Fixing up a house through repairs and home renovations can take up a lot of time and money. Selling your home as-is requires you to leave a clean house behind. But, the selling price of your house can change dramatically based on the option you choose. Thus, it is best to consider all angles before making a decision. After all, if you get it wrong, you could make a deficit on the cost of renovation and repair.
Start by consulting the people with the know-how. Ask your real estate agent whether people are more likely to buy fixed-up houses in your area. Inquire at your mortgage lending company if people ask to be pre-approved to get new or renovated homes. This will give you an excellent idea of what potential buyers will have in mind when they come to see your house.
If your home is near the city with access to public parks and such, you will likely see a better sale price with renovations. A home in a rural area or with an amazing view can be easily sold as-is as the people who would want it would most likely have a plan to renovate or re-build. This will allow you to direct your thoughts better as you decide whether to repair your house or relax and let the buyers come to you.
Benefits of As-is Selling
Selling your home as-is means that even if the home inspector turns up some big issues like a sagging foundation or leaking pipes, your potential buyers cannot ask you to repair it yourself before they take the house. This allows you a lot of comfort in preparing for your move. On the other hand, it can take a lot longer to find someone willing to buy a house that will require extensive repair on top of the cost of sale.
Identify Repairs and Renovations
There are some repairs and renovations that you can do yourself with minimal fuss over a few weekends. Other repairs are more complex and will need you to hire a technician. Getting these listed and finding out the prices will also help you see if it’s something you are willing to invest time and money in.
Roof time replacement, roof repair, and clearing up your lawn and backyard will take you few tools and some weekends. But an HVAC system, plumbing repairs, and a malfunctioning garage door will require you to call in a professional. These repairs can go bad very fast if you do not know what you are doing, so a professional is always best in those situations. Get up to three quotes so you have a fair idea of how much these fixes will cost.
Painting and replacing appliances with energy-efficient new ones is a good renovation investment and can help make your home more appealing. But changing out the style of lighting or installing or removing wallpaper takes a lot of time and requires some disruption to your daily life.
Compare with Nearby Homes
Are there other homes for sale in the vicinity? If there are homes doing viewings within your neighborhood, you should go and take a look. This is a good way to tell if your house can be sold as-is or if prospective buyers are more likely to purchase these competing houses first.
Chatting with the people at the viewing will help as well. You can find out what the people are interested in, to decide if you are willing to appeal to their tastes. It would be easier for you to renovate just the bathrooms or put in an updated and modern kitchen. If the prospective buyers want those upgrades most, then they may be willing to overlook a lack of a deck or dated decor.
Target House Flippers
Sometimes you are in a situation where you really need to off-load your house quickly. If you are in a situation where you do not want to wait until a potential buyer for your as-is house comes along, you can consider other options.
Accept a lowered selling price to move the sale along. If you still want to profit but are willing to accept a lower amount, then sell to a house flipper. Many such individuals and companies would be willing to take a house in a good neighborhood.
Bathroom upgrades and modernized kitchens are very popular reasons for people choosing to buy a particular house. But a lovely new kitchen paired with a seriously unstable foundation is not going to get you much of an improvement on your selling price. If the damage is serious enough, you could be liable for any further damage or injury that happens to the new buyers due to those issues.
Thus, it might be best to have your home assessed by a home inspector and find out if it is in good enough condition that a bit of paint is all you need to sell your house. An as-is sale for a well-maintained house can go through with minimum time and fuss so you can enjoy your move and new home without too much stress and worry.