Long term planning of selling your home?

[lman]

My Amish neighbor asked me a while back how long we were going to live at our place and said they would be interested in it when we sell. They usually buy property with 15-25 acres at a fair rate around here because they need property with acreage for their livestock.

 

[riptides]

When we sold our Estate property the realtor and a family member insisted/demanded that we paint and re-carpet the place. Some of us were just interested in having a clean house. Which it was even without the expense of paint and new carpets.

The buyer ended up ripping out the new carpets, repainting the entire interiors and renovating the kitchens and baths.

It was wasted funds and time, IMHO. As-is was and is my mantra. Buyers have their own visions and priority when they look at property. A clean and neutral place is all they need. IMHO.

 

[Sigarms]

My Amish neighbor asked me a while back how long we were going to live at our place and said they would be interested in it when we sell. They usually buy property with 15-25 acres at a fair rate around here because they need property with acreage for their livestock.

What I struggle with is what is a "fair rate" for land? You want to be fair, but you don't want to give it away if that makes sense.

I'm going to miss this home. Only home I've ever owned. It has served us very well over the years raising two boys as well as having my father live with us for 4 years before he died. Reality is though my wife is right using common sense. The home has 3 levels and is way to big for just the two of us, and I'll probably have to have my shoulder replaced next year and I really can't keep up with the trees out back with the chainsaw anymore.

Only hope is that it would serve a growing family well like it served us.

 

[Sigarms]

When we sold our Estate property the realtor and a family member insisted/demanded that we paint and re-carpet the place. Some of us were just interested in having a clean house. Which it was even without the expense of paint and new carpets.

The buyer ended up ripping out the new carpets, repainting the entire interiors and renovating the kitchens and baths.

It was wasted funds and time, IMHO. As-is was and is my mantra. Buyers have their own visions and priority when they look at property. A clean and neutral place is all they need. IMHO.

I don't disagree with you at all. The kitchen does need work though. The question is what did you end up selling your home for per a price point? At the end of the day, if we come close to the bank appraised value of the home with 6 acres only, I have no qualms spending the money.

 

[riptides]

... What's going to be interesting is how we sell the whole property. Currently the home sits on 6 acres, but there is an additional 32 acres that is really your backyard. Current suggestion which makes sense is sell separately, but offer it as a package deal with a total 38 acres.

I'd list the home and 6 acres, with an option to buy the additional 32.

Meaning market separately.

How are land sales in your area? That is the deciding factor for a package deal. IMHO.

 

[riptides]

I don't disagree with you at all. The kitchen does need work though. The question is what did you end up selling your home for per a price point? At the end of the day, if we come close to the bank appraised value of the home with 6 acres only, I have no qualms spending the money.

They lost money on the deal. We meaning the MIL who IMHO, gave it away.

Unfortunate but advice from her daughters, IMHO, was not business advice. It was an emotional transaction and it showed. The listing/selling agent was a "family friend".

 

[Sigarms]

How are land sales in your area? That is the deciding factor for a package deal. IMHO.

Honestly, nothing stays on the market for long. For land only, you're starting off at 10K an acre minimum.

 

[Sigarms]

They lost money on the deal. We meaning the MIL who IMHO, gave it away.

Unfortunate but advice from her daughters, IMHO, was not business advice. It was an emotional transaction and it showed. The listing/selling agent was a "family friend".

I don't think we will be losing money on the deal even investing in doing some small upgrades.

I have no intentions of giving the house and land away, but I do think we got a good deal on the place at the time, and if the right family came along, we'd do the same (and not lose money on it).

If anything, my emotional attachment to the home and property would raise the selling price higher if that makes sense.

My first home, bought at age 39. Never owned a TV or bed in my life as an adult, and that all changed when I got married

 

[EddieWalker]

I missed something somewhere. The last thing I remember was you were looking at places but haven't found anything. Did you buy a place to move to?

 

[Sigarms]

I missed something somewhere. The last thing I remember was you were looking at places but haven't found anything. Did you buy a place to move to?

Yep.

My wife moved up my time schedule.

She is the one with a vision, she saw this house, her vision for it, and I trust her even though I really didn't want to LOL

House was built in 1962, had some people I trust very much on that side of things and they did agree with me that the house for the age was in great shape. Only thing is, due to the age, everything needs to be overhauled as it never has been changed. Of course we have to put some money into it (a good amount) but for the sell price with land, it was a pretty good deal even in my opinion.

One owner home, the mother passed away last year and the family was selling it. Small home with 3.7 acres, just enough where no one is going to build on top of you.

The reality is our current home has spoiled me.

I had to take the Kubota over to mow a field and met the neighbor across the street a couple months ago. Seems like good people no different where we live at now, so that's a blessing.

