If you are clueless about real estate and have no idea about homes, please don't waste the effort.
I've owned a home in N.C. for about 11 years now. I actually lived in it for three years then we've rented it out ever since that time. We paid 160K for it and owe 120K. It's roughly 1,850 square feet, 3BR, 2.5 bath, has a large bonus room and an unfinished attic. It's sitting on 0.62 acres.
Our current tenant just gave 30 days notice which was expected. Do we...
A) Have the house power washed, replace the roof (it needs it), paint the shutters, put down new carpet and paint the entire inside and rent it out again or...
B) Replace the roof, power wash it, paint the shutters, replace the carpet, pain the inside, put in granite and kitchen tile and sell it?
If we rent it out, we'll ask for roughly $100-200 more a month after several improvements and if we sell we're looking at listing at roughly 185K.
Thoughts?
I've owned a home in N.C. for about 11 years now. I actually lived in it for three years then we've rented it out ever since that time. We paid 160K for it and owe 120K. It's roughly 1,850 square feet, 3BR, 2.5 bath, has a large bonus room and an unfinished attic. It's sitting on 0.62 acres.
Our current tenant just gave 30 days notice which was expected. Do we...
A) Have the house power washed, replace the roof (it needs it), paint the shutters, put down new carpet and paint the entire inside and rent it out again or...
B) Replace the roof, power wash it, paint the shutters, replace the carpet, pain the inside, put in granite and kitchen tile and sell it?
If we rent it out, we'll ask for roughly $100-200 more a month after several improvements and if we sell we're looking at listing at roughly 185K.
Thoughts?