# Fix it or leave it?



## fishhead (Jul 19, 2006)

I will be selling my home in the next few years. How can I find out if it's worth finishing some projects or not?

The house is old but pretty sound. With regular upkeep the house will probably last another 50 years. It needs some work ie. kitchen ceiling, trim around windows and wall openings, etc. The shingles are approaching replacement time. The property is lake property and many times the new buyer isn't interested in an old house whether it's kept up or not. They just bring in some dumpsters and a hoe and the house is crunched up and hauled away. They even do that with really nice homes on some of the more valuable lake properties.

Is there any way that I can find out if it's worth finishing or not? Except for the roof the materials won't cost much to do much of the work but this is a difficult house to work on because the dimensions are difficult. Adding a single board can take 4 or more cuts to make it fit.


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## Hitch (Oct 19, 2016)

Fix it or plan on deducting it from he sales price. Either way the house needs to be sound before selling it. Otherwise, you can expect to discount the price to sell it as is.


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## fishhead (Jul 19, 2006)

Hitch said:


> Fix it or plan on deducting it from he sales price. Either way the house needs to be sound before selling it. Otherwise, you can expect to discount the price to sell it as is.


Even the new buyer tears it down without even going inside?


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## mmoetc (Oct 9, 2012)

What would the property sell - as is? What would any improvements or fixes you do add? What would they cost? If costs exceed added value the answer is no, don’t do them. The caveat to this is whether something like the shingles will cause a leak before you sell in which case you need to fix them regardless of cost or risk losing more value. 

You can find out by bringing in a few realtors to give you an idea of selling price, whether the property is likely to be fixed or sold as a tear down and what any improvements might add to the value. Don’t sign any listing contracts.


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## fishhead (Jul 19, 2006)

I'm planning on calling a realtor this week to see if she can answer whether this house is a tear down or an older lake cabin.


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## Fishindude (May 19, 2015)

If you don't keep it in good repair, anyone that is borrowing money to buy the place will likely use a home inspector who will beat you up financially on all of the things needing repair.


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## oldasrocks (Oct 27, 2006)

As long as you get your asking price who cares what they do with it? Fix things up and jack up the price to cover the repairs.


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## In The Woods (Apr 27, 2017)

I am in a similar quandary.

We have a very nice house with 2 outbuildings on 6 acres along a beautiful small river. But the real estate values are just terrible around here - always have been. It is very rural with no jobs and nobody wants to live here.

If you took my place and it was 100 miles to the south it would be easily worth 3 times as much.

We are at a turning point in our lives. We are both disabled (I hate that word!) and want to try to keep living here as long as we can. But having such a long distance to travel for everything gets hard - especially in the winter. Groceries and hosptial are a 2 hour round trip. Our doctors are a 4 hour round trip.

So if we decide to stay we are way overdue for some major remodelling. Entire kitchen, bathroom, all floors, etc. But I am afraid to put the money into remodelling because I know we would never get the money back out of the place when we sold it.

We watch these home improvement shows where it shows people put x amount of dollars into remodelling and their appraisal is instantly 10%-20% more than what they spent on the remodel. That scenerio would never work here.

I wish someone could tell me what my place would be worth after remodelling but nobody has a crystal ball.


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## Mickie3 (Aug 28, 2010)

In The Woods said:


> I am in a similar quandary.
> 
> ............. text deleted .............
> 
> ...



That ONLY happens on TV shows. Read somewhere long ago that only reason houses sold after flipping for inflated values was that they were "bought" by show's producers and then dumped later _cheap_. Its called being a FRAUD, just like all of the "reality" tv shows are. 

Best answer you are going to get is if you can find a real estate agent who has a clue. You may have better luck finding crystal ball, though. 

Good luck!


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## GTX63 (Dec 13, 2016)

Get your own home inspection. I've done it several times and it has blocked issues before they even started. My broker took the report and gave it to every potential buyer and let them know, "Here is what we found needing attention, here is what we did, and here is what is still needed, and the price has been adjusted to reflect it."
It doesn't stop them or their lender from having their own inspection, it just puts you in front of them so they can't railroad you into giving the place away. I have seen buyers, and a lender or two, insinuate that based on their own reports, no bank would ever loan money on a property needing such extensive work. Nothing but a shake down.

