What will help our home sell?
darralisa
4 years ago
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Opinion: Should We Sell our Home or Just Rent it Out for a Year?
Comments (44)Hey, all. I thought I would give you an update. We have had one "low ball" offer ~$675,000 since reducing our house price to $749,000. We couldn't get that low so they offered on a higher priced home that had a pool (they really wanted a pool, so I think they preferred our home, but were trying to get us down, so that they could put in a pool). However, I think things are really picking up in the neighborhood. Four high end homes have gone under contract (2 at $799, $699 and $829) in the last couple of weeks, so I am no longer worried about comps. We are going to continue through May with it just "for sale" and then we'll offer it to rent, as well, beginning in June. I am at peace with either option, as I am just excited for us to get on with our lives together in Florida. I appreciate everyone's help, support, and positive energy....See MoreSelling our home
Comments (45)Given your situation, renting shouldn't be an option. It won't cover your payment and that;s just the starting point. You would need to talk to your insurance agent to see how your insurance costs would change -- they might well increase even though your personal property is no longer covered and you may need to increase your liability coverage. One injury on the property could cost a fortune, so you want more protection, not less. Repairs and other expenses have already been pointed out. Your reserves for those should be higher than if you were living in the home too. You might replace a washer, change out a light switch. Tenants won't and you won't be able to, so it's a service call for anything. If they don't notify you timely, that leaking faucet can go from a $250 service call to thousands in damage. That may not be covered by insurance if they determine that it wasn't "sudden and accidental." I was in a similar situation with my first home. I had two sets of tenants. The first destroyed my lawn and garden and did a lot of damage to the home too. And they skipped on the last rent payent. A couple of professionals. The second set were great. My DH had a rental unit in the basement of his prior home. They had a number of good tenants, but the last ones (law school students) were absolutely horrid. They intentionally destroyed and defaced property. Poop on the walls, disposal and drains permanantly clogged, locked a kitten in a cabinet before they left. My point is that the good and acceptable outweigh the bad in numbers, but the bad ones can cause a lot of pain, grief and cost you a lot that you don't have. If you have to take cash to closing, at least you know how much it will be and then you leave it behind you. But do everything you can to maximize the return on your home. Check your figures -- as pointed out above, 6% of less tan $200k is less than $12,000. Maybe it's not as bad as you think. Talk to some realtors now to get advise on what you need to to properly stage your home. You want everything clean, clean, clean. You want it to look as HGTV ready as possible, but you want to do it with what you arleady have or can borrow as much as possible. Some realtors will offer assistance with this. They may have an advantage in getting your listing. Prioritize the things you can do that have little or no cost and those that will get the most return. Do as much as you can, but clean carpets yourself touch up paint or try a gentle Mr Clean Magic Eraser to get scuffs off walls, etc. Clean and repair. Have your heating and AC sericed and cleaned beore showing. Make sure you walk the property inside and out and touch up paint, caulk, clean everything you can to make it look as much like the builder just left or better as possible. Plant a flat of bedding flowers or have aplanter or two out front for some welcoming color. Look at the listings in your area and make sure you look as good or better than waht you are seeing. If in doubt, less is more and the extra boxes or furniture can go in the garage if you don't have somewhere to store them. Better yet, sell some of that stuff. Chances are, you aren't going to haul it over to the UK. Do it all -- or as much as you can, and then have your realtor back to re-evaluate. See where you are at that point. If your math was off and you have $5K off the top with the commission really being less than $12k, you sell another $1000 or 2,000 in furniture and stuff you can't take with you, you only need a little more to close a $9k gap. If your home sparkles, you might be able to ask $5k ($7-$10k?) more and get enough at closing to close the gap. If you can't close the gap, FSBO or a short sale (which can take too long if you need to split) would seem to be your options. I don't know how lenders are about short sales in TX these days, but if you only need a few thousand dollars nad you've been making all your payments on time and are leaving the country -- well, I'd take a short sale to them and ask. It beats a foreclosure where someone has stripped the house of all the fixtures, appliances - sometimes even cabinets. Rational people would see that, but insitutions are not always rational. I lost both of may parents recently. Those final years can be very hard without any of this real estate mess. Stop stressing about it and start making a plan. I hope it works for you and I wish you and your parents the best....See MoreSelling our house...what should I do about this backsplash?
Comments (44)I do think that a better faucet - a pull-down style - is a low expense but big return in "first impression" points. Hopefully the sink resurfacing will be done excellently, and not look obviously a re-coat. Such little things can go a long way toward creating a favorable feeling toward the house. Good lighting would be too, and might be easily improved with 3000k (at the least) LED bulbs in the existing fixtures if possible. I always like to see some simple framing around a window and it isn't expensive or hard to do, either. Just choose a profile that agrees with the cabinets and baseboards. If you do decide to add pulls, look at styles by Hafele- they have some nice simple designs (and you want to keep them simple for sure) and not expensive. Just don't go for the cheap looking skinny 3" pulls that are builder grade. When I looked at the photos again, my eye was drawn to the empty wall to the left of the window... perhaps a print, that incorporates some of the blue from the tile, would look good there....See MoreDifficulty selling our home with stairs
Comments (7)Many people buy there for a vacation home, and in the winter that is a lot of steps. If you built a staircase into the slope to go to the back door, would that seem any less steep? It could at least be on the ground. You could get an estimate for having that done, and give the buyer a credit for that amount. Make sure the inside is spotlessly clean and cleared out as much as possible....See MoreJanie Gibbs-BRING SOPHIE BACK
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