Are you wondering how to sell a home quickly if it has a long list of repairs? You have a few options:
- Invest in the necessary repairs;
- Try to sell it as-is on the market; or
- Sell it as-is to a property investor.
Before you decide which route to take, there are a few factors to consider.
Should I Sell My Home As-Is or Make the Repairs?
Before you decide whether to invest in repairing your home or sell it as-is, it’s important to get a pulse on your local real estate market. Is your home able to compete in a buyer’s market when there’s plenty of inventory for buyers to choose from? Or are you listing it in a seller’s market, which means the market is less competitive and you can likely sell your home with minimal repairs? Is there something unique or highly desirable about your home or area, like highly rated schools, that will help get it sold despite all the repairs that need to be made? Does repairing certain parts of the home make sense considering the value of your home today?
In other words, will the cost of making the most critical repairs result in a profit or loss when all is said and done?
Every situation is different. The status of your local housing market, as well as your property’s condition and special features, will play a big role in whether you should invest in repairs or sell your home as-is.
Selling Your Home As-Is
Selling your home as-is is probably the best option when your house needs a lot of work and you don’t have the time and resources to get it ready for sale. This option may also make the most sense when the cost of repairs cuts too much into your net gain. There are a couple of ways to sell your home as-is.
Sell Your Home As-Is on the Market
When you list your home on the market as-is, buyers understand that your home is being sold in its current condition with virtually no room to negotiate. However, since most buyers want homes that are in move-in condition, listing your home as-is may limit the number of prospective buyers you get. But this might not be the case in certain circumstances:
- If you’re listing the home during a seller’s market when property inventory is low;
- If your home sits in a highly desirable area;
- If your home offers buyers something special or hard-to-find like a large lot.
Even though you’re selling your house as-is, we still recommend getting an inspection to gather insight into major repairs that should be factored into your asking price.
Sell Your Home for Cash to a Property Investor
You can also sell your house as-is to a property investor. This is probably your fastest option, because aside from not having to do any repairs to your home, there are no showings. You also won’t have to wait for the buyer’s financing to be approved. Property investors will make you a cash offer depending on an assessment of repairs needed and the overall condition of the property. Selling to a property investor may also be the best option if you’re selling a hoarder home or have costly repairs, like fixing the foundation and structural issues.
Investing in the Repairs
If you have a little more time and money to get your house ready for sale, you might be able to repair parts of your home to garner a higher selling price. But many sellers wind up spending on unnecessary repairs and renovations that don’t matter to the buyer. So before you start pouring cash into your home, focus on repair issues that may be deal breakers such as the following:
Major Repairs Worth Doing Before Selling Your Home
- Roof replacement
- Repairing termite damage
- HVAC system replacement
- Repairing mold and water damage
- Electrical panel replacements
- Re-pipes, repairing septic system problems
But is it really worth repairing your HVAC system? As with all the big-ticket items above, you’ll have to decide if the cost of repairs makes sense for your bottom line and budget. By addressing some of these major issues before you list your property, you’ll have more control over the cost of repairs versus having to negotiate your asking price with the buyer’s input on repair costs.
Minor Repairs and Renovations that Make a Difference
- Freshly painted walls in a neutral color
- Good lighting and updated light fixtures
- New carpeting
- Professionally-cleaned carpets
Although Georgia doesn’t require a seller’s disclosure statement, you are legally obligated to disclose certain issues about your property, like pest problems, known material defects, lead paint, and boundary disputes. If your home has too many repairs to be made, selling it to a property investor may be the best way to go.
Are you overwhelmed with all the repairs that need to be made to sell your home? Get a free estimate from Arbor View Properties today and sell your home within a couple of weeks.