I want to sell my home, but I don't want to fix it up

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fredflinstone
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I want to sell my home, but I don't want to fix it up

Post by fredflinstone » Mon Jul 23, 2018 4:21 pm

I like my home -- it is a very pleasant place to live -- but it has some issues. For example, I have a window that I don't open because the last time I opened it, I was unable to close it. I have a leak in the ceiling which I think is coming from a deck on the second floor, but I'm not really sure. (It only leaks when it rains really hard, which is rare.)

I have called many contractors to look at some of these problems. Most of the contractors never call back or they come out and say they will write up a bid and then I never hear from them again.

My family may need to move this fall and if so I would like to sell this house. Originally, I planned to spend 4-6 months prepping the house for sale in the spring. But I'm having second thoughts.

If the house were fixed up to near-perfect condition, I might be able to get $650,000 for it. In its current condition, by contrast, I'd be lucky to get $500,000. (I'm not very knowledgeable about real estate, so these are just rough guesses.) My question is whether it is worth it to incur tens of thousands of dollars of expenses plus many hours of my time in the hope of getting a higher sales price. My wife and I have a net worth of about $5 million, so whatever we do to this house is not going to make or break us financially. It's not a very Bogleheadian thing to say, but I sometimes feel like life is too short to deal with so many house-related headaches.

LiterallyIronic
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Re: I want to sell my home, but I don't want to fix it up

Post by LiterallyIronic » Mon Jul 23, 2018 4:24 pm

If the difference really is $150,000, that should be enough to pay someone else to take care of all the headaches and still turn a nice profit for you. I'd pay someone else to do everything.

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Re: I want to sell my home, but I don't want to fix it up

Post by kjsammy » Mon Jul 23, 2018 4:29 pm

You can spend thousands and still get bad work. Plus the headache of dealing with those people.

ResearchMed
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Re: I want to sell my home, but I don't want to fix it up

Post by ResearchMed » Mon Jul 23, 2018 4:33 pm

LiterallyIronic wrote:
Mon Jul 23, 2018 4:24 pm
If the difference really is $150,000, that should be enough to pay someone else to take care of all the headaches and still turn a nice profit for you. I'd pay someone else to do everything.
That would make sense for a separate property, but they've got to live there while the work is done.
Either that, or leave it behind to be done in their absence, and make a couple of trips back to see that it's being done right.
It can be sold from a distance, once work is finished.

I wouldn't want to have a contractor "complete everything", knowing I wouldn't be checking in at all.
And given that net worth, and the "difference" from all work costs and whatever extra selling price there *might* be... it's questionable whether it's truly "worth it.

OP: Do you have children, or just a spouse. It's still tricky to live there during major repairs (if interior), but not as bad if there are also children.
I've live in a place that needed major renovations, for just that last stages, and... I decided "never again", even if it cost a lot extra (assuming I could actually afford it, of course). It just wasn't worth about 2-3 months worth of extra rent before moving.

I'm assuming it's more than one bad window and a leak "probably near the deck".

Yes, "life is too short to deal with so many house-related headaches" IF the financial implications aren't noteworthy.

RM
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Re: I want to sell my home, but I don't want to fix it up

Post by KESP » Mon Jul 23, 2018 4:37 pm

I’m finding it is not easy to get people to work on your house. I’ve been trying to fix certain things in my house and it has been very frustrating. People don’t call back, someone came and once he saw we had a vaulted ceiling he clearly didn’t want the job so we never heard from him again, another was hired to put additional insulation in the attic and apparently it was not done correctly. If I had $5 million dollars I wouldn’t go through the aggravation. In fact, I paused all our remodeling plans because it is just so frustrating I needed a break.

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fredflinstone
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Re: I want to sell my home, but I don't want to fix it up

Post by fredflinstone » Mon Jul 23, 2018 4:39 pm

LiterallyIronic wrote:
Mon Jul 23, 2018 4:24 pm
If the difference really is $150,000, that should be enough to pay someone else to take care of all the headaches and still turn a nice profit for you. I'd pay someone else to do everything.
That's a good idea. I think a good starting point would be to get a home inspection done and then show the report to a bunch of general contractors. If possible, I would want them to handle everything -- from doing repairs to repainting the walls and ceilings to cleaning (or replacing) the carpet.

