I inherited my aunt’s Hawaiian condo (1 bed, 1 bath, patio). It’s nothing fancy. It’s not in the tourist areas or close to the beach.
It’s selling points are that it’s a corner apartment and it’s across the street from Scofield Barracks.
I got a tax notice in the mail and it said they value it $222k.
If I put it on the market right now, will I be able to sell it for that much? Higher? Lower?
How much will the value go up if I renovate? Right now, it’s kind of a dump. My aunt didn’t take great care of it. The carpet is decades old. She smoked heavily and had cats. The kitchen looks like it was thrown together from spare parts. I already had to buy a used fridge to replace hers. The plumbing is…ugh….
I’m living in it now but want to move back to Kansas eventually with a small nest egg in hand. Just wondering how big that nest egg could be.
Realtor can get you close, and help inform on what improvements would help. Even better is paying an appraiser ($300-400) to get a real estimate. The county value may or may not be market value.
Speak with a realtor. The tax assessment might have little to do with the value of the particular property; a buyer may be willing to pay much more or the condition may make it worth much less. A realtor should be an expert in the local market and can give you a more accurate estimate of its market value and what you might have to put into it in order to sell it.
Many of these questions we can’t answer for you, but fixing up the place will help the value (which you could ask a local real estate agent to do a comp comparison for you to see if $222k is confirmed.
BTW – in Hawaii, it’s a lanai if covered, not a patio. 🙂
> I got a tax notice in the mail and it said they value it $222k.
I wouldn’t make any assumptions based on this number. If you just want a ballpark idea of how much you could sell the condo for, look on Zillow for recently sold 1 bedroom units in the same building or nearby buildings and then subtract some value for your unit being in poor shape.
You can look on zillow/redfin in that zip code and see if any condos are for sale. you’ll at least get a better picture of what condition other condos are in relation to yours.
Where I come from tax assements are 70% of appraised value (roughly).
You want to leave Hawaii for…Kansas?
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