Skip to main content

Inheritance: sell as-is or...?

Rural East Texas. We've been renting a small house from my MIL for 10 years and she is gifting us the property as we are moving into her larger house to assist her in her last few years (she's 89 and in poor health) and we will inherit her larger house as well. Both houses are paid for.

The small house house is a c.1987 1000sf brick, 2 BR, 1 Bath, on 1/4 acre lot in town. $89k value property tax appraisal. Decent neighborhood with newly constructed rental houses surrounding the property.

It's in poor shape and I'm trying to decide what to do with it once we move out: Sell as-is, refurbish and sell, or refurbish and rent out.

If refurbished, it will need to be completely gutted and we will need to secure a loan. Low estimates based on a combination of materials, DIY, and contractors: about $32k

Roof $9k

Flooring $8k

Shower surround $1k

AC compressor $3k

AC ducting $1k

Kitchen cabinets $3k

Bathroom cabinets $1k

Light plumbing $1000

Sod $750

Landscaping $1000

Paint $350

Miscellaneous $3000

Would you gut it and sell as-is, refurbish and sell, or refurbish and rent out? Similar rentals in the area are approximately $900-$1200

submitted by /u/SunBelly
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1l7ubmg/inheritance_sell_asis_or/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more