You mentioned the house is difficult to work on due to the demensions and taking 4 cuts to make a board fit.
I've run into property in the past where every room, fixture, door floor/ceiling height seems disproportionate to each other; many of them were built post WW2 thru the late 60s, usually by the owner, who may or may not have had a blueprint, a tape measure and a mitre saw.


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## hiddensprings (Aug 6, 2009)

A realtor that is knowledgeable about your area will be able to answer those questions for you. Some improvements you may not get the money back but they will help your home sell faster.


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## hiddensprings (Aug 6, 2009)

fishhead said:


> I'm planning on calling a realtor this week to see if she can answer whether this house is a tear down or an older lake cabin.


. I sell real estate in Northern Itasca County. Not sure where you are located, but thought I throw that out. If you do not know anyone in your market, I can refer someone to you. Just PM me


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## Hitch (Oct 19, 2016)

I wouldn't tear it down as it will make buyer financing more difficult. If there is a house on the property, regardless of the condition, they will be able to get conventional financing. However, if the house is torn down now it's a land purchase which will require more down from any potential buyer and there aren't too many banks who do land loans...I know!


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## fishhead (Jul 19, 2006)

I should repeat my original question.

How can I find out if my house will be torn down by the next buyer thus making it unnecessary to finish some remodeling jobs?
Or if the next buyer will want to live in it?


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## LittleRedHen (Apr 26, 2006)

I would ask a realtor and see what buyers typically do in your area. Personally if there was a chance it would be a bull doze job I probably wouldn't bother fixing it up but just take the price of as-is. That way it might take longer to sell but I wouldn't waste my time nor money that coudl otherwise be put in the place I bought to replace it.


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## Northof49 (Mar 3, 2018)

I wouldn't spend my time or dollars on repairing beyond the few must do things.

You will be lucky to get your money back if you do all the labor. If you hire someone consider it good if you recover 50-60% of cost. It would however maybe make it sell quicker.

I wouldn't get a real estate agent to sway your decision. They work on commision so will always recommend you spend your money so they can list it higher.

If you really want to know hire an independent appraisal from a company that is not attached to realtors or banks. Give them a list of things you would consider fixing and request a before and after quote. This should only be maybe a few hundred bucks or less and leaves you with the ability to fix all, some or none as you feel most comfortable with.

If you do sell stipulate in listing you are selling in as is condition and will not reduce price for repairs after inspection and to make offers accordingly. Inspections should only be for buyers to make an informed decision, not a ransom note.


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## Alice In TX/MO (May 10, 2002)

You can’t find out if you should fix it for another buyer. 

The buyer’s realtor doesn’t have to tell you a prospective buyer’s plans. 

The buyer doesn’t have to tell you.

All you can do is fix it for your own use. Keep safety and preventing further deterioration in mind. 

Do not remodel.


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## Fishindude (May 19, 2015)

fishhead said:


> I should repeat my original question.
> 
> How can I find out if my house will be torn down by the next buyer thus making it unnecessary to finish some remodeling jobs?
> Or if the next buyer will want to live in it?



You really have no way of knowing what their intentions are unless they willingly share them.
If they choose to keep quiet about it, it's really none of your business either. Either way, a house in good repair is worth more than one that isn't.


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## mmoetc (Oct 9, 2012)

Fishindude said:


> You really have no way of knowing what their intentions are unless they willingly share them.
> If they choose to keep quiet about it, it's really none of your business either. Either way, a house in good repair is worth more than one that isn't.


Not necessarily. Many locales have prime lakefront property with perfectly maintained small houses on them. To the person buying the property to tear down and build their dream lake house the condition of that house is meaningless. The value is solely in the underlying property. I’ve seen houses in perfect repair worth hundreds of thousands sold at asking price just so they can be torn down and replaced because the old home didn’t suit the new owners wants. 

The value of bringing in a few real estate agents in is that they know the local market and know what their buyers are looking for. Whether they have buyers looking for property with the right view to tear down and build their dream or whether buyers are looking for bargain fixer uppers. He’ll never know by asking here.


