selling duplex w/ vacancy (by Karen [MO]) Nov 3, 2013 4:06 PM
selling duplex w/ vacancy (by Cal [NY]) Nov 3, 2013 4:47 PM
selling duplex w/ vacancy (by BRAD 20,000 [IN]) Nov 3, 2013 8:43 PM
selling duplex w/ vacancy (by karen [MO]) Nov 4, 2013 4:18 AM
selling duplex w/ vacancy (by Pattyk [MO]) Nov 4, 2013 4:57 AM
selling duplex w/ vacancy (by Barb [MO]) Nov 4, 2013 7:25 AM
selling duplex w/ vacancy (by Zelda [MO]) Nov 4, 2013 8:11 AM
selling duplex w/ vacancy (by Kevin [MO]) Nov 4, 2013 8:35 AM
selling duplex w/ vacancy (by Nancy [IN]) Nov 4, 2013 8:44 AM
selling duplex w/ vacancy (by karen [MO]) Nov 4, 2013 9:51 AM
selling duplex w/ vacancy (by BillS [CO]) Nov 4, 2013 12:07 PM
selling duplex w/ vacancy (by Karen [MO]) Nov 4, 2013 1:38 PM
selling duplex w/ vacancy (by Karen [MO]) Nov 4, 2013 1:41 PM
selling duplex w/ vacancy (by Karen [MO]) Posted on: Nov 3, 2013 4:06 PM Message:
State Specific Question About: MISSOURI (MO)
We have decided to sell our duplex in the St. Louis area. We are also going to have one side vacant as of this week and plan to renovate with new doors, fresh paint, new carpet, and possibly new cabinets. Is it better to leave that side unoccupied while trying to sell the building or to get a tenant and then sell?
Also, how much renovation should be done to get our money back. I believe these are original cabinets from the 50's. The kitchen renovation is what I am wondering if its worth doing.
Thanks much.
Karen --70.242.xx.xx |
selling duplex w/ vacancy (by Cal [NY]) Posted on: Nov 3, 2013 4:47 PM Message:
Obviously I'm not in your state ... but overall (and as a Realtor) I would say it's honestly up to you. For now, list it as it is (vacant ... with the possibility of looking to fill the vacancy if it doesn't sell).
The reason is because there are different views on this. One would be that there are potential buyers that are looking to live in one and rent the other to offset their mortgage. Another would be some people don't like to take over the properties with other tenants in there.
My own personal opinion is that if it is a 'true' investor (meaning one that is NOT going to live there) - they want to see it fully occupied (and so does the bank). With that being said - if you do fill the vacancy, I would suggest that you may want to go month to month in the case that the new owner does want to live there (that way they can at least 'easily' advise them to move.
As for the cabinets - depending on what and how you upgrade, that depends. Typically you get your money back if you do. Either price it without the upgrade or ask your agent what the price could be if you did. Remember though - there is a maximum amount - if you are at a high end price now and you want to upgrade, the property may still not give you back what you put into it.
I know I most likely didn't answer your questions but at least it's giving you some thought behind it. And yes, I would suggest using a Realtor to sell as many on here will not. --74.78.xxx.xxx |
selling duplex w/ vacancy (by BRAD 20,000 [IN]) Posted on: Nov 3, 2013 8:43 PM Message:
Karen,
It ain't sold yet. Income attracts investors.
Bringing in rent while you wait for a buyer can add up quickly.
I do like the MTM idea for this.
People buy with their eyes. New cabinets are a simple and not too expensive upgrade.
Before you invest in cabinets, if the exisitng cabinets are appropriate for the area, consider swapping out the top, a new stainless sink, new hook faucet, and new door handles. You can totally change the look in just an afternoon.
Also, I hate carpet. Consider installing hardwood, Allure, or laminate and make "no carpet" a benefit to your buyer. --67.175.xx.xxx |
selling duplex w/ vacancy (by karen [MO]) Posted on: Nov 4, 2013 4:18 AM Message:
Cal and Brad. Thanks much for your informative advice. I will certainly take this information into account. Its good to gather information from those more experienced. I welcome any other wisdom others have to offer. --66.87.xx.xx |
selling duplex w/ vacancy (by Pattyk [MO]) Posted on: Nov 4, 2013 4:57 AM Message:
where in st. Louis. owner financing? --173.119.xxx.x |
selling duplex w/ vacancy (by Barb [MO]) Posted on: Nov 4, 2013 7:25 AM Message:
I was also wondering where in St Louis!
Don't forget to check out Hoods for any specials they might have with regards to the upgrades you need!
Is it in an area of town that would attract an owner occupant? If so, list it vacant. If no nibbles after a few weeks, fill it with a MTM and go after an investor. --216.229.xx.xxx |
selling duplex w/ vacancy (by Zelda [MO]) Posted on: Nov 4, 2013 8:11 AM Message:
Me three on where in STL! :) --65.220.xx.xxx |
selling duplex w/ vacancy (by Kevin [MO]) Posted on: Nov 4, 2013 8:35 AM Message:
Half empty or full likely for sale depends on the makeup of the buyer pool. If in a neighborhood with relatively high owner-occupied fraction, then lean towards selling with half empty. If in neighborhood with higher fraction of investor-owned, then probably fill it.
Both STL city and county have assessor websites where you can get an idea of this by looking up the block where the property is (using geo saint louis website). Each property has owners address on it. --128.252.xx.xxx |
selling duplex w/ vacancy (by Nancy [IN]) Posted on: Nov 4, 2013 8:44 AM Message:
If there is any chance that you can get an owner-occupant, I'd renovate the empty side and leave it. You will get a higher price from and Owner-Occupant than from an investor, any day. If the market would not attract an -owner-occupant, I wouldn't want the house, personally. Others, with more time and teams of people to help them, might like that just fine. --50.129.x.xxx |
selling duplex w/ vacancy (by karen [MO]) Posted on: Nov 4, 2013 9:51 AM Message:
Patty and Barb, our property is in St. Ann with airport less than 5 minutes away. Will be renovating starting this week. Thanks to everyone for advise. --66.87.xx.xx |
selling duplex w/ vacancy (by BillS [CO]) Posted on: Nov 4, 2013 12:07 PM Message:
Rarely do renovations pay for themselves. The exception is if you provide your own free labor. NAR does lots of research on this each year. The best you get is about 80% payback. They, of course, assume hiring a professional contractor at pretty house prices. --75.160.xxx.xxx |
selling duplex w/ vacancy (by Karen [MO]) Posted on: Nov 4, 2013 1:38 PM Message:
Fortunately, we can do the work ourself. --66.87.xx.xx |
selling duplex w/ vacancy (by Karen [MO]) Posted on: Nov 4, 2013 1:41 PM Message:
Fortunately, we can do the work ourself. --66.87.xx.xx |
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