As you drive through your neighborhood and see sold sign after sold sign, you might be tempted to make that move you’ve been planning finally. When you remember the costly repairs that have been holding you back, you may wonder what it would be worth selling “as is” versus paying someone to do the repairs. This valid question may require some effort on your part to answer but will help save you money in the long run.
Should I fix up my house or sell as is?
When you’ve lived in a house long enough, it’s easy to let some things go. Neglecting to touch up paint or patch a hole happens, but what about when you decide to sell? Should you fix up the imperfections or sell as is?
An easy way to determine how your home repairs compare to those in your market is to go to a few open houses in the area and see what updates they’ve made. If you’ve noticed updates to light fixtures or appliances, it may be time to update yours as well.
Selling As Is
As you may have seen on HGTV, there is a pretty big market for selling homes as is. Individuals or companies looking to flip a house will be looking for dwellings in need of repair like yours that they can get at a reasonable price and make money on later. If the repairs on your home are pretty straightforward but too much for you to take on, investors in your area may jump at the opportunity to buy it.
Another appeal to buying a home “as is” is that it can be more easily renovated to become someone’s dream home. Many buyers are looking to buy a house with good bones that are under their budget to make it their own. After knocking a wall out here or there, updating the kitchen and maybe adding a bathroom, they’ve got the place they’ll call home for the next 30 years at a budget-friendly version of the price it would take to build.
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How do I list it as is?
When listing your home as is, make sure you make it clear in the description that the home will be sold as is and no repairs or alterations are going to happen to the house. In the same vein, make sure you price the house accordingly. If it’s in need of some major repairs that will cost in the ballpark of $80,000 to fix, make sure you knock the price down $80,000 to reflect that. Make sure you also disclose any significant issues with the property, such as mold, asbestos, or water damage. While you are not required to point out every scratch on the wall, you are legally required to point out the significant issues. Ask your listing agent to make sure your listing is as transparent as possible, while still appealing to your relevant audience.
What repairs should I make to the home before selling?
Some repairs are worth pursuing more than others. Make a list of fixes the home needs and identify the ones that will add value to your house. If your home needs a new roof, for example, and it is going to cost $10,000 but a buyer sees it as a $20,000 problem to fix, repairing the roof is one item that you will see reflected in the amount of money you get for the home.
Some other repairs that will add to the value of the home include:
- Repairing any holes in the walls and ceilings
- Replacing any broken appliances or HVAC system
- Fixing leaky plumbing
- Replacing any damaged carpet
- Getting electrical, add-ons, etc. up to code
- Replacing any broken window glass
- and touching up paint.
Choosing to repair your home or sell as-is is a decision that you shouldn’t make without the help of a real estate professional. They will be able to quickly and easily identify the areas of your home that will add immense value to your home without making you shell out your life’s savings. After making a list of repairs, consult with an experienced listing agent, making a note of the repairs that will enable you to get the best price for your home. In doing this exercise, you may find that the most cost-efficient choice is to sell the house and let someone else deal with the repairs. Knowing this before you dive in will save you not only your time but also your money.
Are you looking to sell your home as-is? Clever can help. List your home with a local, name brand agent at a flat rate fee of $3,000 (1% for more expensive properties). Call us at 1-833-2-CLEVER or complete our online form and get connected to a top-rated local agent.