Skip to main content
No. of Recommendations: 0
I’m going ahead with a partial renovation with the awareness that I probably won’t get dollar for dollar return

I would suggest taking it off the market while you're renovating. It will be easier to 'refresh' the listing (as inparadise suggests) with a new price if it's been off the market for a while. Assuming that your listing has been on Zillow, it's easy for anyone to track time on market and price changes. Even if it hasn't been on Zillow (and it probably should be), the MLS system likely allows agents to track those changes.

because my condo has sat for a while already on the market without any offers

I agree with JonathanRoth that the price is too high if you haven't gotten any offers. As the old adage says "There is nothing in real estate that price cannot fix."

Is your current asking price the price that partially renovated condos in your complex actually go for? If so, your partial renovation may get you your current asking price, but it probably won't get you more. If it's the price that fully renovated condos get, then a partial renovation may not even get you your current price.

You should ask your real estate agent to get you pictures of the comparables that your price was based on, so you can see what condition they were in. That way you can determine which renovations will be needed to get your current asking price.

AJ
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.