Should you sell as is or invest in remodeling? This video is a short answer.
For more info, I’m happy to talk more about it. You can also call, text, or email me at any time.
A video by Joshua C. Smith, REALTOR with TNHomeAgent.com – A Proud part of Benchmark Realty, LLC
It happens when I’m working with a seller that is interested in selling based on the fact that they’ve gained a fair amount of equity in a short period of time. Ok let’s be serious, usually they have a s**t ton of equity, like twice what they started with. They’re going to sell, the only question is should you sell as is, or invest in remodeling to maybe get a little more money out of it?
This is a great question for any of us looking to turn over our property investment. You really need to talk with your real estate team – that’s your realtor and your mortgage broker – if you don’t have a mortgage person, we work with them all the time, I know I always have a few can refer you to – but you need to find out the difference between what your property brings in as is, with only needed minor repairs to put it on the market and what it will bring in if you do some of that remodeling that might be needed. It could be as little as changing out those old brass door knobs – no, that’s not gold trim honey.
There’s a lot of details to consider, I do post about the different types of remodel projects will make you the most return on my instagram if you’re interested – but the shortest answer here is, if the bare minimum work will get you easily as much as other things you might add – like a porch or just a newer roof – like if your major appliances are still in working condition, and the house should appraise, you might be good to go ahead and put it up for sale.
The thing is, if you’re thinking you might want to just market to investors, builders, you just want cash or lot value for your home because it really needs a lot of work – you might be better off getting a HELOC to pay for some of these needed repairs. Investors are looking to get it for less, and they want to make a 30% margin on their investment when they tear your home down and put in those HPRs that not everyone likes. At the end of the day it’s up to you, and your real estate team to help you decide. I always encourage people to try to be “neighborhood conscious” about their investment decisions, let’s face it face it – some developers just aren’t, so it’s important for the home owners to be conscious of these things when they sell their property.
Talk to me about your situation, comment below, or give me a call anytime, I’m around and happy to help 🙂