Selling a house that needs repairs is hard. It’s like having to ask your friend if you can borrow their car, but every time you try to “temporarily borrow” their car, it just ends up with more dents and scratches! It’s not easy to make a decision between having to sell the house as is or deciding to bring in some extra help (like a realtor) so that they can fix the problems. We suggest that you consider hiring someone who can guide you through this whole process by putting your needs and priorities first. For example, if there are problems with places that need fixing, it might be easier on your part if someone takes care of them or helps fix them on their own.
Here are three options to consider when selling a house that needs repairs
Option No. 1: Sell the House “As Is”
The real estate market in the U.S. is an interesting one and there are various opportunities available to homeowners wishing to sell their homes or buy new ones. One such opportunity is that of selling or buying a certain property “as is,” which means that you would have to make no upgrades before you complete the purchase of the property and move in (if it’s for sale by the owner for example).
There tends to be more room for negotiation when negotiating on the purchase price with a seller who makes no claims about the state of repair of their property because they have not made any upgrades themselves since moving into it, although as with all negotiations, we advise you to remain firm in your asking price for the sake of getting something out of your homeownership experience rather than having to sell at a loss.
Option No. 2: Complete Major Repairs and Upgrades
If you’re selling a home you should tidy up before putting it on the market. This could mean doing minor repairs such as fixing loose tiles on the roof, repainting floorboards or window frames and changing door handles to make them more attractive. For larger projects that may be too much for a DIY-er, try to find plumbers or electricians who can do this work at a reasonable price because sometimes they are hard to book in advance (especially if it’s your first time hiring someone). If funds run out before the painting is finished, you can use crowd-funding sites with an appeal for investors and donors.
Property upgrades can also help make your home more attractive to prospective buyers. Before making any major updates, compare the cost of these possible renovations with how much you might recoup in the property sale to determine the ROI. “Home renovation ROI: What does a kitchen reno really pay?” reports (source)2 that for example, a kitchen remodel could cost up to $18,246 and see an average increase in property value of $8,959 – or 47% in returns!
Option No. 3: Sell Your Property to a Homebuying Company for Cash
Sometimes it can be difficult to sell a house that needs work. Luckily, there are a few ways in which you can go about getting your property to market and get the price that your property is truly worth. Consider selling your house to Mike Buys Any House. As a home purchasing company, our goal is to offer you cash for your property in as little time. In fact, we pay zero commissions and no costs of any kind! We want to streamline the sale process so you can get faster real estate results without all the hassle – so let us do all the legwork!
Call us today for a free, no-obligation cash offer: 407 706 3664