I have a two bedroom, one bath 100 year old house in a boom/bust town (in Wyoming--natural gas and coal industry is the primary income in the area). I have had it on the market for over 6 months with some interest but no formal offers. I am currently attempting to sell it "as is."
It is a great house for someone who wants to realize its potential and live in it, or for an investor as a "flip" or a rental property. I bought it to make it a home, not as an investment, but didn't have a chance to realize any of its potential before a work opportunity took me to a town about 6 hours away.
I am a little lost about how to proceed from here. With the market as it is, I am afraid that I am in a lose-lose situation. I can either continue sitting on it and try to sell it "as is" and paying the mortgage (a loss) or start putting money into repairs--this would increase interest and make the house more marketable but it's money that I might not get back on the sale.
There is a part of me that wants to start working on it and ride out the market to realize a return on the investment in a few years, with renting it out possibly playing a part within that time period. My gut tells me that it could definitely be a decent investment, but I am immobilized by fear. On the other hand, there would be substantial relief if it just went away.
What may be clouding the whole issue for me is my emotional attachment to the house. I love old houses and secretly want to be a carpenter/handyman. In my mind, I can picture the house completed. It has 10' ceilings, wood floors, nice original trim, tall windows, and a claw foot tub. It's in a nice little neighborhood a few blocks from "downtown," and across from a park.
On the non-emotional side, here is some of what needs doing on the house:
new heating system (currently there are ugly natural gas units in three rooms that vent to the outside--large and ugly)
drywall on top of plaster and lath (not done well), no insulation
partial electrical upgrade
front porch rebuilt
addition jacked up to pour footings
Luckily (or not, depending), I got ahold of the house before any substantial renovating/redesigning happened, so there isn't too much that has to be "undone."
Can anyone help a girl that can't make a decision?