To Sell Or Rent?
I purchased a foreclosure for $48k. It appraised in its current condition for $60k.
My goal was to spend $10k max on the rehab. I have now found out that I need to put in all new windows for approx $6k and the flooring is going to be $4k alone.
There goes my $10k before I do the bathroom or minor plumbing work (some pipes froze).
I have torn up all the old carpet to expose the hardwoods which I am going to have re-finished since it is cheaper than carpet and looks better.
My question is, if I fork out the few extra thousand and get this place looking mint I should be able to sell it for around $70k.
Should I get the place looking real nice to sell, do maybe just the necessities with the bathroom and kitchen to rent it out, or do all out and still rent it out?
What are your opinions?
Thanks
DrZ
Part of the answer depends on your goals. If you are going to be flipping properties, then you might want to sell. If you are looking for cash flow or long term appreciation then you might want to hang on to it. If you decide to keep it and rent it you might be able to do some of the upgrades over time.