Should You Sell a Home As-is or Fix It up First?
In 2019, over five million homes were sold in the United States.It’s almost unfathomable to think about how the housing market has changed in recent years. With houses in demand more now than ever, it’s a great time to sell a home.
However, should you sell your home as-is, even if it’s a fixer-upper? If you need to do repairs before selling a home, it may be hard to predict if that’s beneficial to you.
Before selling a home as-is, here are a few things to consider.
The Real Estate Market
Checking out the real estate market is foundational to every decision you make thereafter.
The higher the demand for houses, the more competitive people are going to be for your house. This includes a fixer-upper. Some hungry buyers are willing to bid on a fixer-upper if it’s more affordable than other homes.
Compare Your Home to Others
Even if the real estate market is hot right now, you don’t want to overestimate the value of your house. Look at the worth of houses on your block.
Is your house the only fixer-upper, or are there others nearby? How much are people spending on similar houses? Are people splurging on houses in better shape?
Your real estate agent should be able to determine this for you with a comparative market analysis.
Are Repairs Before Selling A Home Worth It?
Fixing up a home before selling is a surefire way to ensure higher bids–well, hypothetically.
You need to ask yourself how far you want to go with repairs. How much will it cost? Are you looking into cosmetic repairs, or is the integrity of the home compromised?
Believe it or not, the worse condition your house is in, the less time you should spend making repairs. Not only will this save you thousands (if not hundreds of thousands) of dollars, but months of time.
This is only if the issues are severe, like electricity not working, pipes leaking, or holes poking through the walls. The kind of buyers you’ll attract are flippers and contractors.
If you need to move now, there are ways to sell house quickly. URB Chicago buys your house as-is, even if it has building code violations.
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Pricing and Selling A Home As-Is
Let’s say you decide to sell your home as-is. How do you price it?
Obviously, you’ll have to discount the price it would be to fix it up. Assess what the house would be worth with new windows or a remodeled kitchen. Subtract these costs from your asking price.
You’ll want to subtract more from here because of the time and effort it will take to complete these repairs. Think of it as a “hassle discount.”
Sell Your Home As-Is
Should you sell your home as-is or make repairs? It’s something you must answer with careful consideration.
You don’t want to miss out on buyers because you’re asking too much for your fixer-upper. However, you don’t want to make so few home repairs before selling. Otherwise, your house won’t be attractive to buyers.
Hopefully, this guide has helped you discern what is best for your home. For more home and living advice, keep reading our site.