The time comes that you need to sell your beloved house for various reasons that you need immediate cash. Perhaps you need to pay hospital bills, pay tuition, need capital to start a business, divorce process, among others that by selling your house is the only solution. Now here comes the problem, especially when your house still requires both minor and major repairs, do you have to sell your house as is? Or do you have to do the repairs before listing your home?
It’s important to weigh in the pros and cons of selling your house as is. I’m pretty sure there are a lot of advantages in them. Elizabeth Weintraub wrote an excellent article in The Balance asking a question if you should fix up your home or try to sell it as is. Read the article below to find out the answer.
Should You Fix Up Your Home or Try to Sell It As Is?
Image Courtesy of The Balance
Repairs—or the lack of them—can affect a sale
You’re ready to list your home for sale…then you look around. Maybe you’ve spent time and money updating the exterior of the house but the interior is still in serious need of attention. Maybe there’s dry rot, or maybe it’s just outdated.
What to do? Should you spend more time and money on fixing it up or just try to sell it as is?
The Dilemma
This is one of those questions where the answer depends on variables. What’s the condition of competing homes for sale? Is it a hot, cold, or neutral real estate market? What’s the likelihood of a return on your investment?
Many sellers put way too much money into fixing up their homes before listing them for sale. They repair flaws that a buyer might never notice or just won’t pay extra for.
Selling a Home in “As Is” Condition
Let’s say that the property in question needs a lot of work. It has holes in the walls all the way to the exterior and urine-soaked wood floors. Much of the electrical system doesn’t work and the bathroom tub has fallen through the joists. All the faucets leak.
This is not a home that can be easily or economically fixed. A coat of paint won’t help. In this case, you might want to just price the house low enough to attract multiple offers. You can probably anticipate that only contractors and flippers will make offers. See full post here…
There you have first the pros and cons of selling your house as is. Always remember that the more house areas that require fixing, the lower the house’s value would be. If you’re actually fine with lowering the price of your house and don’t want to shed extra cash for the repairs or renovations, then selling the house as is the only option for you.
USA Today wrote an article on how to sell your house as is. Read and follow these essentials tips to become successful and at the very least, profitable in selling your house without doing any repairs.
6 Essential Tips for Selling a House As Is
Image Courtesy of USA Today
If you’re interested in taking this route, keep reading. We’re sharing six great tips for selling a house as is.
What Does “as is” Mean?
First of all, let’s clarify what selling a house as is really means.
What Selling as is Means
Selling a house as is refers to selling the property in its current state.
The seller and buyer must also be in complete agreement about the fact that repairs won’t be made and that the house comes with any and all of its current problems.
Before a sale an take place, a buyer has to sign some paperwork making it clear they understand what they’re getting into.
What Selling As-Is Does Not Mean
There are some rules that come with selling a house as is. For example, in many states, homeowners are legally obligated to answer any questions about the house’s current state honestly.
Many states also forbid sellers from intentionally hiding defects or misrepresenting information about any issues with the house.
Benefits of Selling a House as is
Why would anyone consider selling a house as is?
There are some definite advantages that come with this option, including the following:
Save Money
As Otranto Real Estate Co has pointed out, one of the main benefits of selling a house as is is the fact that you can save a lot of money.
There’s no need for interior or exterior renovations, nor do you have to worry about staging the home for showings.
Some people don’t want to deal with the major expenses that come with fixing up a house in order to get more from the sale. Maybe they’re losing the house to foreclosure, or they need to pay off debts and don’t want to rack up more in the process.
Sell Your Home Quickly
If you want to sell your home quickly, selling it as is can be the best way to go.
In addition to being expensive, home improvements also prolong the amount of time you have to wait before you can sell the house.
Even if you choose to do them yourself to save money, you’re still going to have to put off putting the house up for sale.
It usually takes longer to do repairs yourself, too, since you have to work around your job and family commitments.
Avoid Stress After Inheriting a Home
Sometimes, people who have inherited a home after a loved one passed away decide that their best option is to sell it.
In this case, selling a house as is can be the best option.
The house gets sold quickly, and this method allows the heir to avoid a lot of the stress that comes with trying to divide the property among their siblings. All they have to do is split the profits equally. Click here to read the rest of this post…
It is relatively a great idea to follow the above tips to gain success from selling your house as is. However, expect several hurdles along the way since homebuyers could use the damages to get a bargain price. Also, if you find the price to be low and not comfortable in selling a house with noticeable damages, then doing the repairs before listing your homes is your only option.
Christy Bieber published an article in The Motley Fool the best renovation offers the best bang for your buck before selling your home. Check them out below to learn more.
Selling Your Home? These 7 Renovations Offer the Best Bang for Your Buck
Image Credits: Getty Images
Not all upgrades are equal
If you’re like most Americans, your home is probably your biggest investment. You want that investment to perform as well as possible, so if you think you may sell your home some time soon, it makes sense to do as much as you can to boost its value.
Depending upon your situation, this can mean doing some home renovations so your house becomes more attractive to potential buyers.
But, while upgrades can boost your home price and help your home sell faster, not all renovations have an equal impact on what your home is worth. To ensure you’re making renovations that will actually pay off, read on to find out some upgrades that give you the most bang for your buck.
1. Improving energy efficiency
While most homeowners think upgrades that improve the look of their home will pay off, improving your home’s efficiency may actually make a bigger difference. In fact, a Remodeling.com survey found homeowners can recoup 116% of the costs of attic insulation. And attic insulation is just one of many upgrades that improve efficiency.
“While renovating the kitchen and updating the bathrooms are both great improvements that can increase property value, making energy efficient upgrades will give you more bang for your buck,” according to Sacha Ferrandi, founder of Source Capital Funding, Inc. a real estate finance company. “As the number of energy efficient homes continues to rise, first time buyers and renters are beginning to favor these upgraded homes over traditional homes due to the potential long-term savings.”
2. Sprucing up your exterior
You only get one chance to make a first impression when a buyer pulls up to your home. That’s why Holden Lewis, home analyst at NerdWallet believes the best bang for your buck comes from projects that enhance curb appeal.
“Real estate agents say that the first impression counts the most,” Lewis said. “And the first impression comes from what the buyer sees when the car pulls up to the curb.”
Making changes to your home’s exterior doesn’t have to cost a fortune. “Curb appeal can be improved by some basic efforts such as power washing the home’s exterior,” advised Rhoda Wheeler a realtor with Hoffman Real Estate Group in the DC Metro area. Alternatively, Allen Johnson, realtor and leader of the AJ Team at Keller Williams Realty, recommends painting the home’s front door. “It cost less than $200 and it’s the first impression as the buyer’s enter the home.” Learn more here…
Now you have learned both the advantages and disadvantages of both selling the house as is and doing the necessary repairs and renovations. The choice now is up to you. However, you need to take into consideration several factors such as time, repair costs, among others. Bear in mind that selling your house in pristine condition with little to no damage could sell higher, but would take more time to finish the needed repairs, and would also incur additional cost that you must earn back to the house’s total price.
If you decided to sell your house as is, or have finished with the repair projects and ready to sell your house, Dependable Homebuyers can help you sell your house fast, finding the right buyer for your property. To learn more, check us out on https://www.dependablehomebuyers.com.
Dependable Homebuyers
1402 Belt St, Baltimore, MD 21230
(443) 266-6247
