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Selling a home fixed up or as is?
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In today’s market, sellers are faced with many challenges and uncertainties regarding the ability to sell their home fast and efficiently. One of the reasons has to do with the fact that buyers are looking for bargain properties at bargain prices because they watched the nightly news telling them houses are going for pennies on the dollar. Understand that the market is uncertain and making the decision to sell your house fixed up or as is may be a crucial decision.
Here are a few questions that you may want to ask yourself when deciding to fix up your house or sell it as is.
Will the cost of the proposed improvements increase the home’s market value enough to cover the repair costs? Some improvements will not increase your homes value. For example, a new roof may not do anything to a homes value when you compare it to adding an addition or more square footage. Researching your home’s top market value is critical. You should never invest more into your home than what it is worth or what it will appraise for when someone makes the purchase.
What type of improvements are or are not necessary? Some repairs have to be made because of upkeep and maintenance to your home. Other improvements are based off of amenities you would like to have. Putting a roof or siding on your house will not increase the value of your home, but you will have a better chance of getting your market value. Granite counters and high end fixtures may be nice, but the added expense will be hard to regain unless the houses in your area have the same amenities.
Will my home sell faster as is if I price my home for less money? Pricing your home for less money does not always mean a faster sale. You may get a lot of activity from buyers, but it will be hard to sell you home fast if it needs structural or major work that an average home owner can not handle. Most buyers have little money saved up to spend on house repairs and will typically not buy a home that needs repairs that they can not afford or can not tackle themselves.
If I want to sell my house fast, what types of buyers will buy my house as is? The work that needs to be done will determine what types of buyers will be interested in your home. If your house needs work, but is move in ready, your pool of buyers will still be rather large. Keep in mind that an investor and a home owner are two buyers that have completely different mindsets when buying a house. An investor will want a house a lot of times that no one else can purchase because the repairs are so extensive. Understanding which buyer will be interested will increase your chances of selling your house fast for the most amount of money.
In conclusion, every house is unique when it comes time to sell it fast. You have to take a variety of factors into account such as the ones we spoke of above and start there. If you take the time to realistically find out what category you home falls in and what types of buyers are going to realistically buy your house, you will be on your way to a fast home sale. The bottom line is don’t be greedy, be honest and realistic with yourself, and make the right logical decision even if it goes against what you want to believe. Good luck!