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fredflinstone
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Re: I want to sell my home, but I don't want to fix it up

Post by fredflinstone » Mon Jul 23, 2018 4:40 pm

ResearchMed wrote:
Mon Jul 23, 2018 4:33 pm
LiterallyIronic wrote:
Mon Jul 23, 2018 4:24 pm
If the difference really is $150,000, that should be enough to pay someone else to take care of all the headaches and still turn a nice profit for you. I'd pay someone else to do everything.
That would make sense for a separate property, but they've got to live there while the work is done.
Sorry, I should have clarified. We will likely move into another house in the next 1-2 months. The work on this house can be done after we move out.

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fredflinstone
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Re: I want to sell my home, but I don't want to fix it up

Post by fredflinstone » Mon Jul 23, 2018 4:42 pm

KESP wrote:
Mon Jul 23, 2018 4:37 pm
I’m finding it is not easy to get people to work on your house. I’ve been trying to fix certain things in my house and it has been very frustrating. People don’t call back, someone came and once he saw we had a vaulted ceiling he clearly didn’t want the job so we never heard from him again, another was hired to put additional insulation in the attic and apparently it was not done correctly. If I had $5 million dollars I wouldn’t go through the aggravation. In fact, I paused all our remodeling plans because it is just so frustrating I needed a break.
Thank you for validating how I feel. I can see if a well-regarded general contractor is interested in handling everything for me. If not I agree that it would be better (for my mental health certainly) to sell the house as-is.

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tennisplyr
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Re: I want to sell my home, but I don't want to fix it up

Post by tennisplyr » Mon Jul 23, 2018 4:43 pm

I was in a similar situation last year and did not do major work, the house sold in roughly 4 weeks in NY. The time and cost involved was not worth it. I would suggest the following:

-paint the outside
-ensure good curb appeal...nice lawn, flowers, etc
-remove all clutter inside...less is more
-make sure the inside is bright....open shades, turn on/buy lights
-cleanliness is very important
-price it to sell...don't be greedy.

I've seen contractors delay things for months and months, given what you've said, I don't think it's worth it.
Good luck.
Last edited by tennisplyr on Mon Jul 23, 2018 4:57 pm, edited 1 time in total.
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Re: I want to sell my home, but I don't want to fix it up

Post by ytrewq » Mon Jul 23, 2018 4:46 pm

In a normal market without repairs you may end-up with buyers making offer due to low price, but backing out after home inspection and selling duration may drag into months. You may want to pay $400 - $500 for a home inspection and then call a general contractor with home inspection report to fix all things. Once the general contractor sees total work worth few tens of thousand dollars (rather than 1-2 fixes worth $800 - $1000) you maybe able to get everything done without much hassle. $150K difference in selling price with/without repairs seems too big a difference. $150K difference would apply for total renovation of a house (not few repairs).

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Re: I want to sell my home, but I don't want to fix it up

Post by Mjar » Mon Jul 23, 2018 4:47 pm

fredflinstone wrote:
Mon Jul 23, 2018 4:42 pm
KESP wrote:
Mon Jul 23, 2018 4:37 pm
I’m finding it is not easy to get people to work on your house. I’ve been trying to fix certain things in my house and it has been very frustrating. People don’t call back, someone came and once he saw we had a vaulted ceiling he clearly didn’t want the job so we never heard from him again, another was hired to put additional insulation in the attic and apparently it was not done correctly. If I had $5 million dollars I wouldn’t go through the aggravation. In fact, I paused all our remodeling plans because it is just so frustrating I needed a break.
Thank you for validating how I feel. I can see if a well-regarded general contractor is interested in handling everything for me. If not I agree that it would be better (for my mental health certainly) to sell the house as-is.
at the net worth and the gap between the selling prices, I would still do it because with that difference you could blow it and buy something really nice for yourself or wife or go on a lavish vacation, but given you seem to loathe work on your house, skip it and sell it as is, someone more than likely a REI will take it off your hands and flip it.

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Re: I want to sell my home, but I don't want to fix it up

Post by bloom2708 » Mon Jul 23, 2018 4:49 pm

Talk to a local experienced realtor. They can help you make a "let it go" and a "must fix" before you list.

If you can spend $20k and make $150k more on the sale, by all means, spend the $20k.

If you can spend $20k and make $25k more on the sale, pass. List the items up front as known issues.

