Prepping my townhouse for sale

[jah213]

Your being willing to live with things, e.g., a kitchen with unusable space that you lived with for six years, has nothing to do with what things a buyer is willing to live with now. I agree that disposing of working appliances is wasteful but, again, that has nothing to do with whether a buyer wants new appliances. You need to let go of the idea that what you were willing to live with has anything to do with what potential buyers want to live with.

For example, to you it's a big deal that you updated the kitchen in

1988. Maybe you saved and planned for a long time to do it, and you were really happy with the change. All of that is meaningless to a buyer. They don't care that it's nicer than it used to be -- they never had to deal with how it used to be. All they care about is whether it compares well to their vision of what they want now. And frankly, a 1988 kitchen with 1988 appliances does not compare very well to most 2006 buyers' visions.

Again, you have only two choices: Give the place today's look, or else give it yesterday's price.

Jo Ann

[JD]

He just wants it over too. We're both at our wits' end because of all of this.

LOL. Uh, well, it had heidious wallpaper in the stairwell that we lived with for about 9 years. We replaced that and then recently took that down and painted the whole thing. We replaced a single hanging light with a ceiling fan with lights so airflow would be better., We redid all hardwood floors (which weren't done when we bought it); redid floor in the kitchen when we redid that. Replaced vanity in 1/2 bath and replaced wallpaper there (it was a godawful green/silver/purple foil with geometric design). We built a deck on the back and replaced the windows when the seals have broken. Redone closets AND put in a pulldown attic stairs to access the attic instead of having to crawl thru a hole in the masterbedroom closet ceiling.

yeah, but we've got 2 mortgages (1st and home equity line on that thing)

That's what we're going to do. I've not been pleased with our existing agent and have already contacted another that will possibly be ready to go the moment the current contract expires.

Not me. We lived in the townhouse for 22 years and I figure we'll be in the current one til we die. I'm NOT moving again.

[Joseph Meehan]

People buying are already stretching they limit. They don't have money to invest in a home they just bought.

I suggest you start by cleaning up. If you are still living there, rent a space and remover anything that is not absolutely necessary. If you are not living there, remove all personal belongings. Clean and do some painting as needed, paint goes a long way towards making a place look good, paint neutral colors, not what you like.

[trader4]

Another option to consider is renting it out. If it has a 1988 kitchen, I don't think you have to worry too much about wear and tear from a tenant. If renting can cover your mortgage, tax, maintenance, you could hold on to it and if all goes well, in another 10 years, it will be worth a lot more.

[JD]

I wish I could do that. However, because of our finances, we can't. We've got to sell it and get out of it. We held on to it over a year longer than we should have because of family illnesses and not having the time to deal with things properly. Now we don't have that option.

Besides, I wouldn't want to be a landlord. I just want to get this over with so I can c> Another option to consider is renting it out. If it has a 1988

[Oren]

So you, presuming are the emotional one. Forget what you have done over the past 22 years, and accept current upgrades are what people look for.

So you do things for yourself; but can be less willing to do things for a potential sell. Actually nobody cares why you pulled or painted or did this and that/

And your point is?

Clean the entrance, next item.....

Forget 2006, are you brain dead? Concede, give up money now, sell the house and be done with it.

Try a neraby town and get an outside agent opinion if necessary.

You might move if the home hits you right.

Oren "My doctor says I have a malformed public-duty gland and a natural deficiency in moral fiber, and that I am therefore excused from saving Universes."

[Oren]

Wasn't many months ago (locally) that taxes increased with the increase in property values.

Our market is moving sideways, no loss but modest gains.

Oren "My doctor says I have a malformed public-duty gland and a natural deficiency in moral fiber, and that I am therefore excused from saving Universes."

[SJF]

I agree. And you've got to recognize that agents, in trying to get you to list with them, will typically suggest that they can sell the property for a bit more than the actual market will bear.

SJF

[Norminn]

What is the market like in general? Community in good shape? Lots of for sale signs? May be rebound of hot market cooling, which is happening a little bit here in FL - property on water still selling for just about any price asked :o)

[Pete C.]

