Hello - Gauging what the investor market is like in Berkeley Heights. I am looking to turn over my rental property - its within walking distance to downtown/train station.
I would like to know if it is better to sell to an investor (as-is), or try to make repairs to bring it up to market and sell to a potential buyer (to live-in) instead?
Hey Neighbor. I’m in Scotch Plains and I’m very familiar with Berkeley Heights which is a pretty nice and would command good money on a move in ready property. I think you would do better to make the repairs because you’d get a great return on your investment.
If move-in ready work is cosmetic (about $5- 10k) then go for it. If it is more extensive then let the buyer take care of it. Most of the time, buyer has their taste and would be doing touch ups anyway.
@Sandy S. why not market to both and see who makes the best offer? Both buyers have their pros and cons but weigh out the written offers and see where it leads The pro of selling to an investor is that the sale will probably be pretty fast and you may not need to do anything to the property by way of repairs, the con is that an investor is probably going to offer you a lower price. The Pros of a traditional buyer is that they may offer a higher price than expected especially in this market the con is you may need to make some repairs, but, they may be a few quick fixes the whole process could be easier than you anticipated. Partner with a Realtor to discuss a marketing strategy, pricing and how you can get top dollar for your property.
Thanks all for the advice!
Any thoughts for what type of incentive I could/should be offering to the tenant during this time? The goal is to have them help me sell the place, and not be a barrier to potential buyers.