If you have to sell this fall, now is the time to get serious about finding a contractor (stop in to their office so they can't not return your calls).
"We are not here to please, but to provoke thoughtfulness." --Unknown Boglehead

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Re: I want to sell my home, but I don't want to fix it up

Post by RadAudit » Mon Jul 23, 2018 4:50 pm

See if you can find a real estate agent / company that uses a contractor to repair rental property and / or do fix up for homes needing to be sold. DW found a contractor that way through a friend that provided a lead. In our case, he worked fast, did good work, and was reasonably priced.
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Re: I want to sell my home, but I don't want to fix it up

Post by Jags4186 » Mon Jul 23, 2018 4:57 pm

A broken window and a leak in the ceiling are not a $150k problem. What is really wrong with the home? A few things that need to be fixed can be dealt with by either pricing the house lower or by offer the sellers repair credits. If the house is outdated and shows poorly then you have an entirely different issue.

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Re: I want to sell my home, but I don't want to fix it up

Post by scotts » Mon Jul 23, 2018 5:00 pm

I was in the same situation 10 years ago. I made a list of everything I thought was wrong and didn't fix anything - the carpet was 20 years old and ugly. The prices for similar homes were about 450K and I sold it by owner for 415K. The people who bought it were undaunted by the list as they wanted something they could fix up and sell for a nice profit after living there for 3 years. They sold it for 530K. So I'd advise trying to sell it without fixing anything since you could always fix things later if it doesn't sell.

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Re: I want to sell my home, but I don't want to fix it up

Post by LiterallyIronic » Mon Jul 23, 2018 5:05 pm

ResearchMed wrote:
Mon Jul 23, 2018 4:33 pm
I wouldn't want to have a contractor "complete everything", knowing I wouldn't be checking in at all.
Maybe I'm the only one naive enough, but I would trust and expect a person who I hired to do a particular job on my house to actually do the job, whether or not I was there. I mean, I guess I've only hired a few people in the short time I've had my house, but they all did what I paid them to do.

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Re: I want to sell my home, but I don't want to fix it up

Post by Yooper16 » Mon Jul 23, 2018 5:06 pm

I would be prepared to sell "as is" and expect to receive a significant amount below what the fixed up estimate is.

You mentioned the roof/deck issue--assume that any offer will have a full house roof replacement reduction. In my area that would be around 25K for our 120 year old 3 story. And then regarding the roof/deck thing you may have a structural wood rot issue that may also reduce the offer. If AC etc is over 15 years old, expect the offer to consider that--same goes for driveway condition. Galvanized water lines anywhere?

Without knowing your house, just the way you described it and your "tone" in writing--- maintenance has not been a big concern while owning. With the roof thing, my first reading was that I would expect to drop 75K in deferred mx costs if I bought your house. That would not be counting $$ to personalize the place.

Sounds as though you are less in need of the $$ and more in need of the less stress aspect of reno and/or home sales. Go "as is".

If you are looking for a contractor to start this fall---good luck unless your area is not having a reno/building rush. Our experience, using the same contractor, is about 4 months start time from the day the contractor receives the signed bid and a reasonable down payment.

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Re: I want to sell my home, but I don't want to fix it up

Post by smitcat » Mon Jul 23, 2018 5:42 pm

LiterallyIronic wrote:
Mon Jul 23, 2018 5:05 pm
ResearchMed wrote:
Mon Jul 23, 2018 4:33 pm
I wouldn't want to have a contractor "complete everything", knowing I wouldn't be checking in at all.
Maybe I'm the only one naive enough, but I would trust and expect a person who I hired to do a particular job on my house to actually do the job, whether or not I was there. I mean, I guess I've only hired a few people in the short time I've had my house, but they all did what I paid them to do.
That would not be a good approach from what I have seen over the past years.

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Re: I want to sell my home, but I don't want to fix it up

Post by delamer » Mon Jul 23, 2018 6:04 pm

Following up on a couple previous comments —

Talk to a competent realtor about pricing “as is” and with repairs. S/he should be able to give you prices under both scenarios and determine whether it is worth doing repairs.

A good realtor will have a contractor(s) that s/he uses for repairs who will be motivated to do a good job to keep the realtor’s future business.

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Re: I want to sell my home, but I don't want to fix it up

Post by DanMahowny » Mon Jul 23, 2018 6:14 pm

You lost me when you said a leak (intermittent) and a faulty window would cost $150k?

I'll bid $145 to fix your problems. Just kidding, sort of.
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Re: I want to sell my home, but I don't want to fix it up

Post by ResearchMed » Mon Jul 23, 2018 6:23 pm

DanMahowny wrote:
Mon Jul 23, 2018 6:14 pm
You lost me when you said a leak (intermittent) and a faulty window would cost $150k?