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## In The Woods (Apr 27, 2017)

GTX63 said:


> Get your own home inspection. I've done it several times and it has blocked issues before they even started. My broker took the report and gave it to every potential buyer and let them know, "Here is what we found needing attention, here is what we did, and here is what is still needed, and the price has been adjusted to reflect it."
> It doesn't stop them or their lender from having their own inspection, it just puts you in front of them so they can't railroad you into giving the place away. I have seen buyers, and a lender or two, insinuate that based on their own reports, no bank would ever loan money on a property needing such extensive work. Nothing but a shake down.
> 
> You mentioned the house is difficult to work on due to the demensions and taking 4 cuts to make a board fit.
> I've run into property in the past where every room, fixture, door floor/ceiling height seems disproportionate to each other; many of them were built post WW2 thru the late 60s, usually by the owner, who may or may not have had a blueprint, a tape measure and a mitre saw.


I really like this idea for both the OP and myself.

It’s been driving me nuts if I should put money into this place or not. Getting my own appraisal would be a good start and possibly my own home inspection before I decide to sell or not.

When it comes to selling everyone needs to remember about the full disclosure part.


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## melli (May 7, 2016)

I'm with the 'don't do anything' camp, in terms of remodeling. Unless house is near new, in a high value neighborhood, you might get your money back. Now, in terms of selling your place easily, I'd make sure house is sound. That is, a buyer can move in without any issues that would dissuade a bank from writing a mortgage. As someone noted, a property with a house, gets favorable mortgage terms over a property with an unlivable house or bare land. I've done both, and getting a mortgage for bare land was a drag, even with a massive downpayment. 
Even if your place is a teardown to a prospective buyer, having a functional house gives you more possible buyers. 
I would go through the effort of cleaning the place up, tidying up the grounds, etc. Stuff that costs very little to beautify the place. As they say, location location location. If you're in a prime spot, it will sell. As others have noted, ignore the low-ballers (tricks like getting a house inspection to chew you down). You are selling the location, if the house is tired and old. 
What will invariably happen, is you will sell to someone who plans to rebuild or do a massive reno. In either case, having a functional home gives them a place to stay while they formulate their dreams. 
Inviting agents to see what the market is like, sounds reasonable...no paperwork. Just say you are thinking of selling, and was wondering what your place would sell for. Just be cognizant that you might get an unscrupulous agent. Just be firm you don't want to commit until you've had some time think things over. Best.


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## Forcast (Apr 15, 2014)

I came from a high end neighborhood in Baltimore. My grandparents bought 4 homes on the same street in 1933. Each was $3000.00 or less. Fast forward 2013 the house I grew up in was sold gutted and resold for $59000.00. Most of the 1930's new owners remodeled took all the old out. Then sold with in a year or two and new buyers did the same thing ripped all the new out in dumpsters and redid. Seems like such a waste of money. I guess it all depends on how much money you have to update the home. I would get some realtor s to come in and tell you what you could get.


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## Alice In TX/MO (May 10, 2002)

Exactly. Do not put new flooring in a house you are going to sell. Odds are they will rip it out.


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## KatsFarm (Sep 13, 2016)

fishhead said:


> I will be selling my home in the next few years. How can I find out if it's worth finishing some projects or not?
> 
> The house is old but pretty sound. With regular upkeep the house will probably last another 50 years. It needs some work ie. kitchen ceiling, trim around windows and wall openings, etc. The shingles are approaching replacement time. The property is lake property and many times the new buyer isn't interested in an old house whether it's kept up or not. They just bring in some dumpsters and a hoe and the house is crunched up and hauled away. They even do that with really nice homes on some of the more valuable lake properties.
> 
> Is there any way that I can find out if it's worth finishing or not? Except for the roof the materials won't cost much to do much of the work but this is a difficult house to work on because the dimensions are difficult. Adding a single board can take 4 or more cuts to make it fit.


It depends on how much money you want to gain, and how much quicker you want it to sell. It doesn't take much. Fresh paint, refinished floors, and all the tiny repairs that we don't seem to get to doing. The more you put into it, the more you will profit from it and the more buyers you will attract. Since you will be staying for a few more years I would definitely do the roof first, even if you don't make any other improvements.

All the best....


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## DKWunlimited (Sep 11, 2006)

fishhead said:


> I should repeat my original question.
> 
> How can I find out if my house will be torn down by the next buyer thus making it unnecessary to finish some remodeling jobs?
> Or if the next buyer will want to live in it?


