Improve or sell?
My sister lost her husband in a freak boating accident 2 months ago. They were in their house for 18 years and did NO IMPROVEMENTS whatsoever, in fact neglected it. Here are the details:
Built around 1969
3 bedrooms and 1 bath up, 1/2 bath down
2-car attached garage that is sagging and not wired correctly
No upgrades whatsoever, even the old brown carpeting is original
Kitchen is original, even the appliances (except frig)
House has rot on the outside all the way around the outside bottom, up to the 2nd floor
The house originally had wood siding which is rotted out now
Windows need replacing
My husband says the whole interior needs to be gutted because of the mildew, cracking, and the fact that the house is sagging. They had the big beam in the crawl space replaced, but the house is still sagging and nothing's square. Plus, it's an outdated, terrible layout.
She doesn't have a job, but had gotten a home improvement loan prior to my brother-in-law's passing. She is talking about having the windows replaced and siding put on after having the rot removed from the outside. She doesn't have enough money to do anything to the inside. My thought is that the house wouldn't pass inspection even with the exterior work, so she ought to unload it now before doing any repairs. It would most likely sell to a contractor/flipper who will either tear it down, gut it, or add on to it. She lives in an expensive area, and on an acre, so the lot is worth more than the house. I'm turning to this forum for help. What do you think her options are? I watch a lot of house flipping on TV, but I'm no expert! Thanks in advance for any suggestions/help.