I'll bid $145 to fix your problems. Just kidding, sort of.
Um, did you leave out a little "k" there?
:shock:

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Re: I want to sell my home, but I don't want to fix it up

Post by DanMahowny » Mon Jul 23, 2018 6:30 pm

ResearchMed wrote:
Mon Jul 23, 2018 6:23 pm
DanMahowny wrote:
Mon Jul 23, 2018 6:14 pm
You lost me when you said a leak (intermittent) and a faulty window would cost $150k?

I'll bid $145 to fix your problems. Just kidding, sort of.
Um, did you leave out a little "k" there?
:shock:

RM
Holy crap! I'm gonna lose a ton on this job.

Nice catch.
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Re: I want to sell my home, but I don't want to fix it up

Post by BogleBike » Mon Jul 23, 2018 6:36 pm

I support the idea of getting a building inspection, and using the findings to get a general contractor bid.

Another route is get the inspection, then get opinions from the realtors. As other posters have suggested, once you know the likely profit of doing the repairs vs not doing them, you can easily make a more accurate decision.

I suspect that the as is will still be best, but these steps take little effort and make the decision much easier.

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Re: I want to sell my home, but I don't want to fix it up

Post by Carefreeap » Mon Jul 23, 2018 6:42 pm

RadAudit wrote:
Mon Jul 23, 2018 4:50 pm
See if you can find a real estate agent / company that uses a contractor to repair rental property and / or do fix up for homes needing to be sold. DW found a contractor that way through a friend that provided a lead. In our case, he worked fast, did good work, and was reasonably priced.
+1

That would be my advice. You really limit your pool of buyers in a normal market with an "as-is" property.

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Re: I want to sell my home, but I don't want to fix it up

Post by Grt2bOutdoors » Mon Jul 23, 2018 7:23 pm

Go to Home Depot, tell them you want to install a new window. Put in one of those Andersen vinyl windows, have them install it. Now while they are installing it, ask them if they do other work. If they do, come to an arrangement- but it shouldn’t cost anywhere near $150k to fix it. For that kind of money you can put an addition on.
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Re: I want to sell my home, but I don't want to fix it up

Post by JoeRetire » Mon Jul 23, 2018 7:32 pm

fredflinstone wrote:
Mon Jul 23, 2018 4:21 pm
If the house were fixed up to near-perfect condition, I might be able to get $650,000 for it. In its current condition, by contrast, I'd be lucky to get $500,000. (I'm not very knowledgeable about real estate, so these are just rough guesses.)
Don't guess! A qualified realtor can do an evaluation for you and make specific suggestions. Those suggestions may depend on your house, your neighborhood and the state of the real estate market.

In some market conditions, no fixups are necessary at all.
My question is whether it is worth it to incur tens of thousands of dollars of expenses plus many hours of my time in the hope of getting a higher sales price. My wife and I have a net worth of about $5 million, so whatever we do to this house is not going to make or break us financially. It's not a very Bogleheadian thing to say, but I sometimes feel like life is too short to deal with so many house-related headaches.
If you can afford to throw away $150,000 and your time is that valuable to you, then go for it. Most of us aren't in that boat.

Remember that this isn't an either/or issue. A good realtor will make suggestions and help you estimate what each would cost in time and money. And a few less-time-consuming enhancements can often provide a big return. Painting, for example, isn't that expensive and would take up no more of your time than finding a painter.

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Re: I want to sell my home, but I don't want to fix it up

Post by 2015 » Mon Jul 23, 2018 7:37 pm

fredflinstone wrote:
Mon Jul 23, 2018 4:21 pm
... My question is whether it is worth it to incur tens of thousands of dollars of expenses plus many hours of my time in the hope of getting a higher sales price. ...
I'm in the same boat as you. In my case, it is definitely not worth incurring tens of thousands of expenses, irretrievable time spent, in the hopes of a fistful of dollars. OTOH, I'm in a neighborhood with such insatiable demand/little supply I can ask for "best and final offer" and get it. I will tell the real estate agent not to waste my time bringing any counter offers. Most people will come in and gut the place regardless of what it looks like anyway.

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Re: I want to sell my home, but I don't want to fix it up

Post by donall » Mon Jul 23, 2018 8:00 pm

Many realtors know and have experience with local contractors. Use the realtors as a resource, as realtors can often recommend someone who can complete a job in a timely manner.

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Re: I want to sell my home, but I don't want to fix it up

Post by Pajamas » Mon Jul 23, 2018 8:07 pm

I agree that this is a situation where a real estate agent's advice would be especially helpful.

