Should I fix up my house or Selling As Is Pros and Cons to evaluate the local real estate market, your budget & timeframe Condition tips by we buy houses Boracina Cash Home Buyer service company near me on repairing your house or selling it as is. When you’re thinking about it, selling your house, it can be difficult to decide if you want to either do the repairs yourself or if you want to try to sell it as is. But, there’s a couple of things you need to figure out first.
Let’s talk about the situation first. Let’s talk about a house that, let’s say, would sell for 100,000 or similar houses in the neighborhood are selling for 100,000, and this house has a crack in the basement in the foundation. The homeowner has been putting off getting the repair and has had several estimates, and it’s probably going to cost around $5,000 to get fixed. It seems reasonable from a seller’s perspective that if the house needs $5,000 worth of work to get prepared, it’s going to be worth $100,000 once it’s fixed. I mean, that seems reasonable, right? So from a seller’s perspective, I completely understand.
But if I’m a buyer, I have to think about my side of it, too. Everyone knows that, I mean repair projects, and just because you have bids on it, doesn’t mean that’s actually what’s going to cost. They could run into other issues, and it could run over budget. Let’s say that it ends up costing $7,000 to repair. Well, now a buyer who just paid 95,000 and spent 7,000 on it has paid $102,000 for a house that’s worth maybe $100,000, so they’ve overpaid for the property. You’re basically transferring risk by not doing the repairs to the person that does the repairs. This is something that a buyer is aware of, and they’re going to make a much lower offer on the property. So when you’re selling a property, if there are significant repairs that need to be done, you’re going to have to price your property accordingly if you want to sell it.
Back to the question at hand. The first thing you need to consider is your budget. If you have the money to do the repairs, it almost always makes sense to do them, but we’re going to recommend that you get an expert to come in and do the repairs for you so they’re done properly, especially … I mean, it depends on type of repairs. A foundation repair in our example previously, you’re obviously going to want a repair licensed, bonded, insured repair company that’s going to give a lifetime warranty. That ensures that when the house is sold you’re able to present that as basically as good as new or better than new. Some of the repair companies, the repairs are actually stronger than the concrete itself.
You definitely need to take in your budget. If you don’t have the money to do the repairs, you want to remember that you’re transferring the risk. So you need to be about the price or your asking price of the home, especially if you want it to sell more quickly. Some really inexpensive ways to help your property show better, what we call is the least expensive repairs, and something that we really recommend almost anyone do when they’re selling their house, is go around and get the patch or the dry wall putty and fill all the holes in the drywall that maybe pictures used to be in. Touch up the paint that’s worn. If it’s in an area by a door, sometimes you’ll see it’s kind of worn a little bit. Get some color match paint or maybe you have it in the basement already. Slap it up. Make it blend. Feather it in. Make it blend into the existing paint.
Clean out your closets and your basement. You want to make the house look big enough or big enough to store other things. I know we all tend to clutter up our closets. They get pretty full, so you want to make sure those look like they’re big and there’s enough storage in the house. Another one is brighten it up. Make sure you open your windows. Turn on all the lights. Make sure all the light bulbs aren’t burned out. And the other one, simple stuff, just clean. Clean, clean, clean. Keep the kitchen clean. Keep the bathrooms clean. These are all free things, and they’re definitely going to help sell your house faster and hopefully get you a couple more dollars.
The next factor to consider is your local real estate market. You don’t necessarily want to pay attention to the national headlines. You want to know what’s going on in your neighborhood. I’m in St. Louis, so we don’t even want to look at just St. Louis as a whole. You want to find out what’s going on in your neighborhood. The best way to do that is to consult with a licensed realtor. You’re going to ask them, figure out what’s going on in your area, and price accordingly. So if the prices are rising or are rising quickly and homes are selling quickly, then there is more or less pressure on you to make your house stand out, and there’s less pressure to do all the repairs and fix-ups. If the market, the prices are kind of going down or houses are stagnant and sitting for a long time, then you definitely are going to be … or you should be more motivated to make the repairs to your property so it stands out and sells more quickly.
That’s our overview of should you repair or sell your house as is. As always, in St. Louis, if you’re looking for an offer on a property as is, Boracina home buyer. We pay cash and close quickly. Please reach out to us.
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