Before you make your to-do list to get your home ready for market listing, it is important to weigh the question: do I fix my house or sell it as-is? Will I get a higher offer for fixing it up myself? Can I even afford all the fixes? Or should I just sell it now and skip all the work? If I decide to sell it as-is, how do I even do that?
Renovating A House With Too Many Repairs
Potential homebuyers willing to pay listing or above listing price but that requires getting your house in tip top shape. That means the whole nine yards: cosmetic touching up and updating appliances. A non negotiable is the bigger picture updates: structural defects and roofing.
More often than not, these major repairs surface only through a professional home inspection.
“Every house has defects,” Jack M. Guttentag, Professor of Finance at the University of Pennsylvania states. “Some obvious and some hidden.”
As you try to sell a house fast with repairs, it is important to evaluate what these hard-to-find repairs entail and how a potential buyer may perceive them. Many potential buyers are not willing to pay the asking price without a home inspection to ensure everything – seen and unseen – is in acceptable condition.
For many, selling a house fast with repairs is an easy route. But the trick to being time efficient is also being cost efficient. Hiring a contractor can quickly add up beyond your budget and it may take several contractors to address all your house’s issues.
Unforeseen additional repairs can surface, further racking up your costs to repair your home to be market ready. The timeline you originally planned for will extend.
A floor plan that worked for you might not be what is popular today. Fixtures and appliances may age your home and bring the value down, despite being functional. By being unappealing to the average homebuyer, houses can stay on the market for hundreds of days.
Hiring contractors to fix up your house can also cause some friction between what you wanted done and what they recommend. The goal of selling quickly starts to melt away and all you see is contractor bills piling up. The transition period between listing your home and closing your house stretches further apart. Even if you hire a contractor who delivers everything you agreed to in a reasonable timeline, the day to day will disrupt your life and still require time and money.
Sell As-Is Or Repair?
Instead of spending thousands of dollars to address structural defects like replacing your roof, updating your deck or revamping your septic system, look again at selling your home as-is.
By taking on the renovation process prior to listing, potential home buyers are often put off. The list of decisions you must make as you choose paint and flooring, might not be what buyers want.
Investing your time to research and decide what material, colors, changes or updates to make can go under-appreciated by your new buyer. In fact, a feature or update you wanted might even be a turn off to a potential buyer. Homes are filled with emotional energy and attachment, making it hard to seperate oneself and make decisions that change what you recognized.