Selling Your Home In “As-Is” Condition
Should I Fix-Up My Home or Sell it As Is? A few years ago, a past client called to say her next-door neighbor needed to sell their home A.S.A.P. To say it needed work was an understatement.
It had holes in the walls all the way to the exterior. There was urine-soaked wood floors. Few of the electrical outlets work. The bathroom tub had fallen through the joists. All in all, the home appeared inhabitable.
All faucets in the bathroom’s and kitchen leaked. In one bedroom, I found a pile of dead rats swept into a pile in the center of the floor.
This was no easy fix for this house and a coat of paint would not have helped sell this place. The owners priced it low enough that it attracted multiple offers and sold with zero days on market. Only contractors and flippers made offers on this home.
Some Home Buyers Want Fixer-Upper Homes?
Yes, a few home buyers want to buy a fixer upper house. But most of those buyers want a home that needs light cosmetic repairs. Some buyers who do want fixer-uppers are those who don’t qualify to buy a more expensive home. So, again, should I fix-up my home or sell it as is?
I’ve yet to meet a first-time home buyer who says, “Give me a home I can tear down”. Most fixer-upper buyers will do simple repairs. Maybe paint the walls, put in new carpeting or replace light fixtures. They typically don’t want to rebuild a foundation or move walls. That is more for the fix-n-flippers who buy to make a profit.
Fixer-upper buyers will discount the price of the home to allow for the repairs. So, let’s say, a home is worth $100,000 fixed up, but it needs a new roof. A new roof might cost $10,000. A buyer most likely will not offer $90,000 for this home. Otherwise, they could buy an identical home with a new roof for $100,000 and not have the hassle.
Sometimes the insurance will cover the cost of the new roof should a storm have had damaged the roof.
A buyer for this type of home might offer $75,000, or even less. In this scenario, a seller would be smarter to pay for a new roof and sell the home for $100,000. Should your house need minor repairs, or just a few repairs. Fixing it yourself is the way to go.
Should I Fix-Up My Home or Sell it As Is?
Now, Before Fixing Up Your Home, a smart home seller will weigh the cost of improvements against the home’s market value, after the repairs or upgrades are completed.
If an upgrade won’t return the investment, the improvement might not be warranted.
Go tour other homes in the neighborhood before taking on repair project on your home.
Find what you like or dislike about some of these houses. Ask a real estate investor to make an offer on your home in it’s “as-is” condition. Make a list of everything that is defective, broken or worn out.
Here are 10 minimum improvements to make before selling your home:
• Patch holes and cracks in walls and ceilings.
• Fix all broken appliances and HVAC systems.
• Repair leaky faucets.
• Replace worn or stained carpeting.
• Repaint dark or marred walls with neutral paint (not white).
• Replace broken window glass.
• Repair the roof.
• Change out any dated light fixtures / ceiling fans.
• Replace old drapes and window coverings.
• Fix code violations.
Get an offer that reflects what you’ve put in.
Tell us about your home and what makes it unique. What have you upgraded? Also, what needs work? We will take all that into account, along with neighborhood data and recent nearby home sales. At that point, we can make you a competitive offer. Then we’ll call you to talk it through.
If the home is in poor condition or has not been updated, most buyers interested in the home will be investors or builders who will look to fix up the home and flip it or tear it down and build a new structure. Real estate investors and builders will want to purchase an “as is” home at below the property’s current market value to ensure they make a profit on their investment.
Since 2001, we have been buying and selling homes in the Dallas, Fort Worth area. We have purchased hundreds of homes in the DFW area with many very happy clients. Being able to remodel, and update to current standards is what we pride ourselves on.
Call Robert – (Cash For Houses Dallas) at (214) 723-1304 or email email@example.com to get your competitive cash offer today.
Should I fix-Up My Home or Sell It As Is?
Some quick fixes when selling your home pay off. But which brings the most return on investment? Many sellers try to do the right thing, they often make repairs that are not needed. So ask yourself, what time of year is best to sell? The location of your home, is it accessible to highways, shopping etc?
Is now a good time to sell? What is the market, hot or not? Drive your neighborhood to see what competition is selling. Do you have ranch style home or a shot-gun style home? These things matter when selling your home.
There is no hard rule. But there are general guidelines and the National Association of Realtors may be helpful. With so much information to research, most sellers get tired and quit. Do yourself a favor, call a local realtor or investor for help. Call me at (214) 723-1304 or email firstname.lastname@example.org and I will provide you with a Comparable Market Analysis (CMA) and go over it with you.
Article Topic: Should I Fix-Up My Home or Sell it As Is?