Should I Fix Up My House or Sell As Is step by step video guide instruction tips on either do the repairs yourself or try to sell it as-is for cash to a private Real estate investor company or listed with realtor agent. But there’s a couple of things you need to figure out first.
So let’s talk about a 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. So the home owner has been putting off getting the repair, and has had several estimates, and it’s going to cost around $5,000 to get fixed.
So 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 we have bids on it doesn’t mean that’s actually what it’s going to cost. They could run into other issues and it could run over budget.
So 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.
So you’re basically transferring risk by not doing the repairs to the person that does the repairs, and this is a 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.
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Okay, so 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 the type of repairs. A foundation repair, our example previously, you’re obviously going to want a licensed, bonded and 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.
So yeah, 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 realistic about the price or you’re asking price for 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 like 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 drywall 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 and 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 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 then 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.
Okay, 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, and the best way to do that is to consult with a licensed realtor. You’re going to ask them to 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 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 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.
So 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, House Sold Easy is a home buyer. We pay cash and close quickly. Please reach out to us. Thanks. Bye.