Call 2 or 3 realtors and ask them to come do a walk through, a GOOD realtor with experience in your area will be happy to offer thier advice. I have been in the business for over 30 years and our office does it all the time.


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## Abe R Crombie (Mar 13, 2005)

fishhead said:


> I will be selling my home in the next few years. How can I find out if it's worth finishing some projects or not?
> 
> The house is old but pretty sound. With regular upkeep the house will probably last another 50 years. It needs some work ie. kitchen ceiling, trim around windows and wall openings, etc. The shingles are approaching replacement time. The property is lake property and many times the new buyer isn't interested in an old house whether it's kept up or not. They just bring in some dumpsters and a hoe and the house is crunched up and hauled away. They even do that with really nice homes on some of the more valuable lake properties.
> 
> Is there any way that I can find out if it's worth finishing or not? Except for the roof the materials won't cost much to do much of the work but this is a difficult house to work on because the dimensions are difficult. Adding a single board can take 4 or more cuts to make it fit.


I sold my Mom's house several years ago and the real estate agent told me to clean things up but make no major repairs or renovations. I had a new chimney cap put on and some bricks and mortar that was cracked repaired. This was good work that need repair and to make the place look like it wasn't run down which led to more damage. I was going to paint the house outside as it needed it but was told that the new owners might not want the colour I chose or they will want to install new siding. Same as painting inside, let the buyers do the necessary work that they will want done to their own satisfaction. If the roofing is bad you don't want anyone looking at it thinking there was leaks or water damage before.
It end up the new owners did renovate and change the things that I was thinking of fixing/repairing. As long as they know what needs to be done and is nothing major it is likely that you won't have to discount that from the price because it will be changed to their own liking anyway. That's what I found.
Abe


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## Nimrod (Jun 8, 2010)

Look at the lake properties around you. Do they still have the old family cottages on them or have they been replaced by year around homes or Mc mansions? What is your home like? If you have a smaller home/cottage I bet a new buyer will tear it down and build a Mc mansion. This seems to be the norm in the Brainerd lakes area.

Do not count on an appraisal from a realtor. They will give you a very high appraisal because they want your listing. They know you will list with the realtor that you think can get the most for your property.

I wouldn't count on the county appraisal for tax purposes being very accurate either. My own experience with the county appraiser in your county is that he will appraise property higher than it would sell for (illegal) because the county gets more tax money without going through the pesky process of raising taxes and a referendum. I filed to take him to property tax court on my piece in your county. He finally caved just before the actual court appearance. Probably because he was doing something the court would have slapped him down over. 

Get an independent inspection and appraisal just before you sell. In the mean time do the repairs necessary to keep the place in good repair.


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## fishhead (Jul 19, 2006)

Nimrod said:


> Look at the lake properties around you. Do they still have the old family cottages on them or have they been replaced by year around homes or Mc mansions? What is your home like? If you have a smaller home/cottage I bet a new buyer will tear it down and build a Mc mansion. This seems to be the norm in the Brainerd lakes area.
> 
> Do not count on an appraisal from a realtor. They will give you a very high appraisal because they want your listing. They know you will list with the realtor that you think can get the most for your property.
> 
> ...


This is an older owner built house/cabin that was built in a series of additions.


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## fishhead (Jul 19, 2006)

I contacted a realtor and she said that she'd come out look at the property, do some research and then move to phase 2. I explained that I wasn't ready to sell and this sounded a lot like an appraisal. I explained again that I was only interested in her opinion on whether I should spend time on the house or if the new buyer would likely just tear it down. She hasn't responded.

I'm going to ping her one more time.


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## MichaelZ (May 21, 2013)

Depends on the condition of the roof. If it is so bad as to leak now or the near future, then replace it. Otherwise I would leave it and leave it as a negotiable item. Otherwise, paint or refinish everything. Walls, floors, ceiling, porch, deck, . . . Also, clear out any junk, toss or store unneeded items. Fresh paint and no clutter sells, at least it did for me (twice).


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## fishhead (Jul 19, 2006)

The realtor confirmed what I already thought and that this house is a tear down. Now I will focus my efforts on improving the property.


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