You may be ready to move on and move out, but is your house?
Sometimes it’s hard to know whether you should sell your house as-is or invest the time and money in needed repairs before you list it. Will that stained carpet impact your profit? Will those old windows shut out buyers? How do you know when you should make fixes versus make a quick break from a fixer-upper?
If you’re trying to decide whether to prepare your home for sale on the traditional market or sell it quickly without preparing it at all, weighing the pros and cons of selling your home as-is can help you to determine what’s best for you and your situation.
Pros of Selling Your Home As-Is:
It Saves Time
When you sell your home as-is, you skip right past all the time it takes to complete repairs, and if you have a hefty list of fixes, that can be a significant amount! Plus, buyers who want to take on a fixer-upper often pay in cash, which means you’ll bypass a lengthy lender approval and closing process. Woo-hoo! The bottom line is, if you want or need to make a quick exit, selling as-is makes sense for you.
It Saves Money
Let’s face it, repairs cost money, and if you don’t have it or don’t wish to spend it up front, selling as-is might be best for your situation. Make a list of the repairs your house needs and consider whether their costs are worth it, meaning will the fixes you make bring enough return on investment to make them worth your while?
Cons of Selling Your Home As-Is:
Fewer Potential Buyers
A house that needs repairs can scare buyers away, even those who think they may want to take on a fixer-upper or flip it. If you list your home as “take it or leave it”, there will likely be a lot of leaving going on! The fact is, the buyer pool for an as-is sale is much smaller than that of a move-in ready house or one that needs minor updates and repairs.
Lower Selling Price
Buyers willing to take on a house in need of repairs are not willing to pay full market price, and that makes sense, right? The offers you receive will be lower since you are deferring the cost of repairs to the new owners. There are ways, however, to ensure your selling price is fair and both you and the buyer walk away happy.
- As a starting point, ask around, do some research, or ask a real estate investor in your area to help you find out what similar homes are selling for in your neighborhood.
- Have a home inspection done and get cost estimates for the repairs needed. This way, you can have a ballpark of how much is a reasonable amount to deduct from the market price.
NOTE: If you do decide to sell your home as-is, it’s important to provide buyers with a disclosure report, which gives buyers transparency about any potential problems with the house before the deal, so they can’t back out of it later.
A Great Option? Sell Your Home As-Is to a Real Estate Investor!
With few buyers out there and the low-ball offers you’ll likely receive, if you want to sell your home without having to make costly and time-consuming repairs, real estate investors provide the perfect solution. At Renewed Homes, we buy houses as-is for cash, at a fair price, and can have your home sold in as few as five days. If an as-is sale is right for you, let Renewed Homes know. To get your no-obligation offer, reach out to our team today!
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