Should I Fix Up My House or Sell It As-Is?
Should I Fix Up My House or Sell It As Is?
92% of the homes sold in 2021 were sold using the help of a realtor to ensure the seller was knowledgeable about the ins and outs of selling your house. After selling a home, there is a sense of relief and freedom.
You are no longer stressing over dusting every corner of your house or turning every light on to avoid shadowing. The sensation of ease after moving on is similar to a parent putting their child to bed when they are done putting the finishing touches on themselves.
When you decide to sell your home in its current condition, the question is, "is it worth it to fix up my house to boost its overall value?"
You are not the only person determining this. Potential buyers will also be out there deciding if the home is enough for their needs. To entice potential buyers, you must invest in fixing up your house for resale.
For this reason, below, we discuss both sides and why you should, or shouldn't, fix your house up before selling it. Continue reading to learn more.
Should I Fix Up My House or Sell As-Is?
For most homeowners, when you're ready to sell your house, you first ask your listing agent if there are any repairs they think you should make that would increase the value of your home. While it might seem like a no-brainer, the truth is that these repairs can be time-consuming and costly, depending on what they are.
This would lead you to ask the question of whether you should make the repairs or sell your house as-is? There are perks to both, but it's crucial to remember that no situation is the same, and there may be reasons to sell your home as-is versus making the repairs needed.
Before you decide which route to go with, there are some questions you should ask yourself to ensure you're making the appropriate decision. How quickly do you want to sell your house?
What is the current value of your home and the state of the real estate market in your area? How much would it be to make the needed repairs?
These are just a few of the questions you should ask yourself before making your final decision. If it's a few minor repairs that could help you make more from the sale, you might choose to make the necessary upgrades.
But, if the repairs needed will cost thousands and you don't have the funds to make the changes selling the home as-is would be the best decision.
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Selling "As-Is' What You Need to Know?
If you've decided to sell the home at is this means your house is beyond repair, or the number of repairs that need to be made will be more than what you hope to make upon the sale of your home.
First things first, when you list your home as-is, you need to guarantee you don't skimp on having a seller's inspection completed. Once you've done this, you need to fill out a disclosure form.
This disclosure will let potential buyers know what they're getting into when they buy your home. After this has been done, find someone to take pictures of your home that can be used in the home listing.
Before the photos are taken, ensure you declutter the home. Potential buyers will find it challenging to imagine themselves living in your home if photos or personal belongings are left behind by yourself and your family members.
Even if you're selling a home that needs a high number of repairs, it doesn't mean you have to accept any offer you're presented with. With this understanding, there are some steps you should follow if you intend to sell your home as-is.
Step 1. Obtain a Market Analysis
Before you do anything else, take the time to have a home valuation performed. This will not only give you insight into the price to set for your home, but it will also provide information about the price that other homes in the area are selling for.
If the prices of your home and the others in the area are drastically different, take time to evaluate your home and what it would take for its value to be on the higher end of the spectrum.
Step 2. Understand Your Home Value
After the valuation is performed, you need to gain a deeper understanding of the value of your home. This means understanding the highlights of your home that will make potential buyers want to see and buy it.
If you note there are several pieces of your house that will make it valuable to buyers without the upgrade, then selling as-is isn't such a bad idea.
Step 3. Evaluate the Current Market & Choose the Right Listing Time
Evaluating the current market is essential because your market could be in a position where selling your home isn't the best idea. If your market is slow or weak, it could mean your home remains listed for longer.
When you decide to list your home when the market is strong, it means the odds of selling your home quickly and at a favorable price are on your side. Understanding the market's current condition will determine when it's the right time to list your home for sale.
Step 4. Determine Best Improvements With Higher ROI & Cost
Every year there are different upgrades that potential homeowners want to see in homes before they put in an offer. If you decide to make repairs to your current home, take some time to create a list of upgrades, from the ones with the highest return to the ones with the least.
Keep in mind that your home won't be the only one buyers see; therefore, you want to ensure you capture people's attention over the other houses on the market. Once you determine which repairs you need to make, consider the changes' cost.
You'll also want to consider the time it will take for the repairs to be completed. If you want to sell your house fast, doing things like demolishing and installing new floors could take longer than simply painting the exterior of your home.
Fix My House: Sell As-Is or Make Upgrades?
It can be challenging to determine when to sell your house, whether to make upgrades to "fix up my house" or just sell it as-is. Both have their advantages and disadvantages you need to evaluate before making your final decision.
Are you ready to sell your home? Contact The Brasil Real Estate Group for help because we know what we're doing and want to help you get the most from the sale of your home.