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My condo, in the north end of Seattle, was built in 1987. It still has the original appliances, carpeting, counters, etc. Never been upgraded. I bught it twenty years ago at a discount, because they didn't want to upgrade. I never did.
I really don't want to do any remodeling. I want to sell it as it. Let the new owners decide what they want to do.
The condo is nice - two bedrooms, two full baths, two parking spaces (a valuable rarity here), with a nice shared lawn, cedar deck, and front garden. It is one floor, ground unit, with a secured shared garage, 1100 square feet. Quite a bit bigger than the newer units being built all around us, in a good neighborhood. Not upscale. It's a solid, working-class neighborhood.
I don't mind waiting for it to sell.
I figure if I subtract the cost of remodeling from the resale value of it if it were fixed up, that would be fair, although difficult to determine.
My question - do you think real estate agents would give a good estimate of the selling price? I really can't do comps, because I've never seen as As-Is condo for sale around here.
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"Mike Johnson stand your ground"
(set 2 days ago)
Location: Glen Mills
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Condo fixer upper
Let's think about this. How many buyers would I attract? Well you had the place as long as you have and chose not to fix up the place. Whether it be affordability or just content and didn't want the bother a new buyer may feel your adjustment for the update might not be enough.. when you place "As Is" in your Ad which would happen a buyer is either hearing "the place is a wreck" or "bargain
Time". When you buy a car you look at aspects of Condition and wear. If it looks shabby and worn down you pass unless of course your a mechanic or skillful in automotive even as a hobby. Let's say you do make an adjustment. Uhm!!! There's a Appliance Package $2600,
Counter tops $2200, mechanical floors 8 Boxes might be enough $1200. New heater $7500. New fixtures upgrade cabinets $3400. Painting $3000 etc. Do you thing young or old buyer wishes to do all that prior to moving in and I havent included cost of temp lodging or installation of all these items. And so I say this your Realtor can tell you what you might get for a pristine property and you can call a contractor to get an estimate of cost as to what has to be done. If you actually just picking his brain give him a tip. If you sell as you describe I believe an investor will pick it up as a rental dependent upon condo restrictions. You might be happily surprised that just giving the property a minor face lift may give you added coin. The alternative take Realtors pristine value and subtract contractors estimate for renovation, repair and supplies from his suggested price.
OP,
Would this condo appeal to someone who is retiring and is a cash buyer? I was a buyer in this situation 8 years ago when I bought a 15 year old condo. I had the cash from the sale of my single family home and my budget was the net proceeds from the sale of my house for the price of the condo and updates that would be needed during the 1ist year of ownership.
I ended up putting in $30K of updates which included new flooring, painting, new heating system, all new appliances etc.
I was so glad the seller had not spent money on updating and priced the unit accordingly. This way I got to choose the type of flooring, paint color, appliances I wanted. I would probably have passed on the unit if it was all new carpet that I would have to tear out so I could put in new hardwood flooring which for me was a must.
On the other hand a younger buyer who needed a mortage would probably not have had the cash needed to do updating and would have preferred the unit had already been updated.
So, it depends on your target buyer for your unit. Talk to a local realtor and price it right and do only necessary updates to attract your target buyer.
I bought a house in 2018 that was built in 1979. The original owners did not update the house- at all. It was well-maintained, but still had the original floors, windows, kitchen and bathrooms. I was so happy I was able to upgrade to what I liked.
People update their houses and expect to be paid back for their expense. Except that not all buyers like the changes. Also, while the owners think they have an updated house, the updates may be five+ years old - no longer a house with current styles.
I looked at one house that was advertised as "recently updated". It had been updated recently, but the owners put in builder's grade and everything looked cheap to me. The listing price reflected the cost of the updates. (I refuse to call it an upgrade!) I would have been upset to pay that price and have to live with sup-par quality. I would have been even more upset to pay that price and then have to spend additional funds to renovate the house to an acceptable level.
The listing details can focus on the location and the bones and maintenance of the house.
My question - do you think real estate agents would give a good estimate of the selling price? I really can't do comps, because I've never seen as As-Is condo for sale around here.
Yes, an agent who knows that market should be able to price it properly. You should speak to a few & ask them for the details on how they arrived at their price range.
My personal experience: I'm likely heading to condo life in a year or two. There is a building near me that is nothing spectacular from the outside, but the floor plans are FAR superior to most of the "typical" 2BR/2BA condos in the area. The location is also good. It's not the ONLY complex that I would consider, but it's pretty high on the list. When the time comes, I would absolutely consider a "fixer-upper" in that building, and I would know the price range that would work.
Moral of the story being, if, as you say, there are features in your unit or complex that are desirable and not found easily elsewhere, you may have buyers out there willing to do the work to "make it theirs". And they will know the price they want to pay for it.
I don't know the details of your location obviously, but just one perspective.
Location: Danbury CT covering all of Fairfield County
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You can definately sell it as is. The almost of updating may possible deter a 1st time home buyer, but might be attractive to many a long term investor or depending on the deal, maybe a flipper. Talk to an agent that knows that particular sub-market where you are.
If there's nothing wrong with the house that would prevent a bank from issuing a mortgage on it, why market it as-is? It makes it sound like it's a fixer-upper.
Paint is cheap and fools the eyes that the walls/ceilings are new and clean. Don't put any family photos or other clutter back on the walls after painting. A professional carpet cleaning will signal to the buyers the place isn't gross, it needs new flooring.
It might make sense to clean and paint the cabinets.
All of this can be done in two weekends.
If you're still living there, get a storage unit and put all your clutter there. Hire a cleaning service to do a deep clean.
If your real estate agent tries to market it "as is" or "fixer upper", fire them. It's a buyer's opportunity to customize their condo the way they like, priced appropriately to make it happen. Just do the minimum to clean/declutter/stage it as best you can. Like I said, paint is cheap and it works wonders.
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Condo fixer upper
