ok put a bid i on a condo this weekend. I went under what the realtor thought it should go for (but who is paying him, right?)so the decision now lies with the bank, It is a short sale. PLan is to close in 30 days. Hope they take it I will increase it by a hair, but not by much
ok put a bid i on a condo this weekend. I went under what the realtor thought it should go for (but who is paying him, right?)so the decision now lies with the bank, It is a short sale. PLan is to close in 30 days. Hope they take it I will increase it by a hair, but not by much
Oh good luck! The waiting is so hard! I hope you hear back soon.
I have the money now, need to send them a statement, need to blank out my actual account numbers.
Spoke with an attorney, somewhat alarmed at her thoughts and her fees. But she is merely on the high side of normal.
__________________
Minds are like parachutes, they work best when open
We were soooo lucky when we sold our home in New Jersey in 2004. It sold in one day, for $10K more than the asking price!
Some things our realtor insisted on were (1) professionally shampoo the carpets - they were light beige (2) meticulously clean the corners of the stairs (3) clean the oven to within an inch of its life, as well as the washer, dryer, and dish washer. (4) Refrigerator/freezer should be clean, with lots of empty space (5) Clean the windows & sills, inside & out. Of course there were lots of other instructions, but those were paramount.
Hint from Momala: to clean your dishwasher, run an empty cycle with 3 packets of lemon Kool Ade. Sparkling white!
You need to write a book!!!
I don't think I can fit the contents of 3 packets in my dishwasher (the space is just big enough for a Cascade packet).
I have the money now, need to send them a statement, need to blank out my actual account numbers. Spoke with an attorney, somewhat alarmed at her thoughts and her fees. But she is merely on the high side of normal.
just told my condo neighbor who expressed an interest in my place that I wil showe it as of 8/15, when all the painting is done and it is prettied up.
Gave him the high price. we'll see
__________________
Minds are like parachutes, they work best when open
