So, you moved your elderly parents and they are somewhat settled into their new place. But what about their old house? Many of us may find ourselves in this situation one day, and we may not be too overly excited about it. Why? There is a good chance that their dear old house is outdated and no longer in the best of shape. After sheltering one family for many years, it is probably well lived in and in great need of repair.
To Fix or Not To Fix the Old House?
Many years of raising a family and enduring life’s ups and downs can be hard on a home. Mom’s beautiful floral wallpaper may be peeling. It has probably been peeling for at least a decade. That green shag carpet? It went out of style about 30 years ago. The pipes are most likely leaking, the roof curling, paint peeling, the electrical no longer according to code, just to name a few things that should be repaired. Should you sell it as-is, or should you fix up your elderly parents’ old home? Do you even have the time to consider fixing it up? Find out what your parents’ old house is worth here.
There are investors out there who will gladly take your parents’ old house off your hands, but they will offer you very little for it in its current shape. You and your parents could use additional money from the sale of their old house to pay for their new living arrangements, but what will it take to get it repaired and updated?
Buyers are Looking for Move-In Ready
The real estate market has picked up. Right now, it’s a sellers’ market. This means buyers are looking to purchase a home right away, but inventory is low. Good homes sell fast. But today’s first-time home buyers want a house that is “move-in ready.”
The answer to the question, ‘should you sell their old house as-is or should you fix it up to make it move-in ready’ is – it depends! How quickly do you (or your parents) need the proceeds from the sale? How many repairs are needed? Are they costly repairs or less expensive ones?
Before you proceed any further, and before you ask another question, get help. A trusted specialist can answer almost all, if not all, of the questions you may have. They can help you decide whether or not your elderly parents’ old house can be sold as-is or if you should repair and update it before you put it on the market. A trusted specialist can help you determine what their old house is currently worth or what it could be worth if it were repaired and updated.
Presto Real Estate Services is here to help. Let us answer your questions about your elderly parent’s house. Call (630) 336-1820 for a FREE consultation or write us at firstname.lastname@example.org anytime.