There comes a point when a house starts to deteriorate and worn out. Harsh environmental elements and poor maintenance can easily age a house. More so if nobody had lived there for many years, leaving mold, dust, and pests behind.
What if you inherited a property and you want to sell it? Is it practical to spend on repairs?
While you can make repairs before selling the property as flippers do, you might end up spending more than the house’s actual value. Learn how to avoid making repairs to a house that needs work by reading below.
Sell Your Home In As-Is Condition
Whether you have an old family house or an inherited property to sell, you can benefit from selling your home without making repairs. The benefits of taking this route include the following:
- Save Time And Effort: You can avoid making repairs by selling your home in ‘as-is’ condition to a trusted home cash buying company, such as Avante Home Buyers. In this way, you can save time and effort finding a good contractor or carpenter to make repairs.
- Save Money: Hiring professionals to remodel or renovate your old and worn-out house can be costly. Removing damaged drywall due to water damage, repainting the walls, and replacing your shingles can cost you thousands of dollars. Even a DIY project can break your bank because of underestimating the type and cost of materials.
In an ‘as-is’ home sale, you won’t pay any single penny because the cash buyer pays everything.
- Fast Cash Transaction: The fastest way to sell a house is to sell it to a cash buyer since you’ll be able to close the sale in less than a month as long as all documents are complete.
- Avoid Stress And Hassle: Free yourself from listing and dealing with demanding potential buyers. This way, you can move on with your next project using the money you received from the sale.
Sell Your House To A Flipper
Selling a house can take 46 to 55 days. So, if you’re planning to move because of COVID-19, you inherited a property, found a new job, or any other reason you might think of, sell your house to a flipper for a quick transaction. A house flipper buys property not to occupy or use it but to renovate it and then sell for a higher price.
You might ask how much does a flipper pay for an old house? A good rule of thumb is gaining 10% to 15% profit of the After Renovation Value (ARV). Investors flip properties when stock and bond market prospects are low.
While you can deal with flippers to sell your home fast, you might get a very low closing sale price for your home, especially from independent or solo real estate investors. So, it’s still more practical to sell your home to a reputable house cash buying company as they usually earn modest revenue from properties needing work out.
Hire A Good Realtor
A good realtor can find a potential buyer for your house even if you decide not to make repairs. You can hire an experienced realtor who probably already has a list of buyers waiting for the right property to buy in your area.
This option is recommended if you can wait to sell your property because hiring a realtor can take time. A real estate professional will do their best to get the maximum price for your home so they’ll earn a good commission while balancing the time and value element.
If you decide to take this route, keep the following things in mind when hiring a good realtor:
- Check Credentials: Make sure you’ll be dealing with a good realtor who can provide foolproof credentials, such as licensing, permits, and portfolio.
- Check Career Background: Does the realtor usually deal with property sellers or buyers? What do their clients say about their real estate services? Answer these questions by checking the realtor’s website, obtaining references, and reading reviews.
- Interview: When choosing the right real estate agent for you, narrow down your choices and land into a final decision by conducting a thorough interview. This step will test the soft skills and knowledge of your prospective realtor.
Sell Your Home Yourself
You probably want to try selling your property on your own to get the best deal and avoid paying agent commissions. If you’re willing to learn how to sell a property alone and you’re not in a hurry to get cash, then this option is a great learning experience for you.
Selling your property alone can be time-consuming and result in hard-to-manage and costly mistakes, as well as stressful. You have to ensure you provide good photos but not hiding the flaws just to attract buyers. They might end up exiting on a home visit because of unmet expectations due to the condition of your property. Also, you have to deal with potential property buyers who could be very demanding and ask too many questions but end up a pass sale.
Sell Your House To A Relative Or Close Friend
You might have a relative or friend who’s interested in acquiring your property. This option is more beneficial than selling your home to a stranger because you’ll get a chance to visit your old home once in a while since the new owner is your friend.
However, the issue you might encounter is ending up selling your home at a relatively low value or bargain price.
Avoid making repairs to a house that needs work by selling your home to a cash property investor. You can also sell your fixer-upper property to a flipper.
If you’re willing to wait, you can hire an experienced real estate agent or realtor and get the best price for your home or sell your house yourself to avoid paying agent commissions. Also, you can sell your house to a close friend or a relative, but you might end up selling it at a very low price.
All in all, if you do have a house that needs major work, do note that there are many ways you can still sell it without shelling out a huge budget for repairs and renovations.