You should consider at least fixing the roof and anything else that is not merely cosmetic to avoid eliminating a lot of potential buyers. You might consider offering an allowance for replacing the carpet and similar if the agent advises that.

On the other hand, if you are indifferent to what you get for your house as it only constitutes about 10% of your net worth, you could simply tell the agent to sell it as quickly as possible as-is, where-is, as they say.

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Re: I want to sell my home, but I don't want to fix it up

Post by Papago » Mon Jul 23, 2018 8:20 pm

RadAudit wrote:
Mon Jul 23, 2018 4:50 pm
See if you can find a real estate agent / company that uses a contractor to repair rental property and / or do fix up for homes needing to be sold. DW found a contractor that way through a friend that provided a lead. In our case, he worked fast, did good work, and was reasonably priced.
Agree 100% - We had similar problems finding a reliable contractor to do work. We got a realtor who works closely with a contractor, and believe me she put the pressure on him to get the work done quickly and cheaply, because it is in the realtor's best interest to sell quickly and without hassles after the purchase and sale agreement. Leverage the relationship between the realtor and the contractor to get your work done - you'll have a better price and fewer problems from the potential buyer, who might want everything on the inspection list to be thoroughly evaluated and fixed.

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Re: I want to sell my home, but I don't want to fix it up

Post by fredflinstone » Mon Jul 23, 2018 9:16 pm

DanMahowny wrote:
Mon Jul 23, 2018 6:14 pm
You lost me when you said a leak (intermittent) and a faulty window would cost $150k?

I'll bid $145 to fix your problems. Just kidding, sort of.
These are not simple fixes. The window cannot close properly. Replacing the glass will not solve the problem. The problem is structural in nature, i.e. a misalignment in the window frame probably due to movement in my foundation. I don't even know how someone would go about fixing that. The intermittent leak is complicated because I do not know the source. I think it's the deck but the only way I'd know for sure is to pull out all the wooden planks and take a look. And then God only knows how much water damage has already occurred. There are other problems that -- for reasons of brevity -- I elected not to list. The driveway needs to be refinished. The decks need to be refinished or maybe replaced. The walls need to be painted. Etc, etc, etc. We live in the mountains and the house sometimes "creaks" and "groans." We are often see cracks emerge in the walls and ceiling. I do not know whether or how these issues can be fixed.

Anyway, I never said that the repairs would cost 150K. I said "tens of thousands of dollars" plus many hours of my time.

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Re: I want to sell my home, but I don't want to fix it up

Post by bhsince87 » Mon Jul 23, 2018 9:44 pm

A window that won't close easily, and a leak that happens once or twice a year?

That sounds like a normal house to me.

I would list it for $650k or whatever, and move on.
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Re: I want to sell my home, but I don't want to fix it up

Post by Scrapr » Mon Jul 23, 2018 10:05 pm

DanMahowny wrote:
Mon Jul 23, 2018 6:30 pm
ResearchMed wrote:
Mon Jul 23, 2018 6:23 pm
DanMahowny wrote:
Mon Jul 23, 2018 6:14 pm
You lost me when you said a leak (intermittent) and a faulty window would cost $150k?

I'll bid $145 to fix your problems. Just kidding, sort of.
Um, did you leave out a little "k" there?
:shock:

RM
Holy crap! I'm gonna lose a ton on this job.

Nice catch.
you can make it up on the change orders. Practice saying this...That's a bearing wall :D :D

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Re: I want to sell my home, but I don't want to fix it up

Post by jabberwockOG » Mon Jul 23, 2018 10:14 pm

fredflinstone wrote:
Mon Jul 23, 2018 9:16 pm
DanMahowny wrote:
Mon Jul 23, 2018 6:14 pm
You lost me when you said a leak (intermittent) and a faulty window would cost $150k?

I'll bid $145 to fix your problems. Just kidding, sort of.
These are not simple fixes. The window cannot close properly. Replacing the glass will not solve the problem. The problem is structural in nature, i.e. a misalignment in the window frame probably due to movement in my foundation. I don't even know how someone would go about fixing that. The intermittent leak is complicated because I do not know the source. I think it's the deck but the only way I'd know for sure is to pull out all the wooden planks and take a look. And then God only knows how much water damage has already occurred. There are other problems that -- for reasons of brevity -- I elected not to list. The driveway needs to be refinished. The decks need to be refinished or maybe replaced. The walls need to be painted. Etc, etc, etc. We live in the mountains and the house sometimes "creaks" and "groans." We are often see cracks emerge in the walls and ceiling. I do not know whether or how these issues can be fixed.

