Every homeowner wants to get a good return on their investment when they sell their house. But, sometimes, because they’re eager to get as much money as possible for their home, they end up spending more than they should on renovations and repairs.
Sometimes, it makes sense to pay for repairs. Other times, though, it’s best to save your money and just sell your house as-is.
Not sure if you should invest the time and money needed to fix up your house? Keep reading.
Here are some guidelines to help you decide when you should pay for a renovation and when selling a home as-is is the better option.
Renovations That Are Worth the Cost
Before you take on a big renovation, it’s important to consider the renovation costs and think about the amount of time and money it’s going to take to complete the project.
You also need to think about whether or not this project will help you to get more money from your home when you sell it. Some repairs are worth the cost, while others aren’t.
Here are some repairs that can actually increase the sale price of your home:
Roof Repairs
A new roof can significantly increase the value of your home. It’s also a great selling point when you’re trying to talk up your home to potential buyers.
Flooring Repairs
A new floor can make a big difference, too. But, you don’t necessarily have to tear the floor up and start from scratch.
Repairing damaged floorboards and staining or refinishing them can boost the sale price of your home as well.
Garage Door Replacement
A new, attractive garage door can significantly improve the appearance of your home. It might seem like a big expense, but you can recoup almost all of the cost of the replacement when you sell your house.
Deck Addition
Nearly all homeowners want a nice deck attached to their house. Adding on a deck — or repairing your existing deck — can increase the sale price of your house quite a bit.
Minor Kitchen Remodels
You don’t need to go all-out and install a gourmet kitchen. But, by making some simple updates, you can make your house a lot more appealing and get more for it when the time comes to sell.
Window Repairs
If you have broken or outdated windows, consider fixing or replacing them. This is an important repair that can really modernize your home and make it more appealing to buyers. This is especially true if the new or repaired windows make your home more energy efficient.
When You Should Consider Selling a Home As-Is
Clearly, there are times when you ought to make repairs before selling your house. But, there are also times when it’s best to just sell the house as-is. Here are some signs that this is the best approach for you:
You Can’t Afford Repairs
If you’re in a bind financially and cannot afford to make any repairs to your house, selling it as-is is your best option. You won’t get as much money for your house when you sell it this way, but you also don’t have to sink any more money into it.
You Can’t Deal with the Stress
Are you selling your house because you’re going through a divorce or other stressful life event? If this is the case, you might not have the bandwidth to deal with the stress associated with repairing and selling your home.
In these situations, selling as-is can minimize your stress and allow you to move on to the new chapter of your life sooner.
You Need Cash Fast
If you’re in a situation where you need cash quickly, selling your house as-is can help you get money sooner.
This is especially true when you sell your home to a cash buyer. When you do this, you can usually get paid for your house within a week of selling it.
How to Sell a House As-Is
If you’ve decided that selling your house as-is is the better approach, here are some tips that will help you sell it quickly and get the best price possible for it:
Use the Right Language
Be sure to include the word “as-is” in your listing. If you’re going to sell your home as-is, you need to be honest about it.
Obtain a Pre-Listing Inspection
If you get a pre-listing inspection, you’ll know exactly what is wrong with the house before you try to sell it.
This is important for listing your house — it will allow you to be fully transparent, and you won’t later be accused of withholding information from buyers.
Disclose Everything
Be sure to disclose everything that is wrong with the house in the listing. Don’t try to pull the wool over anyone’s eyes in an effort to get a little more money for your house.
Price it Fairly
Price your home fairly if you’re going to sell it as-is. You’ll also need to be willing to accept a lower price if no one seems to be interested in paying the original listing price.
Consider Selling to a Cash Buyer
If you don’t want to go through any of the stress of selling a house, you can sell it to a cash buyer. They will buy your house as-is and give you cash for it within about a week of the closing date.
This can be a good option for folks who need money quickly, but you will often get a bit less for your house than if you listed it and waited for a traditional buyer.
Sell Your Home Today
What do you think? Are you going to fix your home up or reap the benefits of selling a home as-is?
Either way, we’ve got resources that can help you simplify the process of selling your home. We have tons of articles on everything from home staging to marketing your home that will help you sell it fast.
Start by checking out this article on getting rid of a house that has been on the market for a while and won’t budge.
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