House mid-upgrade, can it sell now?

**cfetzer** · 03-19-2008, 10:01 AM

Hello all,

I have a question about my house...My wife and I had planned to sell our as soon as we were finished with upgrades/updates but I want to sell it sooner than later, such as before I am finished with our planned upgrades if possible.

Here is the situation. The house is a 3br 2ba ranch. Pretty small, but in a popular area. The upper (only) level is in good condition, new paint, new baseboards, new windows throughout the house, new doors, new pergo in the kitchen, etc. Large yard (no garage.) However, the basement is not finished. Normally that is not such a big deal but we modified the basement staircase and "opened" it by ripping down the wall that surrounds it. The wall is now a half-wall, the stairs have been completely replaced with new oak stairs, and widened the staircase. It looks really nice. The idea was to finish the basement and make it a part of the living space.

I purchased all of the lumber to start framing, tools, etc, but I soon found that I don't have the means to finish the job. I was thinking either one of two avenues, but either way, I would really like to sell the house and move on.

The first idea was to look into a home equity loan and have a contractor finish the job, but I don't know if I want to draw on the equity (as I don't think there is very much anyway.)

The second idea was to see if the house would sell "as-is." Granted, I would lower the price, but in a realtor's professional opinion, do you come across people eager for a bargain, where such work (and not just a few fixes here and there, but a large project) is necessary to bring the house to satisfaction?

I am definitely motivated to find out what the easiest solution is. I would really like to get out and move my family into something with more space.

Thanks in advance for any advice.

Chad

**JJohnson1985** · 03-19-2008, 10:36 AM

I wouldn't put money in finishing the basement, unless you have a buyer who requests it as part of the deal and it is financially feasable. There are investors who look for homes to improve and "flip". There also maybe home buyers who would prefer that state it is in now, so they can finish it the way they would like, if they even want it finished. It does depend on your local market though. Usually there is always someone willing to buy, as long as the price and deal are right. With you not having much equity I would not finish the basement right now. Finished basments usually are more expensive compared to the return they provide.

Do you have an agent representing you right now? It would be better to have the opinon of an agent in the market area. Without looking at the market and the numbers I can't say either way, but from what I know I wouldn't spend anymore on the basement.

**cfetzer** · 03-19-2008, 11:09 AM

Hey JJohnson,

Thanks for your response.

Just some brief details. The house is located in the Chicago suburbs, and as far as equity, the purchase price was 167k and I think it would be safe to put the price at between 180-190k, but I'm not sure.)

I think I agree with you. This house would be very attractive for someone who has the time and is very handy. The house itself is in good condition and has been well kept. I was just hoping to finish the basement on my own to add to the house. But, I think your comments are logical. Someone might want to build it to suit them. Good point.

I don't have an agent yet. I wanted to ask around before I checked in with an agent. But I think I might just go ahead and do that.

Thanks!
Chad