Selling a house can be a long, tedious, and frustrating process, more so when it requires repairs before you can put in on the market. Choosing to do the necessary repairs or ignoring them are the two options you have, but which one will ensure that you sell a house fast?
Do you want to sell a house, but are conflicted about what to do with the repairs it requires? It is a dilemma that most home sellers face. And the downside is, getting a buyer can be hard if your home is in disrepair. It might force you to resort to DIY repairs in a bid to save money and find a buyer fast. But is that enough? How much dilapidation is too much, and what are potential buyers willing to let slide?
Before you start to despair, here’s a fact. Whether you upgrade your house or not, there’s someone out there willing to buy it. That said, you might have to make some compromises in some cases, such as evaluating the kind of renovations needed.
The repairs required in your home can either be minor or major. Major ones include fixing leaking roofs, getting a new floor, sorting out damaged plumbing, mold
remediation, or buying a new water heater. These also happen to be deal-breakers in most sales, in that many potential buyers may refuse to buy your property if any of these areas are in bad condition. Minor issues include small dents, cracks in the plaster, stained ceilings, or leaking faucets.
Depending on the time that you have and the capital at your disposal, you can decide to fix both of these, or just one. But before you start the repairs, it’s important to make a list first, which will give you an idea of where to start. Having a list will also allow you to prioritize the repairs you feel can better your odds of making a sale. With this list ready, you can now go ahead and choose one of the alternatives available on how to sell a house that requires restoration.
Options When Selling a House in Disrepair
The following options suit various house sellers, depending on their unique circumstances.
Do the Repairs
If you don’t mind the cost, you can choose to do the repairs when getting the house ready to sell. This will make it easier to sell a house fast since it will attract a large
number of potential buyers. However, it’s important to compare the price the home would go for without the repairs, and with repairs. If the asking price after you’ve done the repairs doesn’t cover the costs of getting them done, you may want to just sell your home in its present state.
Nevertheless, you can try to fix a home by yourself if you have the required skills. Such a tool like Dewalt drill combo will be a perfect helper for you.
Sell it ‘As Is’
The next option is to sell your house ‘as is.’ This means that you will not carry out any repairs. With this option, you should be ready to sell your home at a much lower price because the new owner will have to take on the burden of covering the cost of the renovations.
Look for an Instant Buyer
If you’re pressed for time, selling your house to an instant buyer may be your best bet. Instant buyers are either individuals or companies who buy houses as an investment. Usually, they offer cash payments and buy homes ‘as is,’ meaning that you’ll not have to do any repairs. You will also get to avoid listing and be able to sell a house without a realtor. In addition, the cost to sell a house is mostly non-existent with this option, as there are no lengthy closing processes involved.
Fixer-uppers are houses that need repair and are located in popular neighborhoods. Usually, people who buy such homes do so intending to make repairs and later selling the house at a profit. While you may have to sell your home at a lower price to skip doing repairs, you can still take advantage of various features. For instance, you can use the lot size, floor plan, and location to negotiate a reasonable price when selling your house.
Make a Smooth Sale
To avoid being in the market for long, we recommend that you compare your house and others on sale in your location. It will help you to determine what repairs will give you an edge over your competitors.
Other factors that you need to consider are the best time of year to sell a house since homes sell faster in some months compared to others. It’s also a great idea to involve an experienced real estate agent, instead of deciding to sell a house by owner. With their skills and expertise, they can help you get it off the market in the shortest time possible.
So, have any of these methods proved beneficial to you? Please let us know.
Kay Burton has worked in the real estate industry for more than three years. He has overseen the sale of hundreds of homes. Having dealt with both buyers and sellers, he has a broad perspective that helps both parties to fair well in the competitive real estate market.
Article kindly contributed by Alex Green.