You’ve made up your mind on selling your home and moving to another state. But then, you know the house is not quite in the best shape, and you’re wondering if you should fix it up before selling. Or maybe you just don’t know how to sell a house as is.
Everyone who’s sold a house has been in the same shoes. There are several factors to consider when trying to sell a home. First, you have to understand what it means to sell a house as is.
Selling A House As Is
As the name implies selling a house as-is means the buyer will get your property in the exact condition it is now. This means you will not have to make any minor or major repairs to the property. This kind of arrangement favours the seller as you will not have to deal with the stress associated with repairs.
Most buyers will tell you that they would like to buy a house as is and make the alterations they need themselves. However, the truth is that buyers prefer to purchase homes that require only minor renovations. If your house needs major repairs like a bad roof or a damaged plumbing system, most buyers will not be interested in a purchase.
There are, however, professional fixer-upper buyers who specialise in buying beaten-down houses, making repairs and flipping them for a profit. If you’re pressed for cash or want to sell your house quickly, you can contact them. They usually make the quickest home purchases. You may, however, be left with less cash than you would’ve if you have made the renovations and listed it conventionally.
Most people that sell to professional fixer-upper buyers have homes that require significant work. In those cases, it just makes more sense to sell as is instead of fixing it up before selling. Fixing would cost too much, and you won’t be able to make much profit off it.
If you’re also in need of a quick inflow of cash, you’re better off selling your home as is. For instance, if your house is being foreclosed on, you should look to sell quickly to avoid that.
How To Sell A Home As Is:
Most house flippers who buy homes as is are looking for a bargain; you should be prepared for that. You should make sure to take all significant defects in the building into account when pricing it. Although it is not a proper listing, you will still be legally required to disclose any major flaws in the structure.
Significant defects may include any of the following:
● Foundational Issues
● Roof leakages
● Asbestos Damage
● Bad Walls
You won’t be required to list every single thing that the buyer might not like in the building, just the important ones. You can work with a real estate agent to help you create a more complete list.
When Should I Fix Up My Home?
If you have been staying in a house for a long time, chances are you have passed over several maintenance issues because they didn’t bother you. A lot of times, these are the things that buyers notice when viewing a house. In most cases, it is always better to fix up at least some of the issues wrong with your home before selling it off.
A smart move is to check out the houses on sale in your neighbourhood. Note the state of the homes and the amenities that are in them. They will give you an idea of what prospective buyers in your ara are looking for.
However, you should not make the decision to fix your house on your own. Get a licensed real estate agent to inspect your home before deciding. They are best placed to inform you on whether to proceed with specific improvements or not.
Before you make high-cost overhauls, here are some more straightforward fixes you can do to make your home look more attractive to buyers:
● Repaint your kitchen and bathrooms
● Patch holes and cracks in the walls and ceilings
● Fix broken appliances
● Fix the HVAC system if needed
● Repair your faulty faucets
● Replace broken window glass, if any.
Little changes like these can immediately uplift the appearance of your home and may lead to more favourable prices. Take note that if you should still make some of these changes if you want to sell your house as-is. They won’t cost you too much but can earn you some extra bucks in market valuation. If you have any code violations, you should do well to fix them also as they can negatively impact the value of your home.
Essential Questions to Answer Before Making A Decision
Will I earn my cost back?
Comparing the cost of the improvements to the market value of the house after the improvement can quickly inform the decision to fix up the house or not.
Would I be over Improving?
The risk of over-improving your home is entirely possible. If you improve your home beyond a neighborhood threshold, a lot of buyers will be discouraged. Take time out to learn what amenities, appliances and designs are the norms in your neighborhood. You may find out that your house is already up to par.
Is staging the house and an open house a good move to sell it?
Staging your house is a great way to increase the chances of selling your home to the right buyer. Realtors that sell million-dollar homes always stage the house, and sometimes have open houses to invite other realtors, potential buyers and investors. To sweeten up the event, you can give out GiftTree wine gift baskets to settle the mood at your open house.
How Long Will The Improvements Take?
The time required for the improvements can also influence your decision. Renovations can take anywhere from a few weeks to three months. That kind of work requires the owners to make a commitment. If you don’t have the luxury of time, you may be inclined towards selling your house as is.
How you sell your home is a decision that you will need to consider carefully. Before fixing up a home, you have to be sure that the potential buyers will not be interested in paying for your repairs. Always make sure to speak to a couple of real estate agents before making any decision; their professional opinion will come in handy.
Tags: home improvement