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Home sales question

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  • Home sales question

    I am considering moving to a different area of WI. Currently we own a home in West Allis in a currently fairly nice neighborhood, but it seems to be getting worse fast. My house is a 1914 Bungalow that could use a good amount of work. Shortly I will be coming into the money that is needed to get this place in awesome condition. The problem with this is that my house and neighborhood will always be considered a fixxer upper and first time byer neighborhood. The dilema here is whether or not I should stick alot of money to do the work to this place (siding, windows, kitchen) or if I should just clean things up a bit (which will cost significantly less money) and put the remainder into the down payment in the other house. If I just did the minimum, I could probably get 120 for this house, if I go to town on it, I dont know how much more I could get. The highest I have seen a house on my block listed at is $170 but it has been sitting for nearly a year now. That one has brick siding, outdated kitchen and a 1 car garage. There are several others on my block for sale, which are all higher than what Id expect to get out of my place, and other than the $170 one appear to be in rough shape.

    We are looking in the Appleton area and even though houses are cheaper, my income would probably go down, with enough down though my mortgage could be really small. I have to check some places out, but on average I can get a 1500 sq ft house for under $80. I can probably have some income waiting for me up there though, with my p/t job at Home Depot.


  • #2
    Re: Home sales question

    I'd say just make it clean, looking kept up and presentable. The only rooms that can make you more money than what you put into it are the kitchen and bathroom. You'll have more people who can afford it if you keep it cheaper.
    When I look for a house I hate it when people put a lot of money in to it to sell it. I didn't want to pay for their taste and the added cost raises my insurance and property tax.
    Just my opinion.


    • #3
      Re: Home sales question

      I second what Rafael says. I do believe that newer appliances in the kitchen help but most people have different tastes than you would. If you paint, make the color neutral, baseboard and crown molding seem to attract people not more money just easier to sell. Keep the house uncluttered and make every room have a purpose, i.e. no computer where the dining room is. Newer light fixtures help sell too. Not saying you should do all this just suggestions. Good luck.

      Sure do wish houses went for $80k here, Northwestern New Mexico. Fixer uppers start around $200k and go up from there.

      Let us know how things go...
      If at first you don't succeed, try reading the owners manual.


      • #4
        Re: Home sales question

        Fixer uppers for $200K? Here, 15 mins north of NYC, almost nothing lists for less than $400 -450M, unless its a total wreck in a really undesireable area. The key, my realtor friends tell me, to moving a home quickly is too price it properly, remove all debris and clutter and address those items that would leave a potential buyer thinking "do I have to fix that?" Presenting a product, and when you sell your house that's all it is, that a buyer can see themselves in is very important to turning a house quickly. BTW, in Greenwich Conn., 40 mins north of NYC, $1.0 to 1.5MM homes are purchased, levelled and rebuilt as 6-8000 square foot homes for absolutely ridiculous numbers. I understand there are some areas in CA that are also like that. What a country!
        there's a solution to every just have to be willing to find it.


        • #5
          Re: Home sales question

          I'm glad I moved to where I am where houses here were cheap. Fixers where I am start at $1m. I couldn't buy that today. A garage around here costs $60,000 to build.


          • #6
            Re: Home sales question

            We bought this house at the right time. I got it in Sept 01 (911 backed my closing date, because the seller lived in CA and couldnt fly in) for $79. I shouldve sold it before things started slowing down in the housing market, but when we moved in we were thinking 10-12 years. Unfortunately for us, last year we refinanced the mortgage and borrowed $20,000, otherwise we would really be sitting pretty for this move.

            Im making a list room by room of what needs to be done, and I told the wife the plan. Now she just has to help follow through on it.


            • #7
              Re: Home sales question

              The house is going to be flipped by someone the question is do you want to make the money or do you want the guy who is buying the house to make the money. If you have any talents you could make quite a bit in "sweat equity" in a rather short time.

              "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

              I never lost a cent on the jobs I didn't get!


              • #8
                Re: Home sales question


                I spent 7 summers in West Allis visiting my brother and sister-in-law. It has one of my favorite zoos! My sister-in-laws house that she grew up in still doesn't jave locks on the doors! (and it isn't far from the Dommer murders)

                Mrs. Seat Down
                phoebe it is


                • #9
                  Re: Home sales question

                  Fix it up!

                  You'll get your investment back and more so.

                  I do a lot of remodeling and houses sell faster when a new buyer does not have to put any $$$ into it other than paint, because its not their choice of color.

                  Also I believe all investment (improvements) into your house might be tax deductible the year when your house gets sold. Not a 100% sure on that but check it out.
                  Great Link for a Construction Owner/Tradesmen, and just say Garager sent you....


                  A good climbing rope will last you 3 to 5 years, a bad climbing rope will last you a life time !!!