I'm afraid it's not your option where to draw the line with the current buyers market, the buyers are telling you where they're drawing the line. It's only going to get worse as well so your best course would be to take the best offer you can get presuming it covers any remaining mortgage on the place and be happy to be done with it before you loose even more money.

If you were counting on the proceeds from the sale of the townhouse paying off the mortgage on the other place based on the inflated sales prices of the last few years that was a mistake and you missed the best time to sell. The longer you wait for the perfect offer that isn't going to come the more dated the unit becomes, the more the market declines and the less you're going to get when you finally do sell.

A bit of superficial stuff like cabinet hardware and perhaps a faucet might help interest buyers. Even an older stove can be dressed up with new drip pans, trim rings and elements for little money if the basic unit is sound. Remember you are dressing a set.

If the stove is beat to death and all the enamel is chipped it doesn't matter one bit to the buyer if it's still perfectly functional. The buyer is spending a lot of money on the home and expects everything to be in decent shape. You wouldn't expect a car with a worn out interior and paint to sell for as much as the same model in good shape, regardless if the engine and drive train of both were in perfect condition.

Pete C.

[jah213]

This is what ALL buyers want -- young or otherwise. Surely you are not expecting to find a buyer who wants to do everything and doesn't want anything! However, buyers any age are likely to compromise and do repairs and decorating if the sale price is right. Other things being equal, no one in their right mind is deliberately going to choose the one that looks shabby for the same price as the one that looks nice.

Jo Ann

[Edwin Pawlowski]

Forget what the realtors told you. What did you pay for the property? Are you selling it for more than you paid? If yes, take the offer. Any profit or loss from their suggested price is just a paper thing, not hard cash. Houses sell for what people are willing to pay. Houses that don't sell in a reasonable time are usually overpriced. See what some cosmetics do, but be prepared to take less than the present asking price.

[hallerb]

Be VERY careful if you will have a gain. You MUST have used the home being sold as your primary residences for 2 of the last 3 years, or you will pay capital gains tax.....

consulte a tax pro for details

[bigjim]

Why did you buy another house before selling townhouse? Prices are dropping so take what you can get

[JD]

it was actually a fluke. We had been thinking about getting a bigger house because we needed the space. For years, we couldn't justify leaving the townhouse for an unattached with less square footage and more $. Finally, by accident, we saw this house, visited it, and bought it. It's older than the townhouse BUT had more room. We used the inheirtance to pay for the new house and get a reasonable mortgage. Unfortuantely, over the last 2 years, illness and other things have prevented from getting all the stuff out of the townhouse until the last 6 months. We have a friend who's renting it on a month to month basis at a reduced rate to defray some of the expense AND he's been helping us pack up the rest of the stuff.

We should have gotten rid of the house when we moved out but circumstances prevented it. We're do> Why did you buy another house before selling townhouse? Prices are

[mrsgator88]

Also ask about renting it out. There are all kinds of tax breaks that you can't even imagine. The numbers are not just monthly payments vs rental income. Right now you're basically a landlord without a tenant, so get some rental income! Good luck.

S

[trader4]

Now this is some real bad advice. What they paid for it decades ago has no bearing on what a fair price for it is now. If I came over and offered you $100 more than you paid for your house 20 years ago, would you sell it? If their real estate agent has done a bad job marketing it and no fair offers have been forthcoming, doesn't mean they should give it away.

What they need to look at is sales in the last year of similar properties. And that is what's missing in this whole thread. They live in a complex of 90 units. There has been zippo said about what other units in the recent past have SOLD for. When I brought this up before, the answer was none are for sale now. They need to find out when units were sold and for how much. First for this complex, then for any similar complexs in the area. This ain't rocket science.

Any profit

[trader4]

I agree with hallerb regarding the tax issue and hereby retract my rental suggestion. They bought this place decades ago, so it's just about 100% that they have a substantial capital gain. So, they do need to have occupied it as their principal residence for 2 years to avoid the capital gains tax. They qualify for that now, but would lose that by making it a rental.

[Doug Miller]

Try again... that's two out of the last *five* years...

[hallerb]

I rented a home for 7 years and kinda enjoyed it. Blessed with a great lady and her family. We became close friends.

If she hadnt of died no doubt I would still be renting it.

Renting has tons of advantages, but if it still qualifies as your primary residence sell.... to save taxes.