Hello BP friends,
I need your help! My family wants to sell the house pictured below, it is a 1700 sq ft colonial with 4 beds and 2 baths on a 1 acre lot. About 8-10 years ago it was appraised for 240k, as it's in a lovely area. As you can see it's not pretty. We want to get the most bang for our buck and are willing to rehab to a certain point, as the profits of this home will go towards a retirement cabin upnorth. Please provide any advice on what you as an investor/flipper would do to my house to get the most profit. I appologize for the brutal pictures I hope they help a little.
Thanks everyone in advance,
I would recommend talking to some agents or other flippers in the area who can tell you what your particular area demands in terms of renovations and upgrades. For example, if all the similar houses in your area that are selling have tile floors, you may need to upgrade to tile, but if they all have laminate, then stick with laminate. You want to make sure you don't over improve unnecessarily so getting the input from people who are working in your area will be the best bet.
But some things that most people would probably agree on are a neutral paint pallet - painting over the dark colors, and cleaning up as much clutter and personal items as possible for the pictures you or your agent will use to market the property. Hope this helps a bit.
@Dorothy Butala I’m actually a real estate agent in the area, I have done research on the MLS about homes in the area, I just reached out to BP to get second opinions because it never hurts! I haven’t been able to find a decent comp that fits what my house has to offer, but it is a sellers market so we shall see! Thanks for the advice Dorothy!
Let me rephrase, the House is not going on the market any time soon, but we would like to renovate a little bit before my dad retires. So these pictures were quickly taken just to give you a better idea of what I have. Also keep in mind there is a pool, barn, and 2 car garage.
@Andrew McManamon I sometimes have a hard time comping houses for myself and clients, is there another agent or sales manager in your office that you can have help you run comps to give you better idea of the upgrades needed? Sometimes a second set of eyes definitely helps.
@Dorothy Butala I could for sure share this Information with an associate in my office. I just wanted to turn to BP for a variety of feedback. I told my father he should take down the wall from kitchen to living room to get the more open floor plan, but he has worries there are many heat ducts throughout. Which is a potential problem for his budget.
@Andrew McManamon , unless your dad has a big budget and is willing to address all the issues, I would recommend to him that he cleans it and declutters as best as he can, neutral paint throughout and be done.
I would suggest only doing a lipstick Reno, cosmetics only...repair and paint. Replace worn carpets but basically keep it as low dollar as possible.
Unless the condition is pushing the value far below market any major expenses will at best only break even on return.
I haven’t been able to find a decent comp that fits what my house has to offer, but it is a sellers market so we shall see!
That's unfortunate. That means appraisals are a complete crap shoot.
Its doesn't look that bad. A thorough de-junking and some fresh paint would go a long ways. Little items, too, like new switch and outlet cover plates and new door knobs. I wouldn't do too much more than that. I wouldn't do much of anything until you're ready to sell. Ideally, wait until its empty. Then you can really get a look. Floors may show some serious wear once the furniture is out and that might require them to be replaced or refinished.
If the appliances are old you might consider replacing those with a set of new, matching ones.
What's it like outside?
I only see clutter/stuff, so I'd tell them to invest in a storage unit, and make it as crisp and clean as possible. No one wants to see other people's stuff, so getting the majority of stuff out, will make it seem as big as possible. Definitely paint, an orange bathroom is a little too niche IMO. Also, I'd suggest going to Home Depot and renting a carpet steamer and really clean up the carpets. If they are good DIYers, I'd paint the cabinets and give it an updated look.
Open floor plans are wonderful, but.... will you be re-doing the floors to make it flow? Without a stated budget, it's hard to tell you what to do.
Thank you everyone for the advice! For those of you who requested a look at the outside, again these aren't listed pictures of the house because that would be awful, yes the house does have clutter, because it's being lived in. I also understand it doesn't give anyone that good of an idea to help out. The selling of this house still has years to come. My dad doesn't want to spend alot and i'm just trying to gather up suggestions on what would make more money for him. I appreciate all the feedback and I appologize again for the terrible pictures.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing