When a seller decides to market his home as a “Handyman Special”, some hard decisions will have to be made.
The first decision will probably be the choice between fixing the house up or selling it “as-is.” Before that decision can be made, the seller needs to know how much the house is worth in its present condition. The question of fixing it up may be academic. If remodeling was the seller’s strong point, the house would not be a “Fixer-Upper” in the first place.
The first step is to get an appraisal to determine just how much the property is worth in today’s market. The lower end of the market usually has the highest demand. The seller may be surprised at the market value. An estimate can then be made of the cost required to upgrade the house to market standard for a higher selling price.
With this information in hand, the decision can be made — based on financial facts — whether it would be more cost effective to improve it or sell “as-is” for less money and leave the work for a willing buyer.