Sell Rental as is or upgrade ?

Question

Hello BP,

I own a rental property in the burbs and have decided to sell. Have a tenant leaving end of May, property needs total upgrade from kitchen, bathrooms ,appliances . Prices are up in the neighborhood around $300 K to $370k .

Question is should I wait 1 month to fully update my property and than sell or sell now as is ,

No mortgage on property, all cash , my cost was $220k

Also contractors are hard to find and finish the project on time

Also looking to leverage this cash into bigger portfolio

TIA

Bruce Lynn · Answer

These days nearly every home sells, even if they're ugly and need work.

I'd be temped to just do the basics....make sure yard is immaculate, even if you have to take over the care...mow every week, use weed killer and water.  If you can't do it, hire someone to do it.

Depends what it looks like inside....maybe easy paint and floors is enough.

Kalpesh Patel · Answer

@Bruce Lynn

Thanks Bruce

Kalpesh Patel · Answer

@Nathan G.

Thanks Nathan will look into the website

Kalpesh Patel · Answer

@Theresa Harris

Thanks

Nathan Gesner · Answer

First, contractors are hard to find and the cost of materials has jumped dramatically, making it awfully expensive to renovate a home. Second, when you put $20,000 into a renovation it doesn't automatically increase the value of the home $20,000.

Use this site to get an idea of what your renovations would cost and what kind of return you might see:

https://www.remodeling.hw.net/...

Remember there are two benefits to a renovation: you can increase the sales price of the property or you can increase the likelihood of selling. Replacing the front door may only bring a 53% return, but it can increase the curb appeal and attract more buyers, increasing the chances of selling. You'll have to evaluate your own situation to determine what is right for you.

Theresa Harris · Answer

It comes down to the numbers.  How much would renos cost and how much more would you get for it?  Are there smaller renos that can be done as an intermediate to a full reno-fresh coat of paint, new floors in some rooms?  If you won't get your money back from the renos, in an already hot market just sell it as is.

Sell Rental as is or upgrade ?

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