Anyway, I never said that the repairs would cost 150K. I said "tens of thousands of dollars" plus many hours of my time.
Sounds like many years of deferred maintenance have accumulated and now the house is very likely a serious money pit. With your claimed net worth, I'd suggest the best move is to sell the house as is with no warranty.

In terms of doing repairs, opening up walls and ceilings to correct existing issues is likely to reveal more expensive hidden issues (structural issues/mold/rot/etc.).

Sell as is and move on, and I'd suggest maintaining the next house in a timely manner as issues come up so they don't accumulate and potentially cause serious internal and structural damage.

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Re: I want to sell my home, but I don't want to fix it up

Post by gotester2000 » Tue Jul 24, 2018 12:24 am

OP,

1. You seem to think too much about perfection - unfortunately in the practical world nothing is perfect, at least forever - focus on the good points of the house to sale it.

2. Put the process in action - If you want to get rid of the house just do it in whichever option you find best - dont let it trouble you by thinking too much for too long.

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Re: I want to sell my home, but I don't want to fix it up

Post by msk » Tue Jul 24, 2018 12:48 am

Many people seem unable to separate the worth of the land/location from the worth of the building. $150k can build a brand new 1000 sq ft house so that would represent a major renovation of a moderately sized house. I have no clue whether the worth of the referenced property splits into $400k for the location (e.g. superb views) + $100k for a run-down house, or the reverse. Many realtors handle rental properties and do have reliable contractors on call. Contact one such realtor and get professional advice. If his advice is to fix some major items I suspect that you can come to an arrangement with him to organize everything and you give him a cut... PS as for the window: yank out the existing window and replace with one slightly smaller. Silicone grouting will take care of the gaps :happy

minimalistmarc
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Re: I want to sell my home, but I don't want to fix it up

Post by minimalistmarc » Tue Jul 24, 2018 1:13 am

LiterallyIronic wrote:
Mon Jul 23, 2018 5:05 pm
ResearchMed wrote:
Mon Jul 23, 2018 4:33 pm
I wouldn't want to have a contractor "complete everything", knowing I wouldn't be checking in at all.
Maybe I'm the only one naive enough, but I would trust and expect a person who I hired to do a particular job on my house to actually do the job, whether or not I was there. I mean, I guess I've only hired a few people in the short time I've had my house, but they all did what I paid them to do.
Very naive. You need to watch like a hawk

CurlyDave
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Re: I want to sell my home, but I don't want to fix it up

Post by CurlyDave » Tue Jul 24, 2018 1:38 am

RadAudit wrote:
Mon Jul 23, 2018 4:50 pm
See if you can find a real estate agent / company that uses a contractor to repair rental property and / or do fix up for homes needing to be sold. DW found a contractor that way through a friend that provided a lead. In our case, he worked fast, did good work, and was reasonably priced.
+1

I have done this a few times and many real estate agents have "captive" contractors. They provide a steady stream of work with no bill collection problems and the contractors provide good service at reasonable prices.

This is one reason why good contractors are hard to find. They can work with an agent who will feed them good jobs for years on end or they can have to bid a succession of small jobs themselves. And, they have to agent to explain to the customer why their price is reasonable.

Plus, the agent can intercede on your behalf if something goes wrong with the job.

student
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Re: I want to sell my home, but I don't want to fix it up

Post by student » Tue Jul 24, 2018 5:42 am

jabberwockOG wrote:
Mon Jul 23, 2018 10:14 pm
Sounds like many years of deferred maintenance have accumulated and now the house is very likely a serious money pit. With your claimed net worth, I'd suggest the best move is to sell the house as is with no warranty.

In terms of doing repairs, opening up walls and ceilings to correct existing issues is likely to reveal more expensive hidden issues (structural issues/mold/rot/etc.).

Sell as is and move on, and I'd suggest maintaining the next house in a timely manner as issues come up so they don't accumulate and potentially cause serious internal and structural damage.
+1. Sell it as is. If you ask for inspection to decide what to fix, then you have to disclose them even if you don't fix them. You can't disclose what you don't know. Ethically, it is also fine because you are upfront about potential issues as you are selling it as is.

