Real Estate Agents - When to fix up a house before listing?

Author

When to fix up a house before listing?

darrenli516@yahoo.com

2006-06-12, 2:21 pm

I have a question for other agents.
I have a potential client who wants me to list his house.at some point.
He wants to firx up the house before listing it because there are a lot
of things that need repairs,etc.
Normally, I advise against sinking too much money into the house prior
to listing but I don't want to take this listing as a "fixer-upper".
The house has enormous potential and could be fixed up really nice.
It is on Long Island, NY.
It is a ranch with 3 bedrooms, 1 1/2 baths, LR, DR and EIK.
The main problems with the house is that it needs to be "updated" from
top to bottom.
It needs a new kitchen and bathrooms, as well as painting,
wall-papering, and flooring.
It was built in 1950, and still has most of the original everything.
It needs new windows too.
There is also a problem of water getting into the basement whenever
there is a heavy rainfall.
My potential client has already done some work since he bought the
house in 1999.
He put in a totally new roof(eaves, plywood,everything) as well as a
new oil tank.
He bought the house for 173K, and it is now worth about 339K or so.
I could sell it very quickly if I put it on the market for 299K, but I
think he could get more for it with some of the work being done.
I've just never come across this exact situation before. He is not in a
hurry to sell.
I advised him to first and foremost try to fix the water problem in the
basement.
Anyone have any advice?
Any and all suggestions would be greatly appreciated.

Darren

ddt_toronto

2006-06-13, 11:21 am

Cheapest renovations are:
1. peel the wallpaper and paint it to neutral beige.
2. put new tiles (anything but white ones) in bathrooms and on the
floor in bathroom and in the kitchen. Tiling is very cheap if done by
the owner. 1 sf is less the 1$.
3. Replace only doors in the kitchen ($1500 for oak doors for average
kitchen) and maybe tile the counter (that's the cheapest option). Buy
cheap vanities for the bathrooms.
4. Clean to the n-th degree.
5. Unclutter and stage it.

Good luck !!!
darrenli516@yahoo.com wrote:
> I have a question for other agents.
> I have a potential client who wants me to list his house.at some point.
> He wants to firx up the house before listing it because there are a lot
> of things that need repairs,etc.
> Normally, I advise against sinking too much money into the house prior
> to listing but I don't want to take this listing as a "fixer-upper".
> The house has enormous potential and could be fixed up really nice.
> It is on Long Island, NY.
> It is a ranch with 3 bedrooms, 1 1/2 baths, LR, DR and EIK.
> The main problems with the house is that it needs to be "updated" from
> top to bottom.
> It needs a new kitchen and bathrooms, as well as painting,
> wall-papering, and flooring.
> It was built in 1950, and still has most of the original everything.
> It needs new windows too.
> There is also a problem of water getting into the basement whenever
> there is a heavy rainfall.
> My potential client has already done some work since he bought the
> house in 1999.
> He put in a totally new roof(eaves, plywood,everything) as well as a
> new oil tank.
> He bought the house for 173K, and it is now worth about 339K or so.
> I could sell it very quickly if I put it on the market for 299K, but I
> think he could get more for it with some of the work being done.
> I've just never come across this exact situation before. He is not in a
> hurry to sell.
> I advised him to first and foremost try to fix the water problem in the
> basement.
> Anyone have any advice?
> Any and all suggestions would be greatly appreciated.
>
> Darren

LinkBot