It’s time to move and your home needs a little love. Should you spend the time and money fixing your home up before moving out? Or just sell it just as it is and be done with it all. You don’t want to do unnecessary work but also, are you leaving money on the table by putting your house on the market with wallpaper from the 1970s? Let’s talk about options!
Statistically speaking, more buyers prefer move-in-ready homes. Even if an issue is as “simple” as a home just needing a new roof or foundation repair, most modern buyers will avoid purchasing this type of property as they worry that the work involved will cost more than they anticipate. After all, what if they should buy the home thinking they only need a $10,000 roof repair, and after the work begins more and more costly issues are exposed during the repair?
When a seller lists a house for sale as is, it means they will make no repairs to the property before the sale or offer any credits to the homebuyer to make improvements after the sale. There are some situations when it makes more sense to sell the house as is. These include:
- Sellers who just want a super fast closing so they can walk away without any more headaches and quick cash in hand. Houses in poor condition sit on the MLS for months.
- When there is significant damage to the property’s structures or multiple systems (plumbing, electrical)
If repairing the home is going to take a lot more than some paint, new appliances, and updated flooring to be safe to live in, it may not qualify for many types of financing (FHA, VA, USDA, and some conventional loans). In this case, it may be best to just list the home on the lower side to attract multiple (cash) offers. You can probably anticipate that only contractors and flippers will make offers. Ultimately, you will limit the number of buyers who might be attracted to your home by not making repairs.
Curious about what selling your home as-is for fast cash would get you? Learn more here!
But what about fixing up your property before you put it on the market? Many home renovation projects are expensive and complicated endeavors that take a long time and inexperienced homeowners often spend more time and money on the renovation than the value added to the final selling price. This is where an experienced Realtor can assist.
Your agent can run a market analysis to help you understand what your home’s potential could be if repaired/updated. By comparing the recent sales of homes in your neighborhood that have been updated vs those that are “as is”, you can determine if the repair/update will provide a return on investment (ROI) that makes sense. Pre-listing repairs and renovations just might be the ticket to unlocking your home’s maximum value.
Going back to the point that “renovation projects are expensive”, it is also true that many homeowners are selling and buying a new home and can tap into savings or open up lines of credit to pay for expensive repairs. Our team offers a Fix-and-List option that might solve your problem.
We work with a company called Curbio. Curbio will restore your house now and wait for payment until it’s sold. It’s that simple. There’s no income or credit score requirement, no finance charges, and no hidden fees. You’ll know the total cost of the project before you hire them. Curbio handles pre-listing updates of all sizes both inside and outside of the home—in fact, Curbio stands for “Curb Appeal Inside and Out.” They will take on anything from helping sellers declutter and store their belongings in a pod to significant kitchen remodels and bathroom additions. They also handle landscaping and other exterior work. Contact us to learn more!
Of course, the market conditions play a big role here. It is true that in a seller’s market with low inventory, buyers are more likely to “settle” and purchase homes that need some work. But as the market shifts into a more balanced model, make sure to discuss all of your options with our team so your home doesn’t sit on the market and you leave money behind!
Have a wonderful week!!!!
~ Ann M Huddock MN & WI REALTOR®️