Quote:
Originally Posted by wdfifteen
A house down the street is up for sale. The place is 25 years old and has never been touched. It needs a roof, paint inside and out, furnace, water heater, AC - everything. The family in it now has not spent a cent or lifted a finger for landscaping in 10 years so it even needs that.
The owner is asking $250k for a house that would easily sell for $300k if it was nice. It would probably cost $50k to bring it up to snuff. So is he better off selling it as-is, or would you fix it up and sell at a higher price?
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Quite honestly, if it is worth $300k after $50,000 worth of work, its worth less than $250k now... Probably closer to $210k. nobody is going to take on that work for free in a normal market.
So if he actually gets an offer for $250k, he should take it.