JoeRetire
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Re: I want to sell my home, but I don't want to fix it up

Post by JoeRetire » Tue Jul 24, 2018 5:56 am

fredflinstone wrote:
Mon Jul 23, 2018 9:16 pm
We are often see cracks emerge in the walls and ceiling. I do not know whether or how these issues can be fixed.
Often? Yikes!

Price it to sell and get out of there as quickly as you can.

Jack FFR1846
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Re: I want to sell my home, but I don't want to fix it up

Post by Jack FFR1846 » Tue Jul 24, 2018 6:27 am

Where are you getting this $150k difference from? A leak and window problems? Replace every single window in the house and replace the entire roof and you're going to have a ton left over. A good roofer will point out problems after stripping the roof and fix them.

The up side of selling as is would be that buyers who are looking for a lower priced house to fix up are able to buy. I can still remember buying my first house where I could spend $125k but $130k was out of my price range and I didn't even look at them. Selling with full disclosure to a fixer up kind of guy should get you a quick sale. And I doubt that with a new roof and replaced windows you'd get $150k more. Likely you'd get about the cost of the repairs or less.
Bogle: Smart Beta is stupid

rich126
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Re: I want to sell my home, but I don't want to fix it up

Post by rich126 » Tue Jul 24, 2018 6:43 am

The deduction in house value almost always exceeds the repair costs. Buyers rarely will look at something that requires $10K in repairs and say, "We'll just offer $10K less than asking price". Just like you don't want the hassle, the buyers usually don't want the hassles either. Also the more repairs that are needed and are visible, a buyer is going to be thinking "If these obvious issues weren't fixed, what are the hidden problems?".

This situation is where you get the house flippers. They see a house that needs $75K in repairs, buy it for $120K or so under normal value price, do the repairs and sell for a profit.

In certain hot markets you can get away with stuff. My recent house I bought was part of an estate sale and was priced cheaply for the area but needed a bunch of repairs, although structurally it was sound. In the 6 years I've owned it, every room has been painted, both bathrooms redone, the kitchen redone, new roof, etc. Now I'm getting ready to sell it and with the market being strong I think it will sell quickly and I should make a few dollars. If I hadn't done the repairs, it would have sold but not quickly and certainly for a lot, lot, less money.

I find it hard to believe you can't find a good contractor who would do all the work for you. Even if you don't end up making any money on doing the repairs, it should help sell the house much faster.

dekecarver
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Re: I want to sell my home, but I don't want to fix it up

Post by dekecarver » Tue Jul 24, 2018 7:12 am

My in-laws recently sold their house "as is" after discussing with a realtor. Nice house in a HCOL area that needed a few things around $10Kish. No problem selling as no structural or need for major repair issues.

pj1983
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Re: I want to sell my home, but I don't want to fix it up

Post by pj1983 » Tue Jul 24, 2018 7:21 am

CurlyDave wrote:
Tue Jul 24, 2018 1:38 am
RadAudit wrote:
Mon Jul 23, 2018 4:50 pm
See if you can find a real estate agent / company that uses a contractor to repair rental property and / or do fix up for homes needing to be sold. DW found a contractor that way through a friend that provided a lead. In our case, he worked fast, did good work, and was reasonably priced.
+1

I have done this a few times and many real estate agents have "captive" contractors. They provide a steady stream of work with no bill collection problems and the contractors provide good service at reasonable prices.

This is one reason why good contractors are hard to find. They can work with an agent who will feed them good jobs for years on end or they can have to bid a succession of small jobs themselves. And, they have to agent to explain to the customer why their price is reasonable.

Plus, the agent can intercede on your behalf if something goes wrong with the job.
These "captive" contractors still require close monitoring. We had a house to sell which needed multiple small to mid-size repairs and overall "sprucing up". Our agent recommended one of his favorite contractors and we agreed to a list of repairs and a cost for each. He used some of the lowest quality materials available, only completed about 75% of the work, and eventually lost interest in finishing the job. Asking the agent to intercede resulted in "well, he's busy and needed to move on to other projects" (translation: "I have more important work for him to do."). I ended up doing some of the work he was supposed to do, but at least we only paid about 75% of the original estimate cost. Needless to say, we won't use that agent when it's time to sell our current home.

Yooper16
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Re: I want to sell my home, but I don't want to fix it up

Post by Yooper16 » Tue Jul 24, 2018 7:56 am

Reading your additional issue, about probable foundation issues, get the agent to give a "as is" estimate, list it and go.

