Today a property owner asked me what I would do if I had a vacant property that was in need of tons of work needed to fix items from deferred maintenance. My response is here:
“If it was me and I had the resources to prepare my property for sale, I’d ask the contractor to provide a cost proposal to fix items on the termite report first before any cosmetic work is done. The next thing I would do is put two proposals side by side:
“1. the investment to fix the damage found on the termite report
2. the additional investment to make the house presentable for sale
“Of the two itemized proposals above, I’d pick and choose what should be done first on each list to maximize my investment, based on the resources I have available. On the other hand, if it was me and I had too many things on my plate, I’d sell it as it is and move on with my life. Or, I’d get my agent to help with the details so that I don’t have to.
“The above isn’t advice but rather a simplified version of what I would do. Your situation of course includes your family’s input and is more complicated…”
The way we see it, we either pay now or pay later when it comes to maintaining our homes. Last year we did a lot of work to preserve our own 1926 home, the largest investment being installing a new roof (plus solar). Much like investing in our own health, the sooner we take care of issues, the better. If unchecked, the matters can only get worse…