Do you have a house that you would love to sell, but you worry that there are simply too many repairs to handle and that no one would be willing to buy the property? Keep in mind that many homes have issues, and even if yours happens to need lots of repairs, it does not mean that selling is out of the question. Here are a few options you have to consider in the sales process.
When you are first getting ready to sell your house that needs repairs, you will need to choose between one of three different options. The one that you choose will generally be based on the amount of money you have available for making repairs, the types of repairs needed, and the time you have. Looking at each of these options can give you a better idea of what may work best for your situation.
This is the option that will cost the most money and take the most time. However, it is also the option that could make the house sell faster and for more money. Most of the time, when people are buying a home, they are not looking for a place that they need to fix up. They want a house that’s ready for them to move into and start decorating.
Of course, if you are going to make repairs and upgrades in the house, whether you take care of everything or you only take care of some of the items, you need to know what problems are present. While doing a walkthrough inspection of the house on your own might allow you to find some of the cosmetic flaws you want to fix, there is also the matter of the problems you can’t see. Your best option is to hire a professional to come out to the property to do a house inspection.
A house inspector or contractor can provide you with a list of all you need to have repaired or replaced. Of course, you may not need to completely remodel your house, as we’ll discuss in the next option.
In some cases, you do not need to make repairs to the entire property. You can repair only the most important and expensive items on the repair list. A new roof, foundation, repiping, a new HVAC system, and electrical work are a few of the large expense items that may be on your list, but making those repairs will likely increase the sales value of your property. People do not want to buy a house if they have to take care of large repairs right away.
Buyers worry about getting into a property that has large repairs awaiting them, so they will hire an inspector just as you did. If there are big repairs needed, you can expect that the buyers will be negotiating for you to do the repairs or lower the price.
You do have a third option. If you do not have the time, money, or patience to make any repairs to the house at all, you could always sell it “as is”. You will let the buyer know about all of the faults of the home, just as their inspector will, and they have the option of buying it in its current condition.
Of course, this means that the price you are selling the house for is going to be much lower. The buyer, whether it is an individual buyer or an investor, needs to have a low price since they will be the ones who are taking care of all of the repairs. Still, there are benefits to selling a house in need of repairs in as-is condition. You will not have to incur the costs of repair or manage the project. In the end, selling your house as-is will oftentimes be the easiest way to sell quickly.
Keep in mind that not all repairs are going to be astronomical in terms of cost or the amount of time that you are spending on them. In some cases, you may be able to do the repairs on your own. They could be some very simple things such as changing out some old and broken cabinet doors or hardware. It might be a little more involved, such as repairing a hole in the wall and painting the room. Still, you can find some relatively low cost and easy ways to take care of the “little things” around the house that can help make it easier to sell.
If you choose to do any of the major repairs to your home, then you will need to have a professional take care of the job for you. When choosing a contractor, make sure they have their professional licenses, and that they have a good reputation in the field. Ask for references and check them. It’s also a good idea to get estimates from several contractors so you can find the best deal on the repairs. Just remember that quality should be more important than the cost when completing repairs.
Finally, if you have a house you want to sell but it needs to have some repairs, you should work with a real estate specialist. They can help you to determine the best option for your situation, and they can help you by buying your house or finding potential buyers who are willing to buy a house that needs some fixing up.
If you are looking to sell a house that needs a lot of repairs, please give us a call or fill out our short form. We can explain how the process works and schedule a time to meet you out at the house. Afterwards, we can give you an offer to buy your house for cash in “as-is” condition. You don’t even have to clean it.
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