 

[bdhsfz6]

Had a somewhat serious discussion with the wife about selling our home to downsize in the future.

This will be a major pain in the butt process.

Wife is looking at retiring in the next 5 years or so, and that is when we no longer want to be in our current home. Me, I just love to work and will probably do so for another 10 years.

This has been the only home I've ever bought. Would be my wife's second as she bought when she moved to NC and I rented. House is WAY to big for us now that we are empty nesters, and it gets harder and harder to keep up with the work around the place on either of our ends.

Thought process is to get a paid evaluation on the home in the market place, what recommended work needs to be looked for a quicker sale vs increasing the value of the home and plan on that work over the next 5 years.

Looking at the rate of inflation from when we bought the house and seeing what's in the market now, given the house and property size, I'm thinking that should not be a problem.

Then the question becomes do we buy land and build new, or look around in the meantime to see if something appears that we could buy?

House and land is paid off, and if we were to buy, we could pretty much afford 20% down or buy a couple of acres with the plan to building a smaller house.

Here is the key question... if you're looking at selling your home in 5 years, exactly when do you start the process and plan? Reality is real estate market could be completely different in another 5 years and I'm kind of scratching my head on exactly where to start and when.

Just looking from advice from people who have been down this road.

Thanks!

The wife and I have had similar discussions. The problem we have is determining what will be "in style" in 5 or 10 years. Interior design is constantly changing and going in directions that are difficult to predict.

Our niece is a real estate agent and the advice she is giving clients, who are looking to sell in the future, is not to do any expensive remodeling too far in advance. There may not be any return on investment. She says many buyers now are looking for properties they can renovate to their own taste. Around here anyway, she sells more "fixers" than new or newly renovated homes.

This of course will vary in different markets, but consulting a professional is always a good idea.

 

[Torvy]

When we sold our Estate property the realtor and a family member insisted/demanded that we paint and re-carpet the place. Some of us were just interested in having a clean house. Which it was even without the expense of paint and new carpets.

The buyer ended up ripping out the new carpets, repainting the entire interiors and renovating the kitchens and baths.

It was wasted funds and time, IMHO. As-is was and is my mantra. Buyers have their own visions and priority when they look at property. A clean and neutral place is all they need. IMHO.

Exactly my argument with our realtor. We'd moved 4 or 5 times over the years. Giving a paint/flooring allowance makes more sense.

The counter-argument is that buyers can't see past the decor.

Methinks I am willing to wait until smarter buyers/realtors view the place. Sometimes, time isn't an option. This time, we were fine with riding it out.

 

[Torvy]

What I struggle with is what is a "fair rate" for land? You want to be fair, but you don't want to give it away if that makes sense.

I'm going to miss this home. Only home I've ever owned. It has served us very well over the years raising two boys as well as having my father live with us for 4 years before he died. Reality is though my wife is right using common sense. The home has 3 levels and is way to big for just the two of us, and I'll probably have to have my shoulder replaced next year and I really can't keep up with the trees out back with the chainsaw anymore.

Only hope is that it would serve a growing family well like it served us.

Around here, and I expect in most places, the bigger the acreage, the lower the price per acre. (Though that's not a linear formula).

When we bought a few years ago, small acreage (6-20) tended toward about $5k per acre. Prices have continued to rise as more people are figuring out that large cities aren't necessary like they were in the late 1800s. Internet access in rural areas allows more people to live further from work.

 

[Sigarms]

The wife and I have had similar discussions. The problem we have is determining what will be "in style" in 5 or 10 years. Interior design is constantly changing and going in directions that are difficult to predict.

Our niece is a real estate agent and the advice she is giving clients, who are looking to sell in the future, is not to do any expensive remodeling too far in advance. There may not be any return on investment. She says many buyers now are looking for properties they can renovate to their own taste. Around here anyway, she sells more "fixers" than new or newly renovated homes.

This of course will vary in different markets, but consulting a professional is always a good idea.

Completely agree.

Thing is, on what you would consider a higher end home in the local market, do you really want 1980's appliances in the kitchen if you want to try and make your asking price reasonable for the market conditions?

I had put up a pic of the current kitchen here sometime last year, and I believe the consensus was the same as to needing to do some work in the kitchen.

When we first moved in, we replaced the carpeting in the basement with carpet. 20 years later, we agree that it wouldn't be a bad idea to change it before we sell.

 

[EddieWalker]

Congratulations. How far is it from your current home?

Something that always scares me when people remodel or build new is when they go all in on the latest trends. For years everyone is doing the exact same thing, then it all ends when the next big trend starts. I think we are at the end of the marble tile and marble counter trend. I think grey has run its course too!! I sure hope so, I've never liked it. Gold faucets seem to be the next, along with brass lights and knobs. Paint kitchen cabinets dark blue and install some brass knobs can't last. It's just so horrible, but the Doctors wives with money to burn all seem to love it.

