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Buying or Selling a Home/When is it worth it to put money into a home?
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Question
When is it worth it to put money into a home? Prices are going up here in Las Vegas very slowly. My home needs many repairs. We are afraid of never recouping the money we put in to fix it up.
If there are many comps of similar homes in our area, should we see if we can look to see how well they have been kept up to determine whether we could sell our house if theirs was also on the market at the same time?
Would we just be smarter to sell this house "as is" after owning it for a long while and then put minimal money into making it look presentable for the sale. After it sells pretty much "as is", after the market begins to go up again (?), we could then sell for some additional equity and buy a foreclosure and fix it up. What do you suggest?
Dear Bonnie;
Selling your home in a slow market means that you have to be the best deal of the group of homes that are competing with your home. If it isn't the most updated and prettiest it better be the best and lowest price! If you sell "as is" you will need to lower the price considerably. My suggestion is to put money into cleaning, painting and making the home as presentable as possible. You should have an agent come look at your home and give a price evaluation as well. I would not spend money updating or putting in lots of extras since you will not recoup those expenses. You should keep in mind that any changes, updates or remodles to a home never net the full value but enhance the home's ability to sell quickly.
Good luck,
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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