[Quinn]

I’m tasked with emptying and selling a house in mediocre condition (I am executor of the estate of an elderly relative).

I know little about real estate investing but love love love all things home decor and home renovation.

I could sell the property as is and get x amount of money or invest in some repairs, renovating, cosmetic stuff etc and likely sell for more.

How do I know what’s best?

Thanks!

[Kristina]

I hope you’re handy because contractors are charging way too much. My husband and I have hired out but also did a lot ourselves. We paid 189,000 for our house, put 100,000 into it, and could get 400,000 to 425,000 for it. So only you can decide if it’s worth it. You also need to focus on what has a high resell value and get the best deal you possibly can.

For example, we just replaced our deck with composite.

Resell value is 75% and the bid was $20,000. We paid only $1,000 because we got the materials off of another contractor so we would earn $14,000 back if we sold and only spent 1,000.

These type if tricks are what always needs to be in the back of your mind, what are you going to gain in the end.

[Steve]

If you’re settling an estate, you need to get a good estimate of the current value of the property. This is the basis for the estate.

If you fix it up, that’s a taxable event for the heirs.

[Nicole]

I’m so sorry, and am in the middle of the same thing. I am a few hours away from the house so will sell as is. We did however, go through all the belongings and sell, donate or throw it away. It is a job and we filled a 20 yard dumpster but we also found some amazing family items like unique antiques and valuable jewelry.

My next step is to get an official appraisal. Then I’ll decide on a realtor Vs cash buyer.

It is found money in my opinion, so you need to decide how valuable your time and effort is.

Also, if there are other heirs they would have a say, I don’t have that issue.

[Anna]

Yes, flip it for a modern look do minimal because some things don’t matter as much to make a sell, talk with a realtor that knows what sells and get advice before listing and you can make a lot more back on your sell, since sellers pay more fees and commission.

[Author]

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