When it comes time to sell your home, you might be surprised by how much work it takes. Aside from hiring a realtor, showing your home, negotiating with buyers, and waiting for the deal to close, you must also prepare your home for the market.
Depending on the condition of your home, preparing it for the market to meet the standards of most buyers could mean sinking thousands of dollars and several months into the house. But what if you don’t have the time, money, or desire to go this route?
You’re probably wondering “Can I sell my house as-is or is it better to do the repairs?”
Excellent question. We’re going to provide some insight into each of your options. Keep reading for everything you need to know.
The Pros and Cons of Doing Upgrades
“Should I fix up my house or sell as-is?”
Most home sellers don’t ask themselves this question until they realize how much work their home needs. It could be after looking over the home themselves, getting an official home inspection, or showing the house to unimpressed buyers.
Let’s look at some of the benefits and disadvantages of putting in the time and money for upgrades and repairs.
Obviously, if you decide to fix up your house for the market, it’s going to cost you in materials and labor. Studies show that the average homeowner spends $21,000 prepping their house for the market.
Your expenses will be lower if you complete the repairs yourself. However, when the inspector reevaluates the home, they will make sure the repairs were completed adequately. If your handiwork isn’t up to snuff, they won’t sign off on it.
Some repairs might be covered by your homeowner’s insurance, though it depends on your policy. For example, roof repairs are not usually covered if the damages are caused by regular wear and tear or old age.
Time is another factor regarding home repairs that might have you wondering “Can I sell my house as-is?” When you schedule a home inspection, it can take several weeks before they make it out to your home. If they uncover any major issues, you could be looking at several more weeks (or months) of work.
Using the example from above, if you need roof repairs, it could take weeks between getting the work done and securing roofing contractors. Ultimately, it depends on the condition of your home.
Finally, let’s talk about the payoff. By dumping hours of labor and thousands of dollars into your home before selling it, you will get a much higher price. It’s even possible to get a higher return than what you invested in renovations.
The average buyer is looking for a home that’s move-in ready, charming, clean, and up-to-date. They don’t want to invest in a house that they’ll need to spend time and money renovating.
If you’re thinking “I want to sell my house as-is,” you need to accept that you’re going to make a lot less money.
The Pros and Cons of Selling As-Is
Now, let’s talk about all the benefits and disadvantages of selling your house as-is. There are several reasons you might want to go this route.
You may not have the time, patience, money, or inclination to complete renovations. This could be out of necessity or because you simply want to be done with the house as soon as possible. Regardless, here’s what you need to know about taking this route.
Your Selling Options
When selling a house as is, you have multiple options. You can list the house on the market and hope you find someone looking for a fixer-upper. This could be a low-income family, a couple looking for a project home, or an investor or house flipper.
Alternatively, if you’re wondering “How can I sell my house as-is as quickly as possible?” you can look for cash home buyers. Most cash home buyers will buy homes in almost any condition.
They’ll inspect the home and give you an offer, usually within 24 hours. If you accept their offer, you can close on the home in as little as a week.
Lower Costs, but Less Money
If you’re wondering “Can I sell my home as-is and still get a good deal?” the answer is yes. As noted before you can still place your home on the market where you can negotiate with potential buyers. However, you should never expect to make a ton of extra money if the home is in disrepair.
Alternatively, when going with a cash home buyer, the offer they give you will depend on the condition and value of your home. However, you won’t have to pay for:
- Realtor fees
- Inspection fees
- Appraisal fee
- Updates and renovations
- Home staging
- Professional cleaners
- And more
The cash home buyer will give you a fair, but low offer. You must decide if the pros outweigh the cons.
Making repairs and prepping a house for the market can take several months. When you sell your house as-is, you can put it on the market immediately. However, just because your house is on the market, it doesn’t mean it’s going to sell.
How long your house sits depends on the real estate market, your pricing, and whether or not you can find a buyer looking for a project.
If you’re asking “How do I sell my house as-is fast?” you you can save even more time by choosing a cash home buyer. As noted previously, the entire process can be completed in under two weeks.
Are You Wondering “Can I Sell My House As-Is?
Selling your house can be stressful, especially if it needs a lot of work. If your list of repairs has you wondering “Can I sell my house as-is?” we recommend looking for a cash home buyer in your area. They can provide you with a fair offer and help you get out from under your house in a matter of weeks.
And for more tips and advice, look through the rest of our blog. Our articles are full of information on how to sell your home, save money, earn more, invest, market your business, and more.