Earth tones seem to be showing up again. But painting houses black and using Western Red Cedar seems to be taking off. I like the Western Red Cedar. I hate painting a house black. What I'm really hoping will make a comeback is big square tile for floors. I really like 18 inch square tile on a floor, but it's become very hard to find in brown with a grippy texture.

There are a few good YouTube videos that talk about the top ten worse things to do to your house. I agree with most of what I've seen. I've also done most of what they show for clients and wonder when they will tear it all out and do it over.

 

[Torvy]

Don't try to out-guess the buyers. You never know what they want.

Some will see the 80s stuff as 'retro' and love it. Others will see whatever you replace them with as unfit for their tastes and swap them anyway. Some people just don't want to use 'other people's stuff'.

We had a long-time neighbor move a couple of years before us. The buyers practically gutted their beautiful home. All of the fixtures, sinks, toilets, lights, everything was on the curb. There were workers there for over a month before they even moved in.

 

[Sigarms]

Congratulations. How far is it from your current home?

Something that always scares me when people remodel or build new is when they go all in on the latest trends. For years everyone is doing the exact same thing, then it all ends when the next big trend starts. I think we are at the end of the marble tile and marble counter trend. I think grey has run its course too!! I sure hope so, I've never liked it. Gold faucets seem to be the next, along with brass lights and knobs. Paint kitchen cabinets dark blue and install some brass knobs can't last. It's just so horrible, but the Doctors wives with money to burn all seem to love it.

Earth tones seem to be showing up again. But painting houses black and using Western Red Cedar seems to be taking off. I like the Western Red Cedar. I hate painting a house black. What I'm really hoping will make a comeback is big square tile for floors. I really like 18 inch square tile on a floor, but it's become very hard to find in brown with a grippy texture.

There are a few good YouTube videos that talk about the top ten worse things to do to your house. I agree with most of what I've seen. I've also done most of what they show for clients and wonder when they will tear it all out and do it over.

New home is about 20 minutes away, in the same county. New home is on the outskirts of the county seat, with a total population around 3,000 people.

You need to know my wife LOL. She's very analytical for her job and when it comes to a home, it becomes always about utilizing space and function of the space. This is why our current home is driving her more bat ***** crazy than me. Believe me, a 3 level home with a total of 3,200 sq ft home worked great for 2 boys and my dad living with us, but now that it's just her and I, it's way to big. She's the one always cleaning up the place so she has more say in the matter than I do

This "new" home is basically going to be made so we can die in it. I'm still scratching my head on exactly what we're moving as there is no way all the crap in this house will fit in the new one LOL

The unfinished basement on the new home also gives up some extra storage for all our crap.

 

[Sigarms]

Around here, and I expect in most places, the bigger the acreage, the lower the price per acre. (Though that's not a linear formula).

When we bought a few years ago, small acreage (6-20) tended toward about $5k per acre. Prices have continued to rise as more people are figuring out that large cities aren't necessary like they were in the late 1800s. Internet access in rural areas allows more people to live further from work.

After a quick search, the best price I could find on land only in our county was 33 acres for 325k, which is over $9,500 a acre. You could by something smaller, but per acre the price can jump drastically.

 

[Sigarms]

Don't try to out-guess the buyers. You never know what they want.

Some will see the 80s stuff as 'retro' and love it. Others will see whatever you replace them with as unfit for their tastes and swap them anyway. Some people just don't want to use 'other people's stuff'.

We had a long-time neighbor move a couple of years before us. The buyers practically gutted their beautiful home. All of the fixtures, sinks, toilets, lights, everything was on the curb. There were workers there for over a month before they even moved in.

For the price point we're looking at our home, we agree with the real estate agent that some upgrades should be done. Everyone who I trust has looked at the house as a friend or in a professional manner has suggested these small changes as well.

We may win or we may lose, but we can afford it, and would rather have people looking at home that they could afford to live in now, and realize that they can do some upgrades later if they wish.

My hope as far fetched as it seems is a younger growing family who can afford the house and appreciate the land surrounding it. As mentioned, even if we can get the appraised value of the home AFTER we sink some money into it, and I would be more than happy.

If someone can afford it doing immediate changes that they want, have no doubt we should get more than we're looking for.

 

[Carl_NH]

Listing with the 6AC and keeping the rest would likely get you the best return. Depends on the buyer, as many will not have an extra $300K available, and getting a loan may be more difficult.

Do you have a separate deed for the acreage and the house, so you don't need to have a survey etc. to keep it?