Hi, my grand mother just passed & left her to home to my brother & I. It's completely payed off & has never been updated. We would like to pull some equity & upgrade the house & possibly sell. Is a HELOC the best option ? Thanks for the help.
Real Estate Agent · Puyallup, WA · Member since 2022 · 551 posts · 379 votes
2y
It all depends. What are your goals?
Do you want to turn it into a rental?
If you are thinking flip. Run your numbers with what condition the house is in right now to see what you could sell for it as it sits. If you can make a ton of money without cracking into walls, going through the construction process, dealing with all of those headaches that come with a flip. The juice may not be worth the squeeze for an entire rehab.
Rental Property Investor · Perry Hall, MD · Member since 2016 · 588 posts · 600 votes
2y
If you decide your end goal is to sell it and you want to increase the amount of money you will receive from selling the property then before you do a single thing to it, find a realtor that you trust and discuss it with them. Most good realtors will be able to tell you what improvements will increase the value of the house by more than the cost of the improvement. They will also likely have connections with contractors.