Inherited Home, Rehab or No?

Question

1,700 foot rancher on 0.34 acre. Good neighborhood (Bensalem). Good mechanical systems, roof is about 14 years old, but it's a grandma's house. 20 year old bathrooms, even older kitchen, doors and moldings are banged up from electric wheelchair.

I own it outright, and have the cash to rehab it.

Problem is that I may be going into a much bigger commercial project (2 hours away), so I don't have time for a diy rehab. I'll probably have to hire contractors, ugggggg.

Best to just clean it out, or rehab it totally? Something in between?

Joe Cummings · Answer

ARV is like 200K + and I know I can rehab it for like 30K without touching a hammer.

I just hate dealing with resi people and their under-capitalized petty antics.

Sorry to say that on a primarily resi forum, but I've been a sub on industrial/municipal for years. I won't deal with resi contractors anymore. Why? Because they are notorious bad pay, and they do stuff like hide piles of trash in scrap metal containers.

Rick H. · Answer

Decisions:

1) Rehab to sell now

2) Rehab to rent now

3) Sell as-is for cash

4) Sell as-is on terms (seller finance)

5) Swap for something closer to your work project

6) Do nothing or at least Postpone for now.

Did I miss any other obvious choices?

All things considered, if you are in a hot seller's market like much of the country, I personally would be inclined to sell now, as the market can always turn. This would be a 'take the money and run strategy'.

The timing is excellent now as you are just before the summer sale activity. Offer buyers credit for fix up or limited incentives. Incentives to selling agent go a long way, too.

Larry Turowski · Answer

@Joe Cummings You don't have enough details for a suggestion.  Obviously the easiest thing to do would be to sell it as-is.  If they extra work rehabbing with contractors is worth the extra profit, then go for it.