Skip to main content

Is a major renovation worth it before selling

My wife and I have outgrown our current house. By all accounts it is a great house, we just need more space and outgrown the area. It is a three story, 5 bed, 2 bath, single family home just outside of Boston.

We do have a disagreement on how to move forward to selling it though. We have done a fair amount of work and up keep while we have lived here, such as put in a brand new backyard with irrigation, new water heater, refreshed rooms and bathrooms. We both agree on the common touch ups before selling like new paint, sand and refinish our hardwood floors that have a few years of dog scratches in them. Where we diverge is doing some additional renovations before we attempt to sell.

My wife is convinced we need to add an addition to the house so we can put a bathroom on first floor (we have one on the second floor and one on the third floor) and refinish our basement (standard unfinished New England basement, the floor is pretty uneven and could do with a better sump pump) or the house wouldn't sell. I'm struggling to see how this might be a good ROI for us.

We will already be taking a worse interest rate on our new home (bought right after covid before things skyrocketed) and think it would be worth putting the $100-150k in renovations into the down payment, or additional renovations for our new home. We also live in a pretty desirable area for a single family home, especially one with a yard and a 2-3 car driveway (depending on your car size), so I think it will sell fast regardless. Selfishly, it would also be nice to skip dealing with contractors to do a renovation of this scale.

What do you all think? This is our first home and first time selling one, so we are inexperienced and appreciate any advice! Thank you!

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

source https://www.reddit.com/r/RealEstate/comments/1slb8wk/is_a_major_renovation_worth_it_before_selling/
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

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more