Selling an Aging Parent’s Home

Got an email from someone who wants to sell his Mother’s home.  It’s a big two story house, and it’s not only expensive to keep up, it’s too much house for one person, she is beginning to need to live with assistance, and the house itself is slowly falling into disrepair.

Never the most fun scenario, but it’s a task that needs to be done.

As is common in this situation, the house is not only mildly in disrepair, but it is outdated as well.  And in a market like this, we’ve got to take care of that before we can sell it.

The trick is balancing the money you put into repairs with the potential increase in selling price.  We could easily spend $20k-$30k on this home, but we’d never get it all back out.  There’s a point where the return on extra improvements starts getting smaller and smaller, so we’re aiming to come right up to that line.

Musts for this home? Fresh paint, new carpet, a thorough cleaning, and moving all the stuff out.  New sinks and faucets all around, new kitchen counters, and a couple landscape improvements.

Really want to have done?  New light fixtures.  New range.  Exterior painting.  Staging.  Some accent paint colors, perhaps.

Big cost items for this house will be the roof repairs and the polybutylene repipe - those two alone can eat $15k without blinking an eye.  The owners are going to have to decide if they will go ahead and fix those things now or wait for a Buyer to request them.  If it were me, I’d fix them right away, but it’s not my money to spend.

We’re getting estimates for the various items; they’ll start chipping away at their task list.  In the meantime, I’ll be checking out the competition so we can figure out when we’ve reached the stopping point for our improvements.

Photo via Flickr, courtesy of Sunfrog1.

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Equal Housing Opportunity Realtor
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