With the extra information provided, list it "as is" and go. You are looking at months of repair, let alone getting an engineer to asses the possible structural issues from poor maintence and from living in the mountains. Then you will have building code issues to resolve. You are probably looking at 4-6 months before you even get started on the fixes. Your original timeline suggests a lack of time.

If you do indeed have structural and roof issues and everything that is associated, you do indeed have 100-150K in repairs.

Yooper16
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Re: I want to sell my home, but I don't want to fix it up

Post by Yooper16 » Tue Jul 24, 2018 8:02 am

student wrote:
Tue Jul 24, 2018 5:42 am
jabberwockOG wrote:
Mon Jul 23, 2018 10:14 pm
Sounds like many years of deferred maintenance have accumulated and now the house is very likely a serious money pit. With your claimed net worth, I'd suggest the best move is to sell the house as is with no warranty.

In terms of doing repairs, opening up walls and ceilings to correct existing issues is likely to reveal more expensive hidden issues (structural issues/mold/rot/etc.).

Sell as is and move on, and I'd suggest maintaining the next house in a timely manner as issues come up so they don't accumulate and potentially cause serious internal and structural damage.
+1. Sell it as is. If you ask for inspection to decide what to fix, then you have to disclose them even if you don't fix them. You can't disclose what you don't know. Ethically, it is also fine because you are upfront about potential issues as you are selling it as is.

Good point-- I had forgotton about that aspect.

We just had to remove the roof and rafters on the shed addition on the back of this old house---first thought just needed new flashing/shingles. Nope-- has we were taking the ceiling down, eyes watered, dizzy, sneezing etc for the contractor crew---mold and it tested positive. We will have to acknowledge should we ever sell--although our intention is to live here till death do us part.

robebibb
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Re: I want to sell my home, but I don't want to fix it up

Post by robebibb » Tue Jul 24, 2018 8:18 am

fredflinstone wrote:
Mon Jul 23, 2018 9:16 pm

The intermittent leak is complicated because I do not know the source. I think it's the deck but the only way I'd know for sure is to pull out all the wooden planks and take a look. And then God only knows how much water damage has already occurred. There are other problems that -- for reasons of brevity -- I elected not to list. The driveway needs to be refinished. The decks need to be refinished or maybe replaced. The walls need to be painted. Etc, etc, etc. We live in the mountains and the house sometimes "creaks" and "groans." We are often see cracks emerge in the walls and ceiling. I do not know whether or how these issues can be fixed.

Anyway, I never said that the repairs would cost 150K. I said "tens of thousands of dollars" plus many hours of my time.
When you have a hard rain go outside to see where water could be penetrating your house. It could be as simple as overflowing gutters resulting getting to a leaky window. If you know what is causing the leak you can tell the contractor exactly what to fix and even if you can tell them what you know is not causing the leak it will help rule out some potential causes to help them find the issue.

Beth*
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Re: I want to sell my home, but I don't want to fix it up

Post by Beth* » Tue Jul 24, 2018 8:19 am

I agree with the suggestions to find a realtor with experience selling in your town/neighborhood. That realtor will know what the minimum you need to do is and should also have a relationship with contractors who can do the work. It's important that the realtor be familiar with your neighborhood because what is a requirement in one neighborhood may not be necessary in another neighborhood. I have trouble imagining a neighborhood where you can sell a house where the roof leaks in a heavy rain and there may be unknown water damage, but I don't know your neighborhood.

When I sold my previous house there were repairs I thought we needed to do that the realtor said would be a waste of money, but the realtor suggested other things that hadn't occurred to me. The house sold quickly for full asking price after we made the repairs and updates the realtor suggested.

barnaclebob
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Re: I want to sell my home, but I don't want to fix it up

Post by barnaclebob » Tue Jul 24, 2018 8:27 am

Grt2bOutdoors wrote:
Mon Jul 23, 2018 7:23 pm
Go to Home Depot, tell them you want to install a new window. Put in one of those Andersen vinyl windows, have them install it. Now while they are installing it, ask them if they do other work. If they do, come to an arrangement- but it shouldn’t cost anywhere near $150k to fix it. For that kind of money you can put an addition on.
Why would you ask a lowest bidder home depot installer to fix a leak in your roof? I'm guessing OP's house is also just out of date in general and needs new kitchen, baths, floors, and paint.

LarryAllen
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Re: I want to sell my home, but I don't want to fix it up

Post by LarryAllen » Tue Jul 24, 2018 8:38 am

I would find a really good Realtor and let them act as contractor. I have seen this done many times. Then you don't have to think about it.

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