If you’re looking to sell your home, but aren’t sure you can afford to make all of the necessary repairs, know that you have options. Many homeowners today feel they need to have a home that’s in mint condition before it can be sold, but oftentimes, they just end up spending money on things the average buyers might not notice or could change anyway. There are some repairs to make that can help you sell your home for a better price, but if you simply do not have the money, don’t feel that there’s nowhere to turn. Here are a few ideas to help you get that home sold as quickly as possible:
Consider making just a few repairs
If you can’t afford to make all of the repairs on a home you’re trying to sell, it might make sense to just make one or two repairs that will go a long way. Some repairs are known to help raise the sale price of a home include:
A new roof
Probably one of the best ways to boost the ROI of a home, just putting on a new roof can raise your asking price by as much as $10,000. Most of the time, it will be more than what you spent, as well, meaning the sale of the home will cover the cost of the roof. This is a larger investment though, so if money is tight, there are some other options that might make more sense.
Bathrooms are surprisingly easy to renovate, and because they’re so small, they often don’t take much money. By adding simple upgrades to your bathroom, like a new sink, or an energy efficient toilet, it shows the buyer that you’ve put effort into maintaining the home, but you don’t have to spend as much to get a more reasonable price for your home.
It’s surprising what a small detail like hardware can do, but if you simply update all the hardware in your kitchen to match your sink or kitchen appliances, it can make a big impact. It will give your kitchen a cohesive feel, but you won’t have to spend much money for a better look.
A fresh coat of paint
The absolute best way to appeal to buyers, even with a fixer-upper, is to put on a fresh coat of paint. It gives the home a clean, new feeling that any buyer loves. You might be tempted to do colors, but stick to classics like eggshell, so buyers can imagine themselves in the home.
While all of these small upgrades can have an impact on your asking price, if your home really needs work, and you just don’t have the time or money to do it before you sell, you always have the option to sell as-is.
Selling a home as-is means that the buyers get exactly what they see. You’re not required to make any updates or changes, and they’re going to buy it regardless of the repairs it needs. While you’ll still need to disclose any major issues with the home, an as-is buyer will expect for a few things to need serious repairs, and won’t be put off by some issues that other buyers would see as dealbreakers.
It’s important to remember that selling a home as-is will likely net you a lower selling price. This is because buyers are banking on there being issues with the home, and they’re reserving their cash for repairs. That said, though you will get a lower price, you won’t have to put a single dollar of your own into the home during the selling process. It’s a trade-off, certainly, but one that can pay for a homeowner who needs to sell quickly, and without making repairs.
If your home needs major repairs that you’re not sure you can afford, talk to the experts at Renewed Homes. A local real estate investor, we regularly purchase homes as-is, in cash, with no repairs necessary. We’d love to look at your home and make you an offer. If you’re interested in selling your home quickly, for cash, give our office a call at 616-733-2291 or contact us online for a free, no-obligation cash offer.